Questions tagged [canada]
For questions that relate to the financial laws, practices, and products of Canada.
1,494
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What double-entry bookkeeping and account structure lets me report taxable distributions from retirement savings plan (e.g. RRSP)?
I have tax-preferred retirement savings plans, and I track their activity using a double-entry bookkeeping app. I am at the age where I am starting to make withdrawals from the savings plans. The ...
- 439
2
votes
1
answer
206
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Does the simplified flat rate for meals already reflect the 50% deduction?
In Canadian taxes for the self employed, they offer a simplified method for meal deductions with a flat rate per meal and/or a max per day. Do the amounts mentioned already factor in the 50% you're ...
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1
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108
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The meaning of "rate filing"
What does "rate filing" mean in the following paragraph?
"The province is giving the AIRB new authority to tell insurers to return a portion of premiums to drivers if companies surpass ...
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1
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Form 8843 - Statement for Exempt Individuals - Do I need to complete a closer connection form?
I am a Canadian citizen that has studied and worked in the US over the past 5 years. I am unsure how to complete Part III Questions 11 and 12 on the Form 8843.
I was on an F1 from Aug 2010 - May ...
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38
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6
answers
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Ex-husband is trying to find out my banking info
My ex-husband keeps trying to find out my banking information. We have been divorced for 3 years but still involved in the family court system. Over the past years, he's
opened closed accounts,
...
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2
votes
0
answers
57
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Is it a "bare trust" if a title holder owns only a fraction of a property?
There's a lot of press right now about new rules for reporting of bare trusts in Canada.
CRA info: https://www.canada.ca/en/revenue-agency/services/tax/trust-administrators/t3-return/new-trust-...
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2
votes
2
answers
459
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Investments beyond RRSP and TFSA, in non-registered accounts?
I am Canadian, with income just below marginal higher rate. My RRSP contributions were always filled, and the rest went to extra mortgage payments.
I just finished paying off the mortgage and will ...
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2
answers
55
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If I get the TAL documents for the rent increase, does it mean I can unlikely file a challenge to the rent increase of my apartment in Quebec?
If I get the TAL documents for the rent increase, does it mean I can unlikely file a challenge to the rent increase of my apartment in Quebec? There was work done, but most of the work on my apartment ...
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3
votes
1
answer
74
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Canadian FHSA to RRSP after 15 years
I am a Canadian Resident Tax Payer.
I regularly max out on my RRSP contribution room.
I never owned a home, I have been renting because I move around a lot because of work (Canada & USA).
I am ...
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1
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1
answer
40
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Instalment interest calculation in Canada for individuals
I made no instalments payments in 2023 as I thought my net tax owing in 2023 would be below $3000. I received instalment reminders from CRA and I ignored the emails. Now, I believe my net tax will be $...
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1
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324
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Sold my car, but buyer used fake driver's license and fake TD bank draft
I sold my car in an ICBC office in Vancouver. The buyer came with a fake driver’s license and a fake bank draft. I deposited the bank draft via mobile app, and it was accepted. Then I signed the paper....
- 31.7k
2
votes
1
answer
127
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Determining eligibility for Social Security, without my own records
Thanks in part to this site, I have a pretty good idea of what calculations the Social Security Administration will make (quarters of coverage and all that) when determining whether I'm eligible for ...
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2
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0
answers
55
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Tax and selling a property in the U.K. before moving to Canada
I would appreciate some advise on this: If you sell a property in the UK to move to Canada, and then transfer the money from the sold property to Canada, will you have to pay tax in Canada on the ...
- 31.7k
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1
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120
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How do I find a list of stockholders of a public company listed in Canada?
How do i find all stockholders by holding percentage of a publicly listed company in Canada. Including minority stakeholders.
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3
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0
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37
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Reduce income tax payable in Canada for an individual taxpayer
For the 2023 tax year, in Canada, how can I reduce my personal taxable income/taxes payable on my T1 tax return? I know I can use my RRSP and a spousal RRSP as a deduction against taxable income up to ...
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7
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4k
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What are the advantages of paying off a mortgage quickly?
What are the advantages of paying off the mortgage quickly??
Sure, not paying interest and truly owning your house is great, but then the money is tied in a fixed asset, and if you want to get at ...
4
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1
answer
223
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Can a prepaid Amex be legally allowed to expire in Canada?
While moving, I recently found an old prepaid Amex card that I had originally selected from my then-employer's "recognition" benefits program. The card expired in 2013, but my understanding ...
