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Questions tagged [canada]

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

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18 votes
3 answers
47k views

If I were to buy something a day before my due date for my credit card bill, would I be charged interest?

First of all, I am a resident of Canada. I am new to credit cards, so I hope my question makes sense. I've had my card for a few months ago and I've always paid the balance in full by the time the ...
Rendezvous's user avatar
94 votes
12 answers
12k views

Where can I park my rainy-day / emergency fund? Savings accounts don't generate much interest

Savings accounts don't seem to generate much interest. What other options do I have for my emergency fund?
S. Chang's user avatar
  • 1,145
10 votes
6 answers
192k views

Ontario harmonized sales tax (HST) transition benefit rebate cheques / OSTTB: Who, when, how much?

As part of introducing the HST this July 1st, 2010, the government of Ontario promised to issue special HST rebates to people meeting certain criteria, in order to ease the transition to the new tax. ...
43 votes
4 answers
47k views

It is legal for a retailer/store or other business to refuse $50 & $100 bills or other legal tender, e.g. pennies?

I'm trying to find out about businesses refusing $50 & $100 bills. Aren't they required by law to accept all legal tender? I had one person say it could be that it's not all legal (i.e. a ...
Cherie-Lynn's user avatar
48 votes
6 answers
9k views

How do tax brackets work? Do they yield significantly different results than a continuous curve?

In Canada (and many other countries), high-earners pay a greater percentage of their income in taxes than low-earners. Here is our Schedule 1 form: The marginal utility of money decreases smoothly ...
maservant's user avatar
  • 479
18 votes
3 answers
2k views

Regular contribution threshold for ETF vs Index Mutual Fund?

I've seen enough info out there comparing lump-sum investments into ETFs vs mutual funds with respect to broker commissions in the case of ETFs, and the discrepancy between MERs between the two. In ...
fideli's user avatar
  • 2,283
13 votes
4 answers
18k views

Bigger mortgage downpayment vs. paying extra on the first regular payment?

Assuming there is no fees on paying extra $10k at the time of the first scheduled mortgage payment, what would be better - to put this $10k towards a downpayment or make bigger regular payment? ...
serg's user avatar
  • 885
7 votes
1 answer
392 views

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

If I understood Global News, MoneySense, the Wealthy Barber, and Reddit, my dad ought NOT start or contribute to an RRSP! Right? Thanks. Facts He's 63 years old, and has no children under 18. He ...
user avatar
6 votes
1 answer
4k views

Sending money from Canada to the US

I want to transfer money to an American bank account, but I am in Canada. What is the cheapest way to do so? MetaFilter has: USPS mail order - $700 limit, $4 charge Vanilla wire transfer (My bank ...
bobobobo's user avatar
  • 161
32 votes
9 answers
13k views

Can I buy a new house before selling my current house?

I am looking to sell and buy a house. But with the current market being as crazy as it is (houses are selling fast for sometimes 150,000 over asking), I'm afraid if we sell first, we could be stuck ...
Hlick's user avatar
  • 631
30 votes
1 answer
15k views

I am a Canadian resident who wants to gift my Adult US child CAD$175K. What are the tax implications?

I am a Canadian resident who wants to gift my adult US child $175K Canadian. What are the tax implications for the US resident who resides in California?
ABranden's user avatar
  • 271
16 votes
4 answers
3k views

I guess I'm American (by birth). I'm Canadian... my investment company is asking an impossible question. I don't have an SSN, what to do? Lie?

When I was born (1976) they did not automatically assign SSNs to kids (according to my mother). I guess that's not the case now. I only lived there for a few years and I gather I am a US citizen by ...
bcsteeve's user avatar
  • 446
13 votes
3 answers
4k views

First time home hunters. Pay debt or save for down payment

tl;dr We want to buy a house. We've done all the pro's and con's of home ownership. We have 1/2 a down payment and some highish loan payments Would it be wiser to pay down the loans and go with a ...
Chase Florell's user avatar
11 votes
2 answers
928 views

TFSA vs. RRSP... Best retirement approach

What's the best retirement strategy? Assuming I have $1000 and room in both my TFSA and RRSP contribution, where should the $1000 go?
M.Attia's user avatar
  • 429
10 votes
4 answers
1k views

What low-fee & liquid exchange-traded index funds / ETFs should I consider holding in a retirement portfolio?

I'm still (one year later) going through an exercise to restructure my retirement portfolio. To date, I've been using a mix of exchange-traded index funds. Some trade on the TSX, and others trade in ...
8 votes
3 answers
5k views

What is the best way of transferring money from American to Canadian bank? [closed]

I am a Canadian that will be working in US for some time. I will still have Canadian bills to pay, so I would need to regularly transfer US dollars from some US bank to my Canadian bank account in $...
serg's user avatar
  • 885
7 votes
3 answers
40k views

When does Ontario's HST come into effect?

