Questions tagged [canada]

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

158 questions with no upvoted or accepted answers
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6
votes
1answer
162 views

Is there a general way to prevent fraudulent bank accounts from being opened in your name in Canada?

In the wake of the Desjardins data leak, several of my friends have become aware of fraudulent bank accounts (not credit accounts or lines of credit, to the best of my understanding) being opened in ...
5
votes
2answers
298 views

Dual Citizen (US / CDN) wants to buy US equities in Canadian brokerage

I'm dual citizen (US & Canada) residing in Canada. I returned to Canada two years ago. I just started thinking about investing again in Canadian equities (either stocks, ETF's or mutual funds). ...
4
votes
1answer
130 views

Tax implications of dividend vs salary

I'm recently self employed. My accountant advised the total amount of tax I'll pay (combined business and personal) is the same whether I pay myself 100% dividend or 100% salary and the only deciding ...
4
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1answer
133 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 ...
4
votes
2answers
220 views

Investing in Canadian Stocks as an American

I've been tracking the cannabis industry for awhile and would love to hop on the canna-stock wagon, but I'm not sure if Americans are allowed to invest in Canadian stocks. The companies I'd like to ...
4
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0answers
782 views

First time homebuyer, want to buy an old house tear down and rebuild

My spouse and I have never had a mortgage. We're pre-approved for about a $600k mortgage, which we want to use to buy an older house to tear down and completely rebuild. The initial price on these ...
4
votes
1answer
2k views

US resident with Canadian income via T4A-NR

I am a single person LLC in the US and I do a lot of contract work for a US company. In 2016 I was asked by them to do some work in Canada and spent about 30 days working in Vancouver. My LLC issued ...
4
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0answers
278 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 ...
4
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0answers
411 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 ...
4
votes
1answer
171 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 ...
3
votes
1answer
50 views

Employment travel expense tax deduction

I am currently located in Ontario, Canada. I work full time as a security guard and am required to regularly secure a client's building. According to the Canadian Revenue Agency link here, anyone ...
3
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0answers
91 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 ...
3
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0answers
47 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?
3
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0answers
65 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 ...
3
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0answers
126 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 ...
3
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0answers
43 views

Does employer matching contributions in a TFSA count towards the annual limit?

Does my employer matching my contribution to a TFSA count towards my annual TFSA contribution limit?
3
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0answers
83 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 ...
3
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0answers
34 views

To lease or buy when I have the cash in my RSP

I am retired, collecting a pension, CPP & OAS. I also have money in my RSP, which becomes taxable when I withdraw it. I purchased, for cash & a trade-in, a 2014 BMW SUV. Sale price was $39000. ...
3
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0answers
56 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 ...
3
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0answers
260 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 ...
3
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0answers
65 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 ...
3
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0answers
180 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 ...
3
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0answers
96 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 ...
3
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0answers
90 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 ...
3
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0answers
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, ...
3
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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
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0answers
237 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 ...
3
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0answers
1k 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.
2
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0answers
67 views

Canadian nomad, USD earnings - how to invest/preserve currency

I'm a Canadian tax resident who moves around a lot. Exchanging currency stresses me out so much if I think about it that I basically have just decided to accept volatility. I work online, and am paid ...
2
votes
2answers
125 views

Any capital gains taxes owed for non-residents selling stock in Canada?

I own stock of a company outside of Canada. Recently, the company was bought out by a Canadian company with newly issued shares listed in Toronto. As a shareholder of the company, I received new ...
2
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0answers
53 views

Canada Income Tax benefits if family is living outside of Canada

I am working in Toronto, Canada under Work permit. My family is living outside Canada. I am fully taking care of their expenses. Can I get any income tax benefits for the money I am sending to them? ...
2
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0answers
39 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
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0answers
25 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 ...
2
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0answers
45 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), ...
2
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0answers
46 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
2answers
200 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
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0answers
29 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
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0answers
47 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 ...
2
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0answers
50 views

Minimize taxes when transferring investments from one account to another

Located in Ontario, Canada I have three investment accounts with managed by a TD-bank financial planning account: TFSA (currently maxed out) RRSP Non-Registered All three accounts have their funds ...
2
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0answers
155 views

Stop filing federal annual return (Canada)

I incorporated my company several years ago and since then I've been filing both my provincial and federal annual returns (pay $20 and confirm info). According to many sources, having the federal ...
2
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0answers
47 views

Canadian citizen step parent signing over US owned property to us citizen adult children

My mother who is a US Citizen recently passed, and my step father who is a Canadian citizen with permanent US resident who is living in Canada now with no plans of returning to the US. He doesn't want ...
2
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0answers
77 views

I am Canadian and own a cottage in the US. I want to gift it to my 2 Canadian children. What are the tax implications

I own a cottage in Point Roberts Wash. I am a resident of Canada and want to gift it to my son who is also Canadian, What taxes apply to this transaction?
2
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0answers
38 views

Relationship between RRSP and Pension plan in Canada

What is relationship between RRSP and Pension? I know that contribution to Pension Plan reduces your contribution limit to RRSP but is it only certain kind of Pension Plan or all? Does it matter if it ...
2
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0answers
55 views

Do I have to pay into Canada Pension Plan (CPP) as part time contractor?

I have a fulltime job with a company but in my spare time I do some contractor work for a few clients I gathered overtime. I understand that I have to pay income tax at the end of the year over my ...
2
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0answers
34 views

RSP withdrawals and deposits

I’m a senior (66), and I withdrew $20k from my RSP this year. They withheld the tax, but within the year I replaced the $20k. I have the room in my contribution, so will I get all the tax money back, ...
2
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0answers
181 views

Will my CRA Canada carryover amount cover this eventuality?

I have federal and provincial carryover amounts with CRA (tuition amounts). I assume on my TD1 Federal and Provincial credits return forms that my spouse's estimated income for the current year is ...
2
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0answers
76 views

Canadian Tax on Loan against FD in NRE account

I have Fixed Deposits [Term Deposits] in HDFC NRE account in India. If I take loan against it and transfer loan funds in Canadian dollars to Canada, do I need to pay any taxes in Canada? Do I need ...
2
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0answers
55 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 ...
2
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0answers
627 views

How to transfer Brokerage Account from USA to Canada?

I am a new permanent resident in Canada (Venezuelan citizen). Since several years ago I have brokerage accounts in the US (in OptionsExpress). OptionsExpress doesn't serve Canadian residents, so I ...
2
votes
0answers
49 views

Why is my unreduced retirement date same as the normal retirement date

My employer says that my unreduced retirement date is the same as normal retirement date (at age 65). How come some people have unreduced retirement date that is upto 5 yrs sooner than their normal ...