- 14k
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1
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41
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Does Ontario cap the eligible amount of tax deductible donation to 75% of the net income for 2024?
I googled this for quite a while but I couldn't find anything from official Canadian government sources other than 5.05% on the 1st 200$ and 11.16% on the next ones... where am I supposed to look? I'm ...
- 42.6k
1
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1
answer
48
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In Quebec, for the personal basic amount, does the federal tax credit and the provincial tax credit add up?
E.g. if my income is 17000$, which is below the provincial basic (18056$) but above the federal one (maximum 15705$), do I pay taxes?
Is it
federal_tax = min(0, federal_income_tax - federal_BPA * ...
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1
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1
answer
172
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How do I report interest income whose non-resident tax was not withheld?
I'm a former resident of Canada who kept their Canadian bank account upon leaving Canada several years ago. It seems that my bank either did not receive or did not act upon my change of address ...
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8
votes
1
answer
408
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Does Canada respect the tax-free status of National Savings certificates for residents who left the UK?
I know Canada and the UK have a tax treaty that is designed to prevent double-taxation. But I don't know if it extends to honouring the tax-free status of government-issued savings certificates.
...
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2
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0
answers
39
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Can you withdraw capital gains from a stock sale and still deduct interest on the original cost basis?
Say you borrow 50k and buy 100k of shares.
Then the stock rises to 100k
You sell half and cancel out the loan, but also have 50k of capital gains.
If you withdraw the 50k gain to maintain the original ...
- 174k
1
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1
answer
99
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PST Canada on software development to be used by BC company
A quick question to sole proprietors - if I provide software development services, do I need to charge Provincial Sales Tax (PST) on them (living in BC, companies that I work for are in BC as well).
- 161
2
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1
answer
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Tax lien investing: Possible in Canada?
I was just reading on the tax lien investing process and how it works in the United States.
I was wondering if it happens in other countries. In specific, I would like to know if it happens in Canada ...
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2
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1
answer
69
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What happens if the deemed acquisition price is lower than the actual acquisition price when establishing Canadian residency?
According to the Canadian Revenue Agency:
Deemed Acquisition on Becoming Resident:
A taxpayer who becomes a resident of Canada at any particular time in a taxation year is deemed under subsection 48(...
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1
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1
answer
129
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Does the customer have obligations under Know Your Customer?
I have a credit card with a Canadian bank that I do no other business with at all - no accounts, no loans, no investments. They sent me a letter asking me to confirm that all the salient details are ...
- 174k
1
vote
0
answers
34
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First Home Savings Account (FHSA) in Canada
FHSA was introduced in Canada in 2023 for first time home buyers. From what I read I can open a FHSA, because I have not lived in the house since I bought it (always rented). I can contribute up to $8,...
- 31.7k
5
votes
1
answer
358
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Canada/Ontario Principal residence exemption
I bought my house in 2013 and have been renting it to present time. I never lived in it. I am thinking of starting to live in the house in 2025 and 2026 and then sell it in 2027. What do I have to do ...
- 42.6k
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0
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39
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Where can I find charitable donation tax credit rates for each provinces and territories in Canada?
The only official source I found was this one and it's from 2017...
https://www.canada.ca/en/revenue-agency/services/charities-giving/giving-charity-information-donors/claiming-charitable-tax-credits/...
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1
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0
answers
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Tender Offer from Canadian Company as a US investor
I am US investor that holds shares in a Canadian company inside of my ROTH IRA. This Canadian company has recently announced a tender offer at a higher price then the current market price so I am ...
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3
votes
3
answers
190
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How do income taxes work with basic personal amount in Canada?
The tax brackets do not seem to include a 0% tax rate up to the basic personal amount (BPA), so how does this work with income taxes?
E.g. BPA is 15k, federal tax bracket is 15% for 50 197$ or less. ...
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1
answer
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If the highest federal tax rate is 33% and the highest provincial tax rate is 25.75%. why is the marginal tax rate 53% rather than 58.75% (Quebec)?
If I understand correctly, the total tax is basically the sum of federal taxes and provincial taxes, so for Quebec this should give a marginal tax rate of 58.75% (33% federal and 25.75% provincial). ...
- 1,737
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0
answers
49
views
How to tell what the net amount in a payment from an employer should be?
I had parted ways from a former employer. I had worked full time and my pay rate was always the same. There were some complicating factors and the timing and amount of the last few payments were ...
2
votes
1
answer
117
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(canada corporate tax) Assets dont add up to liabilities and equity due to rounding errors. How to fix?
