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Questions tagged [canada]

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

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8 votes
1 answer
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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. ...
Bill's user avatar
  • 181
5 votes
0 answers
103 views

What taxes does an Eritrean-American-Canadian citizen Canadian resident pay first?

I am a Canadian born to an American-born Canadian father and an Eritrean mother. We live in Canada, where I was born. I am a citizen of all three countries mentioned. Because of insane laws, I am ...
rashpinducknam's user avatar
5 votes
0 answers
97 views

I'm a Canadian citizen and now a US resident. How do I close my Canadian RRSP and TFSA?

I am a Canadian citizen who moved to the US in 2009. I am now a US resident and Canadian non-resident. I still have a Canadian RRSP, TFSA, and bank account. I've filed FBARs since becoming a US ...
Canuck's user avatar
  • 51
5 votes
1 answer
391 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 ...
user2213307's user avatar
4 votes
0 answers
225 views

Pre-qualification screening for apartment rentals on apps like Zumper. How honest should I be?

I'm looking to move from one - expensive - rental apartment to another, similar priced. Now my circumstances are that I am semi-retired, starting a business and with more than enough money in the bank ...
Italian Philosophers 4 Monica's user avatar
4 votes
0 answers
117 views

What's the tl;dr investing rules for married Canadian citizens when one partner happens to have US citizenship?

Canadians with US citizenship have several things to consider regarding investments: Canada's Tax-Free Savings Account (TFSA) is not considered tax free by IRS, and filing taxes may significantly ...
shorea2's user avatar
  • 141
4 votes
0 answers
290 views

Inheriting funds from a U.S. trust where you are not the trustee

I am a U.S. citizen trustee and executor of my mom's trust. My brother is a Canadian citizen and lives in Canada and not a trustee. I will be dividing the trust funds or investments between the two ...
user27477's user avatar
4 votes
0 answers
428 views

Donating to US versus Canadian charities to maximizing tax benefits

I am a US citizen and I have the option to make my charitable donations in either the US or Canada for the next few years. How do I maximize my tax benefit for a fixed donation size? My ...
Jess Riedel's user avatar
4 votes
1 answer
566 views

Salary vs. dividend when a company is closing down?

Let's say I have a small business that has been in operation for 10 years and it no longer makes any money. I've told all my customers that we will no longer take on any new business. So for the ...
learningtech's user avatar
3 votes
0 answers
39 views

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 ...
user122866's user avatar
3 votes
0 answers
43 views

Tax deductible expenses in Canada when moving for work

My husband and I moved for work in Nov. 2022 from Ontario to BC. We own a home in Ontario which has been vacant since (could not be rented due to slow demand in winter time although we had been trying)...
systemdebt's user avatar
3 votes
0 answers
149 views

What is the date of acquisition for the purpose of declaring capital gains on sale of property (publicly traded stock) ? (Canada)

I have capital gains and losses to report on my Canadian tax return to the CRA (I'm an individual, not a corporation). My tax-filing software (Ufile) is trying to help me generate form 5000-S3 (...
pf_init_js's user avatar
3 votes
0 answers
136 views

What is the worst that can happen if one does not file for bankruptcy but cannot pay their debt either (in Canada)?

In a situation when one does not file for bankruptcy, yet does not pay their debts, collectors start calling and mailing, then the creditors may file a lawsuit. But if one doesn't have any property or ...
sequence's user avatar
  • 227
3 votes
0 answers
91 views

Do I need to declare capital gain when buying BTC to trade for another coin?

In 2017, I wanted to by XRP. There was no way to buy XRP with fiat, only with BTC. So I first bought 1 BTC for $20,000 I immediately sent that 1 BTC to an exchange so I can trade it for XRP. The ...
Ok_Selection_505's user avatar
3 votes
0 answers
60 views

Canadian tax on capital gain multiple round of investment in the same company

My question is similar to this one (How to calculate capital gains on multiple trades of the same stock?), but lets say I have two objective with my investment. One short term, the other one long term....
ribs_brisket_bbq's user avatar
3 votes
0 answers
69 views

Can I deduct expenses from rental income on my principal residence without making it not a principal residence?

TLDR: can I still claim 40% of all of these expenses (screenshot from simpletax) on my taxes when renting a portion of my Principal Residence and it still be considered principal residence? and ...
tsdexter's user avatar
  • 183
3 votes
0 answers
38 views

Do all Canadian preferred stocks for retail investors trade on stock exchanges?