When does the HST become effective? Will all businesses start charging HST right away, and will it replace the 5% GST with a straight 13% tax for all services?
Giablo's user avatar
  • 1,410
7 votes
1 answer
43k views

Do personal cheques expire? [Canada]

In Canada, cheques issued by the Government of Canada do not expire. do personal cheques ever expire? If so, what is the limit before they need to be re-issued?
Zephyr's user avatar
  • 6,230
6 votes
5 answers
2k views

Assuming you already have the money, how to tell when/which day of the month to pay off credit card balance?

Maybe this is a simple question but I have a really bad sense about these type of things. When I got my first credit card the teller "did me a favour" and said if I always paid it off in ...
titchseason's user avatar
  • 1,119
3 votes
1 answer
36k views

If I take a loss when I sell my car, can I claim a capital loss deduction on my income tax return?

If I sell my car off at a loss, can I write that loss off against my income to save on tax? Does it matter if the car was used just for personal leisure use, or if I used the car to generate business ...
Victor123's user avatar
  • 16k
3 votes
2 answers
27k views

Ripped plastic Canadian currency/bills

Can a ripped Canadian Plastic Bill with 60% portion of the bill remaining containing both serial #s still get full value?
John Sternig's user avatar
1 vote
1 answer
193 views

Are dual US-Canadian citizens in Canada required to pay US taxes on their donations to Canadian charities?

Suppose Gordon is a Canadian citizen resident who is also a US citizen. Gordon earns $1,000,000 a year in net income from his Canadian executive job. He pays an overall rate of 40% in taxes. Gordon ...
SammyS's user avatar
  • 23
1 vote
1 answer
228 views

Where to start with personal finance in Canada?

This will obviously differ by situation, and might be overly broad, and very closely related to Where to start with personal finance?. But how about some Canada specific answers? Say you've reached ...
IronSean's user avatar
  • 129
1 vote
1 answer
557 views

In Canada, how can I most easily/cheaply send money to a friend online?

I'm moving from Europe to Canada, and considering the high fees for wire transfers (the default, instantaneous, cheap, online method I've always used so far), what is the most economical way to send a ...
gerrit's user avatar
  • 3,213
1 vote
1 answer
885 views

Do I pay taxes where I live, or where I work?

Why we need to pay taxes? Because society needs money for social service, police, education, roads, medicine and so on. Therefore we need to pay taxes where we live. For example we live in one country,...
Alexan's user avatar
  • 740
1 vote
1 answer
583 views

How do Ontarians calculate optimal RRSP contribution?

Pls see my dad in Ontario's facts. He maxed out his TFSA, and his annual pre-tax income (henceforward "APTI") is $50K. CRA website shows his 2019 RRSP deduction limit is $100K. If I ...
user avatar
0 votes
2 answers
555 views

Can I withdraw money from my rrsp if I made excess contribution by mistake?

If by mistake, I exceed the contribution limit to my RRSP, can I withdraw it from my RRSP, to avoid paying penalty? e.g Let us say my RRSP room is 18k, but I contributed 22k, so any contribution in ...
Victor123's user avatar
  • 16k
-1 votes
1 answer
3k views

Difference between bank rate and prime rate

What is the difference between the bank rate and the prime rate? The prime rate is the rate at which banks lend each other money, but what is the bank rate?
Victor123's user avatar
  • 16k
48 votes
12 answers
12k views

How can sister protect herself from impulse purchases with a credit card?

My little sister is 18, and currently has a bank account with a debit card. She and mom believe it might be time to get her a credit card, mostly to build up her credit rating than out of necessity. ...
hellicat's user avatar
  • 463
40 votes
14 answers
12k views

Why would someone get a credit card with an annual fee?

I currently just have a Visa credit card. A place I shop at doesn't accept them. I'm looking at getting a second credit card such as Mastercard. I am surprised by how many highly recommended cards ...
titchseason's user avatar
  • 1,119
29 votes
5 answers
13k views

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 ...
mm201's user avatar
  • 393
23 votes
3 answers
6k views

Why is "cheque cashing" a legitimate business?

There are many places around here, often co-located with pawn shops or payday-loan places, where they offer to "cash cheques" immediately, with some very high fee. How does this get any business? ...
ithisa's user avatar
  • 493
20 votes
10 answers
7k views

How to save money by shopping at a variety of grocery stores?

