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Questions tagged [canada]

For questions that relate to the financial laws, practices, and products of Canada.

6
votes
4answers
10k views

How do I determine the amount of a buy out between common law partners in a home owned together?

I currently own a home with my common law partner. We have lived there for 2 years and are now splitting up. Both our names are on the house, and we have paid 50/50 for everything from down payment / ...
0
votes
1answer
80 views

How can I prove how much I make in a month when self employed

I'm applying for student loan repayment assistance. As part of the process I need to prove my income for last month. The instructions are: "The following documents are acceptable as proof of income: ...
2
votes
2answers
109 views

TFSA and have $1M dollar after 40 years at 5.5% interest with $500 year bump 2% annual inflation rate : Is it an efficient way to be a millionaire?

Is it true that if I fix 5500 dollars at a TFSA (Tax-Free Savings Account) at 5.5% interest and 500 dollars yearly bump then after 40 years someone will retire with a million dollar? Is it an ...
1
vote
1answer
175 views

Can loan for mortgage be declined after receiving both approval letter & commitment letter

What is the difference between mortgage approval letter (not pre-approval) & commitment letter? commitment letter according to this source: A loan commitment letter is an indication that the ...
6
votes
1answer
148 views

Ought a 63-year old working hotel employee commence contributing to an RRSP?

If I apply the information from Global News, MoneySense, the Wealthy Barber, and Reddit to the facts beneath, then then my dad oughtn't contribute to RRSP, correct? Thanks! Facts He's 63 years old, ...
2
votes
1answer
74 views

Can the CRA peek into the amount of a Canadian bank account forthwith?

I mean without any search warrants or court orders. I ask because for the 2018 tax year, my brother in Grade 12 earned a total income of $500 CAD from only interest. The bank issued a T5 statement ...
3
votes
2answers
904 views

Can donations to Canadian charities be claimed on US taxes?

This seems like it would be easily Google-able, but because I am located in Canada, all results are along the lines of "how to claim a US donation on your canadian taxes". My question is, if someone ...
5
votes
2answers
182 views

Is DIY car repair work deductible in any way when self-employed?

I am self-employed and I am proficient at repairing vehicles. I use my vehicle exclusively for work: my customers ask me to drive to one of their customer's location and I provide a service on site. I ...
2
votes
2answers
162 views

Is my sister entitled to a refund for IRS over-withholding? If so, how does she get the refund?

My sister has a taxable brokerage account with Interactive Brokers and invested in GE stocks (which collapsed, resulting in a massive capital loss written off on Line 132 of Schedule 3 on her T1 ...
-2
votes
1answer
70 views

Pre-Authorized Direct Debit through online forms

This might be a cross-over between stackoverflow and money.stackexchange but I am wondering about the rules and regs of setting up a Pre-Authorized Direct Debit (PAD) through an online form. Say I ...
3
votes
0answers
95 views

Expenses deducted on tax return with no proof. What should I do if I get audited?

I just filed my tax return for the 2018 tax year (NETFILE, with StudioTax). I work 100% at home, and I rent the place from a landlord. According to an agent of the Canada Revenue Agency, I am allowed ...
0
votes
0answers
51 views

Collecting on a judgement

I was awarded a judgement in a civil court against a company for a fairly large amount (ie 10,000+). The company is Canadian, and in the same province, but not local to my city of residence. Due to ...
2
votes
0answers
33 views

Interpreting double-taxation agreements

I'm preparing to do my taxes for the first full year after migrating from New Zealand to Canada, and am now a tax resident of Canada. The countries do have a double taxation agreement in place (https:...
2
votes
0answers
16 views

Tax on Canadian investments for a Canadian expat in UK

I have never studied accounting before looking for some guidance on my issue. I have investments in Canada that I have to file tax returns for capital gains and dividend income. However my primary ...
1
vote
0answers
30 views

What type of trading is taxable in a TFSA investment acount?

I always assumed that capital gains in TFSA is non-taxable until I read that people who use TFSA investment account for day trading are starting to being audited by the CRA. So, what types of ...
3
votes
1answer
74 views

Deposit shares in TFSA before capital gain that exceeds contribution limit

I find myself in an interesting position right now. I bought into a private placement and my escrow will be ending in a couple weeks. The kicker is that, if I were to deposit the shares into my TFSA (...
1
vote
0answers
24 views

Claim Public Service Health and Dental Care Plan premiums?