In Canada, do all retail-investor-accessible preferred stocks (i.e. those preferred stocks that can be bought by retail investors) trade on stock exchanges (e.g. on the Toronto Stock Exchange)? Or is ...
Flux's user avatar
  • 17.1k
3 votes
0 answers
88 views

Client is offering to withhold tax from my payment

I recently started working in an arrangement neither me nor the person who hired me has done before. Someone who works as a contractor for a company got a budget to hire me as a (sub)contractor. He ...
topsqueaksquad's user avatar
3 votes
0 answers
275 views

Transferring money from HSBC UK to TD Bank in Canada

Lets say I want to transfer money to Canada from UK. HSBC-UK asks me to to enter the following information Payee account number Payments Canada Routing number Bank Name Now the question : Should "...
MHOOS's user avatar
  • 131
3 votes
0 answers
602 views

How are US Health Saving Account (HSA) taxed in Canada for a Canadian citizen, not a US citizen?

The HSA in question is founded while legally working in the US and being a US tax resident. However, I'm thinking of coming back to Canada. Are they just considered as a normal account? Therefore, ...
Nicolas Ferland's user avatar
3 votes
0 answers
88 views

What's wrong with transferring $12,000 from RRSP to RRIF and withdraw $2000/yr 65-71 inclusive? Why doesn't this give you $12000 out RRSP tax-free?

I live in ON. Jim Yih wrote Are You Taking Advantage of the Pension Income Tax Credit? Transfer RRSP to a RRIF. At age 65 transfer $12,000 to a RRIF and take $2000 out per year from age 65 to 71(...
user avatar
3 votes
0 answers
10k views

How much can you have in TFSA without losing any OSAP?

Plz see beneath. Just $3600 for 2019-2020 school year!!?!!? This is too niggling and half-baked! What if student is living away from home? Accomodation and private rent cost way more! What if US or ...
user avatar
3 votes
0 answers
166 views

Will I get trouble with CRA, if I withdraw yearly maximum Capital Gain without paying tax in ON for many years?

Assume I get 0 income and my Capital Gain doesn't fall. I live in ON. Call F the maximum federal ($12069 in 2019), and P the maximum provincial ($10582 in 2019) basic personal amounts. Retirement ...
user avatar
3 votes
0 answers
98 views

Does money spent from lawsuits get reported in tax?

I had the unfortunate experience of taking my landlord to court. We eventually reached a settlement where I got some money. I strongly believe I should have gotten more and have evidence to support ...
Latchar3's user avatar
  • 264
3 votes
0 answers
119 views

Is there a way to transfer a cultural donation tax receipt? (Canada)

Canada specific question. My father is planning on making a cultural donation to a museum. He will receive a 100K tax receipt for the donation. My marginal tax rate is significantly higher than his, ...
Dugan 's user avatar
  • 2,582
3 votes
0 answers
225 views

Should a Canadian working in the USA, invest in a 401k, Roth IRA, Traditional IRA, and/or RRSP?

I have a cousin who is a Canadian citizen working in the USA, asking me about the Canadian RRSP. However being an American I am more familiar with 401k, Roth IRA, and Traditional IRA. 1) From ...
akyeung's user avatar
  • 153
3 votes
0 answers
277 views

Can a non-resident Canadian citizen working in USA maintain a margin account in Canada?

I am a non-resident Canadian living and working in USA. Can I maintain a margin account for stocks trading in Canada?
Amit's user avatar
  • 31
3 votes
0 answers
140 views

Are cash gifts from a former employer taxable in Canada?

I was previously employed by an elderly couple providing in-home care for several years. The husband passed away a number of years ago, while the wife passed away last year. Obviously, as the couple ...
Interested Party's user avatar
3 votes
0 answers
102 views

Setting up a personal loan, how do I report to CRA?

I am about to make a simple loan to a family member. I have a contract written up, and a payment schedule that we will both sign as well, along with a witness. While the interest rate I am charging ...
Canadian Luke's user avatar
3 votes
0 answers
125 views

Can construction Soft Costs be carried forward on Canadian rental income?

I built a home and am renting it out for profit. While building, I incurred soft costs (mainly interest costs on money borrowed during construction, and insurance costs). In the years that I had these ...
Ryan's user avatar
  • 31
3 votes
0 answers
397 views

Am I supposed to get "GST/HST credit" cheques even if I have substantial savings abroad?

I have moved to Canada, Nova Scotia about a year ago, so I filed my first tax return (2017) already. Long story short, I lived the entire year out of my own savings - there was no income and no ...
JVon's user avatar
  • 131
3 votes
0 answers
73 views

Taxes and Visa Implication: Canadian citizen, Canadian payroll, working M-F in US

Tried to skim through all existing questions, but couldn't find a match to my situation - so any help or input appreciated. I'm looking at a possible scenario where I'm on the Canadian payroll (with ...
user56411's user avatar
3 votes
0 answers
198 views

Moving from Canada to the U.S.: Where will I be considered resident for tax purposes?