I am living close to a mall with several grocery stores. I would like to save money on the food I buy. I have tried using apps that show me the best prices, ads, and coupons from multiple stores, but ...
titchseason's user avatar
  • 1,119
18 votes
7 answers
4k views

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 ...
Jessica K's user avatar
  • 191
16 votes
4 answers
11k views

Minimize taxes now that I earn more

Background I recently received a hefty promotion for $350k (plus stocks and bonuses) with the same company. Now that I can finally start to pay down my debt, I'm not so happy that suddenly 45% of my ...
Tonio's user avatar
  • 201
16 votes
3 answers
5k views

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 ...
gerrit's user avatar
  • 3,213
16 votes
9 answers
13k views

I unknowingly went $1200 over my credit card limit, how do I fix it?

I got a RBC Visa in Canada which I continued to use trusting that I could never go over my limit (except maybe $100 over as stated by a teller to me when I asked why was I able to go $1200 over). So ...
verve's user avatar
  • 361
16 votes
3 answers
721 views

Aside from having to re-establish credit & credit history, what are downsides to declaring personal bankruptcy?

If someone were to file for (personal) bankruptcy protection from their creditors, is their entire debt wiped clean? And then they have seven years to wait before their credit history no longer ...
Daniel B's user avatar
  • 261
13 votes
3 answers
7k views

When do dual citizens (Canadian & American citizenship) need to file U.S. income taxes?

I'm a Canadian-US dual citizen (born in the US to Canadian parents) but I've lived in Canada my whole life (aside from the first 3 weeks). I've never had an American passport or a SSN. I've never ...
Eclipse's user avatar
  • 1,281
12 votes
2 answers
1k views

Why do they ask whether it is a paycheck or not in a bank?

I am getting paid with checks so each time I deposit it to my bank account they ask whether it is a paycheck or not. What difference does it make?
serg's user avatar
  • 885
11 votes
2 answers
471 views

I've heard pennies are being phased out in Canada. Is this true?

If so, will it affect how retailers price items? Will they round up?
Nat_Rea's user avatar
  • 8,683
11 votes
4 answers
1k views

Is an index fund a good choice for a starter investment?

As an individual that is willing to consistently invest ~100-150 dollars monthly into an investment, willing to devote an average of an hour a day to educate himself / monitor investments, what kinds ...
Victor123's user avatar
  • 16k
10 votes
4 answers
3k views

Will says "divide estate equally". Life insurance has one named beneficiary. Can proceeds be made estate property?

If a parent dies and leaves a will that divides the estate equally, but also leaves a life insurance plan that names only one child as a beneficiary, can the other siblings force the life insurance ...
sharon's user avatar
  • 101
10 votes
4 answers
884 views

When will Canada convert to the U.S. Dollar as an official currency?

(note I really don't want this to sound argumentative, I'm genuinely interested. The title is simply a follow up to this question and my answer. To the Canadian users of this site, would you agree ...
Rich Seller's user avatar
  • 3,893
9 votes
8 answers
13k views

Losing Money with Norbert's Gambit

In attempt to avoid the usual 1.5-2% exchange fees levied by brokers, I perform Norbert's gambit: I purchase DLR.TO in CAD (Canadian dollars) from TSX, journal it over to DLR.U.TO, and then sell the ...
Beep's user avatar
  • 101
9 votes
1 answer
3k views

What is the difference between an A+, A or A- Insurance Company?

I've noticed insurance brokers providing me quotes and tables of quotes that compare insurance plans, and all of the institutions have a letter grade value assigned to them. Nobody that I have asked ...
meltdownmonk's user avatar
9 votes
4 answers
3k views

How much is university projected to cost in Canada in 18 years?

I don't know how much I should put into an RESP for my son. I have $1000 to start and plan to put $100 / month into it. Will this be enough to pay for university when he turns 18?
DazedandConfused's user avatar
8 votes
3 answers
465 views

If I volunteer to give back to my community, is there a monetary amount assigned to my time, to act as an Income Tax Deduction?

Is there a value that can be assigned to my time, i.e. an hourly rate, so that I can be given a receipt to remit to CRA come Income Tax Filing time? I live in Canada.
Nat_Rea's user avatar
  • 8,683
8 votes
1 answer
2k views

What are the best options for an RESP for my 2 year old kid?

Just starting to look into RESPs for my kid. There are RESP funds, or I could just throw money in a GIC... wondering where else I should look... and what I can do.
dank's user avatar
  • 496
8 votes
1 answer
10k views

If you run a sole proprietorship, how do you declare the income of the business on your taxes?

Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and ...
Scott Whitlock's user avatar