My accounting software (waveapps) and all my invoices/receipts/bank statements rounds up to the cent. But all of the underlying T2 schedules and forms from the Canadian Revenue Agency are rounded to ...
- 42.6k
0
votes
1
answer
33
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Charging HST on a product where a portion goes directly as a donation to someone else [Canada]
I'm launching a business that helps other people/organizations to fundraise. In some ways it is similar to GoFundMe or Kickstarter in a sense that much of the intention of the business is to pass the ...
- 33.4k
1
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1
answer
294
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Do you have to attend group meetings for EI in Canada if you found employment and does this have an impact on future EI claims?
Do you have to attend group meetings for EI in Canada if you found employment and does this have an impact on future EI claims?
Received a letter from the provincial government to participate in a ...
- 33.4k
1
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3
answers
156
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How to value benefits and pension?
I recently started a job with several benefits including health and dental. It also has a pension. For various reasons I do not think I will be staying at this job very long. One reason is the base ...
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29
votes
5
answers
11k
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Unsolicited e-transfer: Can I send the money back or am I getting scammed?
Out of the blue, I got sent $50 I wasn't expecting over Interac e-Transfer. Now, the sender has emailed me saying it was a mistake. I want to do the honest thing and send them back their money, but it ...
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1
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1
answer
371
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Can you deduct hobby expenses up to hobby income in Canada?
In the US you're allowed to deduct hobby expenses up to (but not exceeding) income from that hobby as part of your miscellaneous deductions. But I can't find a definitive source on the corresponding ...
- 155
1
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0
answers
13
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Canada GST/HST credit eligibility depends on last year's or current year's income?
The GST/HST credit is a non-taxable amount paid four times a year to individuals and families with low and modest incomes to help offset the goods and services tax/harmonized sales tax (GST/HST) that ...
- 1,440
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2
answers
852
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Understanding the T + 3 settlement days rule
If I:
Buy X at time T
Sell X at time T' where T' < T +3
Buy Y on T' with proceeds from sale of X.
Cannot sell Y before T' +3.
Ref:http://www.slideshare.net/mring33/using-java
Slide 29
It ...
0
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1
answer
66
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(Canada) How does a trust help with tax burden?
My company is offering me share options. I'm trying to understand what the tax implications are.
My understanding is that as soon as I convert the options into shares, I must pay tax because the ...
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16
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3
answers
5k
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Why are wire transfers and other financial services in Canada so much more expensive than in Europe?
Why are wire transfers in Canada so expensive compared to Europe? The simple answer I've seen is because bankers are crooks, but I find that this oversimplifies the situation — I don't believe ...
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1
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1
answer
226
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When is interest incurred while trading on margin deductible in Canada?
To clarify my understanding of margin loans in Canada: the interest expense incurred while trading on margin is deductible, as long as the stock pays dividends, right? Also, if it is deductible, would ...
- 1,440
8
votes
2
answers
2k
views
Why does Canada's superficial loss rule also include a clause for "30 days before the sale"?
According to the Canadian Revenue Agency:
A superficial loss is when you, or a person affiliated with you, buys, or has a right to buy, the same or identical property (called "substituted ...
- 174k
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0
answers
30
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How to apply Canada's superficial loss rule for multiple sales?
I know that a capital loss cant be claimed if you repurchase the asset within 30 days of the sell date.
DATE ACTION SHARES TICKER CAP GAIN
1. Jan/01 BUY 1,000 MSFT -
2. Jan/...
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1
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298
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Will you be charged any NSF fee for a declined online Debit MasterCard or Visa Debit transaction in Canada?
You open a chequing account with a Canadian bank: e.g. Simplii Financial or another bank. They ask if you want overdraft protection; you say "no thank you". They give you a Debit ...
3
votes
2
answers
284
views
What Incentives are stopping banks from raising their prime rate?
In Canada, banks set their prime rate which affects the lending rates for many of their products including variable-rate loans. Many sources say that the Bank of Canada's (BoC) interest rate ...
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0
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1
answer
31
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Calculating Canadian Capital Gain or Loss After Loan and Investment
Consider the following hypothetical scenario involving trading with margin in Canada w/ made-up exchange rates:
I take out a $100,000 USD loan on Jan/01 - ($150,000 CAD)
I lose all of it immediately ...
- 1,440
0
votes
1
answer
76
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Are the ATON and ACATS protocols compatible with each other for cross-border securities transfers?
ATON (Account Transfer Online Notification) - is an electronic transfer method that eliminates the physical exchange of paper documentation between brokerage institutions in Canada (signed documents ...
- 1,440