In 2018 in the summer, I'm planning to move from Canada to the U.S. I'm a citizen of Ukraine. I would spend more than 183 days in Canada in 2018 and have an employer, but by the end of the year I ...
sasha.sochka's user avatar
3 votes
0 answers
101 views

How can I purchase new assets for my Roth IRA while residing in Canada?

I'm a US citizen and currently reside and study in Canada. My Roth IRA is currently at Vanguard (in the US). While I reside in Canada, they do not allow me to purchase new assets with the funds that ...
capybaralet's user avatar
3 votes
0 answers
1k views

What will happen if you filed your taxes with two different locations? How can it be solved?

I was living in Winnipeg, Manitoba and I had done my taxes online with H&R Canada Online. H&R Canada provided me with some papers to print out and then it was settled, I moved to Sudbury, ...
Shallana's user avatar
3 votes
0 answers
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 ...
Megha's user avatar
  • 31
3 votes
0 answers
253 views

HST vacant lot severed from a farm for sale, zoned residential but still has crop on it

I am considering selling a piece of land that was severed as a residential lot from our family farm. The crop has been planted on it, even though it was legally severed as residential. If I sell ...
Bev's user avatar
  • 31
3 votes
0 answers
2k views

HST for a new home in Ontario, a first time home buyer

I am planning to buy a new home for 830,000, what is the HST calculation? Can HST be paid together with the mortgage? Thanks.
David's user avatar
  • 31
3 votes
1 answer
175 views

Looking to calculate expected profit from sale of house

I'm trying to calculate the money I will see as profit from the sale of my house. I'm tallying the various expenses associated with selling and would like input on any costs I'm missing. I'm in ...
AdamC's user avatar
  • 39
2 votes
0 answers
68 views

Looking for Canada GST memo D17.1 dated Jan 1995

In April 1999, Canada Revenue And Customs Agency revised its GST/HST Memorandum 17.1, obsoleting the previous version which was dated January 1995 I would like to obtain the obsolete, January 1995 ...
Jaredo Mills's user avatar
2 votes
0 answers
79 views

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-...
Kate Gregory's user avatar
  • 13.4k
2 votes
0 answers
68 views

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 ...
ichi's user avatar
  • 21
2 votes
0 answers
41 views

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 ...
Mike Hampel's user avatar
2 votes
0 answers
21 views

Calculating Foreign Exchange Capital Loss on Margin Loan Repayment

Let's assume I convert 10,000 CAD to 5,000 USD and hold it for one year. During that year, I also make some trades using money borrowed from the brokerage firm (i.e. trading on margin). Afterward, I ...
AlanSTACK's user avatar
  • 1,570
2 votes
0 answers
97 views

Tax obligations for deemed non-residents in Canada

I live (and I'm resident) in a European country (Austria, that has a tax agreement with Canada) and spent 8 months in Canada last year (2022) due to a research stay (I worked on my Master Thesis in a ...
pcalc's user avatar
  • 230
2 votes
0 answers
83 views

What affect does taking a short term contract or part time job have on EI?

I was recently terminated due to lack of work. I applied for EI. If I were to get a short term contract (like a couple months) or a part time job as an employee, how would this affect the EI? I know ...
BenderPiece's user avatar
2 votes
0 answers
62 views

Rental expenses in Canada, current vs capital

I am renting my house in Ontario Canada, and claiming the rental income/expenses on my tax return. I know I can claim current repair expenses, but next year 2024, I have to replace the roof and ...
user122866's user avatar
2 votes
0 answers
56 views

Do temporary residents have to pay capital gains tax on unrealized gains when they leave Canada?

Suppose I am a temporary resident in Canada for work or study. I owned some stocks before going to Canada, and bought some more during my stay in Canada. I do not sell any shares during my stay in ...
Flux's user avatar
  • 17.1k
2 votes
0 answers
110 views

When does a foreign transaction fee apply to a credit card (especially from shopping online)?

I assume if you go to another country and use a credit card, then the foreign transaction fee will always apply. What if I use a credit card to make a purchase from an online store? Does it depend on ...
Griftoni's user avatar
  • 497
2 votes
0 answers
36 views

I get a pension from having been a Federal Employee; I also work part-time for my family's business. Do I need to pay into EI?

So, I worked for the Federal government most of my life, I retired 2 years ago and I get my pension. In addition, I work about 30 hrs/week in the office of my family's business, do I have to pay EI? ...
Andrew's user avatar
  • 21

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