I've never had enough medical expenses to actually claim them before, but this year, I did. Working through my software, I was referred to line 330: Eligible medical expenses...premiums paid to ...
4
votes
1answer
190 views

Tax Rules for Gifts from Abroad

Are there additional taxes for receiving gifts (under $100,000) from abroad? My uncles (in the source country) and my mother (in Canada) inherited some real estate in the source country. My mother's ...
2
votes
1answer
352 views

Got a work offer but asked for my first visa digits

I live in Lebanon and I made an account on Linkedin. I got a work offer from a company from Canada. They asked me questions about my education, marital status and if I have 12,000$ in my account to ...
1
vote
1answer
501 views

Non-resident alien in the US working in Canada under a TN Visa - Determining sponsor for tax purposes?

I am a Canadian citizen (and resident) who did a 4-month internship in California under a TN visa (as a non-resident alien) in 2014. I am filing out form 8843 for tax purposes, and it is asking for ...
3
votes
0answers
4k views

Is it true that as long as you are on a TN visa you have to file taxes in Canada as residents?

My husband has been working in the USA on a TN visa since August 2012. Me and my son moved to USA in August 2014. My husband has been filing taxes in the US as a non-resident and in Canada as a ...
3
votes
1answer
997 views

Taxes after moving to USA from Canada

I just moved to New York from Toronto, Canada and I'm trying to understand how much I'm going to be taxed on my income. I'm single without any complicated investments. I'm a Canadian citizen in New ...
1
vote
0answers
32 views

CRA showing installments payable for 2019 even if I am getting a refund

When I filed my 2018 tax returns in Ontario, it shows that I am getting a refund; but then it hows Total instalment payable in 2019: XXX $. If I don't owe any taxes in 2018, why does it show ...
0
votes
0answers
17 views

Which tax credits are calculated in proportion of time of residence in Canada and which are not?

I became a Canadian resident in 2018, having spent 260 in Canada in the tax year. I've read some official guides, and examples there instruct to prorate federal credits to time of residence in Canada. ...
0
votes
1answer
28 views

Tax on foreign income paid the year after

I was a self employee and worked for company in Oct 2017 in France, but only received the salary the year after, Jan 2018. It was my only foreign income. I didn't count it for 2017 as I thought I ...
0
votes
1answer
35 views

Dollar limit for Canada-US income tax treaty?

I heard a rumor that there is a dollar ceiling around $200,000/year above which the Canada-US income tax treaty doesn't apply, or at least changes its behavior. What could that be referring to?
2
votes
0answers
33 views

USA IRS - CANADA CRA Dual Status Return

A little background first: We (myself and my spouse) were resident aliens (for tax purposes) until June 2018 on a F1 visa. We left USA and moved to Canada in June 2018 (less than 183 days in 2018), ...
1
vote
0answers
48 views

How to calculate capital gain on gold coins in Canada?

In case of purchasing multiple gold coins (assume same kind of coin) on several occasions, for the purpose of capital gains tax calculation upon resale - does one have to calculate adjusted cost base ...
2
votes
1answer
50 views

Should Canadian contractor ask US client to pay into a US or Canadian bank account?

A Canadian [citizen] independent contractor, living in Canada, will take on a US client. The contractor is operating under their sole proprietorship business name which is distinct from their actual ...
2
votes
0answers
41 views

How can I notify the CRA of intent to contribute to an RRSP?

I currently have an RRSP through work that I contribute to. However, the amount is significantly smaller than my annual limit. I have a self-managed RRSP separately and contribute sizable amounts. ...
2
votes
0answers
54 views

TN VISA Tax+ Spouse F1 Visa Taxes

My husband is a Canadian citizen and he is working in USA on a TN visa. I am in Canada on a Work Permit and I am not a PR yet. I have two questions: Am I considered as a tie for my husband to Canada ...
1
vote
1answer
42 views

Withdraw money from Canada Pension Plan (CPP) or Govt Pension by an Indian Citizen

I am an Indian and working at Toronto for last ~4 years with long term Work Permit. ( I am NOT a PR holder). My company is deducting ~300 CAD per month from my salary under 'GOVT PEN'. I came to know ...
0
votes
0answers
20 views

How to claim motor vehicle expenses on taxes with incomplete information?

I am currently doing my sister's taxes, as stated in a previous post. She started working at this new job in May and her previous work was done at one single office location, hence she is not eligible ...
26
votes
9answers
9k views

3.5% Interest Student Loan or use all of my savings on Tuition?

I've got one year of University left and luckily I've managed to stash around ~$18k in savings that my expenses never cut into. My tuition for my last year will probably be around $13k. I hate the ...
0
votes
0answers
77 views

How else can the Canadian government know how much money Canadians have?

My distrust of government is swelling, in light of the SNC-Lavelin scandal. Fortunately, the Statistics Canada paused its plan to obtain banking records. I know that travellers must declare money ...
1
vote
0answers
28 views

Optimal allocation to different employer plans to reduce tax bill in current year

I am a canadian citizen that work for a canadian employer and this is how my allocation to the various employer provided plans look. I read that I am required to pay taxes on the EPSP. Can someone ...
2
votes
0answers
27 views

Residential requirement for Canadian living abroad to collect pensions?

I have been told by numerous individuals that one is required to return to Canada for a certain period of time, whilst living abroad, in order to continue to collect my Senior benefits from the ...
2
votes
0answers
41 views

Can you claim past unclaimed expenses from previous years on a rental property?

My question is the following: Let's say I have some repair renovations that were performed in 2016 that I never claimed in the 2017 tax year (because I had enough expenses to fully balance out the ...
4
votes
0answers
74 views

Write off accrued interest from interest income

My mother purchased a US government bond maturing 2019/04/15. The purchase date was 2018/04/13, so there were 2 interest payments attributed to 2018 (2018/04/15 and 2018/10/15), but the interest ...
3
votes
1answer
164 views

Insider trading in another company?

Suppose that, as an insider in Company A, I become aware of an upcoming business move by Company A that will have a huge negative impact on its share price, and a similar huge positive impact on the ...
19
votes
4answers
4k views

How does holding onto an active but un-used credit card affect your ability to get a loan?

I was debating with my friend about my old credit card. His view is that holding onto an unused credit card is bad for my credit b/c it will count as potential money I can borrow in an instant and ...
3
votes
2answers
293 views

Mathematics behind deciding to do a lump sum mortgage payment vs. RRSP contribution?

If I have 10,000 extra dollars, how could I decide between doing either: A lump sum mortgage prepayment (2.1% variable closed interest rate, 250k remaining balance), or, An RRSP contribution (...
2
votes
1answer
249 views

401K non resident alien -early withdrawl penalty 10%

I have a 401K with over 100 k in it . My question is if my former employer's 401k plan does not withhold the 10 % early withdrawal penalty, will I need to pay this with a US tax return ? after or ...
1
vote
0answers
28 views

Is there a general requirement to track and report Capital loss in Canada?

A website of a certain bank states in its FAQ for buying/selling precious metals (https://preciousmetals.td.com/shop/en/tdmetals/metal-support): "Q: Are there tax implications if I sell my precious ...
1
vote
0answers
18 views

Are there any possible complications when calculating capital gain while trading gold ETR, compared to regular ETFs?

In particular, is MNT.TO ETR treated any different from ETFs when calculating ACB? I assume that it pays no dividends, and thus buy/sell would be the only taxable events, or am I missing anything? I ...
1
vote
1answer
61 views

Do I need to live in Canada to have a bank account in Canada?

I live in the US. I am considering opening a bank account in Canada. Do I need to live in Canada to have a bank account in Canada? If so, am I required to file tax in Canada?
7
votes
3answers
9k views

Why do banks require small businesses to open a business bank account instead of a cheaper personal one?

I understand the need to separate personal finances and the business finances, be it sole-proprietorship or incorporation. I also understand that in the former it's optional, but in the latter it is ...
2
votes
1answer
235 views

Buying Euros in a Canadian Trading Account

The Euro is trending low, and I have long term plans which might involve living there. I have a German girokonto (which costs me an outrageous Eur5/mo to hold), but no European trading account. ...
1
vote
1answer
71 views

Paying for Spouse's Education with Savings vs Line of Credit vs RRSP (LLP)

My partner is currently going to school with no income, and I have been working for a number of years with a reasonable income (enough for savings, RRSP (Registered Retirement Savings Plan) , trips ...
1
vote
1answer
60 views

Federal and State Taxes on International Property as a Prize

https://www.writealetterwinahome.ca/ Recently, there has been a contest issued by Alla Wagner of Millarville, Alberta, Canada, where in lieu of selling her home (a difficult prospect at the present ...