Questions tagged [canada]

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

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22
votes
4answers
6k views

Buying a house. Seller wants cash now and move only next year, renting same house in meantime

A relative of mine found a fantastic house on the market (Canada), evaluated 750k. He knew there were 3 other buyers making offers and he was entering a bidding war. He made an 800k offer and was the ...
0
votes
1answer
83 views

Studies for personal finances [closed]

Over the last couple of days, I started thinking about financial independence for myself. That idea sounds great to me as I'm 33 years old, have a good and stable income, and I could do something to ...
4
votes
2answers
96 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. ...
1
vote
0answers
14 views

Opening an RESP for myself

I am located in Canada. I was wondering if instead of contributing directly into an RRSP, why people don't instead open up an RESP for themselves, contribute as much as they can afford (up to 50k) and ...
2
votes
3answers
3k 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 ...
4
votes
1answer
255 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
107 views

When calculating net-worth, how to discount money in an RRSP?

Suppose that I have the following account balances: Personal Banking Account $10,000 TFSA $40,000 RRSP $60,000 I would like to calculate my net-worth. ...
1
vote
1answer
31 views

What do I need to know in order for a US citizen to open a custodian brokerage account in Canada?

I need to open custodian brokerage accounts for my 2 Canadian grandchildren, ages 16 and 13. As a US citizen, I am willing to tie them to a US savings account in USD. What is the best way to do that ...
0
votes
2answers
75 views

How do I cash in a Canadian cheque from outside Canada?

I am living outside Canada, and I have cancelled my Canadian phone plan. My phone company has sent me a cheque to refund about C$30 (the prorated unused amount in my phone plan). The cheque is dated ...
0
votes
0answers
35 views

Repayment of home buyers plan

Let's say I have contributed $2000 to RRSP on a year and I have a balance of $1000 on a Home Buyer's Plan. The minimum re-payment amount for the Home Buyer's Plan is $100. If I chose not to re-pay on ...
1
vote
1answer
93 views

Pay off Home Buyers Plan - or not

I am single and retired and owe a balance of $4800 on my HBP with 4 years to go repaying at $1207 per year which I have to declare as income. I live on the Gov. CPP and OAS with supplements and with ...
0
votes
1answer
84 views

Landlord wants etransfer and claims he did not receive cheque in the mail

I want to stop a rent cheque that i mailed to my landlord 13 days ago and he claims he did not receive it and that I must send him an etransfer immediately now? How long does the process take when I ...
4
votes
2answers
49 views

What are some drawbacks to Interac's e-transfer auto-deposit option?

As a user, what are the drawbacks for Interac e-transfer auto-deposit and what I should consider before using it?
3
votes
0answers
76 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 ...
0
votes
1answer
41 views

Canada: province of residence on December 31 for emigrants

Page 1 of the Canadian T1 asks, "Enter your province or territory of residence on December 31, 2019." If I emigrated from Canada during 2019, what do I enter, and why? Specifically, are there ...
1
vote
0answers
24 views

How to move my Canadian stocks into RRSP

I have various stocks I hold for the dividends (and most are DRIPs). They are NOT in any tax-advantaged accounts. Is there an easy way to move them into, say, an RRSP? Or would I be required to sell ...
16
votes
4answers
2k 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 ...
1
vote
0answers
22 views

How to determine which Canadian investments are tax-efficient for US taxpayers in Canada?

How can a Canadian, who is also a US Citizen, determine which Canadian investments (stocks, bonds, mutual funds, ETFs, REITs, etc.) are tax-efficient (especially considering PFIC rules) for a) a post-...
2
votes
1answer
53 views

What is the CRA definition of income? Why not any payment counts as income?

Official acts and guides shed light on what kinds of income there can be and distinguish between taxable and non-taxable income. However, I could not find any definition or even a hint of what is ...
2
votes
3answers
777 views

Online directory for investment advisors/financial planners in Canada? [closed]

Where can one find a good directory of investment advisors/financial planners in Canada? We have Auto Trader, and Renter's News publications, yet I've never seen anything related to money. Are ...
15
votes
5answers
5k views

Why would my tenant want me, landlord, to buy his leasehold interest in my own property? [closed]

My lessee asked if I'm interested in buying his leasehold interest. He wants to sell his lease to the landlord, me. He's renting my detached house in Toronto until Jun 1 2024. He pays $9 000/month. I'...
25
votes
8answers
7k views

Selling a House Upfront Or Collecting An Income Over Time?

Suppose that you have a house worth $500,000.00 that is gifted to you and this house is completely paid off. The people who want to purchase this house will need to go to the bank to get a loan so ...
0
votes
0answers
43 views

U.S. check in Canadian dollars?

I reside in the U.S. and need to send money, via check, to a Canadian company payable in Canadian dollars. (This is the only payment method allowed.) What's the easiest way to accomplish this? Can I ...
1
vote
1answer
139 views

How can Canadians recover U.S. withholding taxes on U.S. stock dividends?

I'm Canadian, but I like U.S. ETFs because there's more variety than Canadian ETFs. What means "recoverable" below? 100% fully refundable to me? How do I recover U.S. withholding taxes? ...
0
votes
1answer
47 views

Filing taxes for Canada after becoming non-resident

I left Canada for SE Asia in January 2020, and this will be first year that I'm filing to the CRA from outside of the country, so there are a few things that are unclear to me. I'll probably talk to ...
0
votes
1answer
61 views

How can Canadians short the UK small cap market without short selling or put options?

My grandparents in Canada transact with Questrade and fancy shorting the FTSE SmallCap Index. EWU (iShares MSCI United Kingdom ETF) and EWUS (iShares MSCI United Kingdom Small-Cap ETF) don't support ...
2
votes
2answers
5k views

Do nonresidents of Canada have to pay income tax on interest income earned in Canada?

I am a Canadian citizen, but nonresident of Canada for tax purposes. I currently live in the US. I have a savings account at a Canadian bank in Canada and have earned a little bit of interest, around ...
0
votes
1answer
52 views

What other variables affect optimal contributions to RRSP now?

I already maxed my TFSA. I can't have and don't want kids. I want to create an Excel spread-sheet to work backwards to determine the optimal RRSP contributions now that'll minimize taxes when I start ...
1
vote
1answer
40 views

When would holding U.S. stocks in a non-registered account be better than in a TFSA?

Assume your RRSP is full, and you must buy U.S. stock in TFSA or in an unregistered [aka non-registered] account. The default answer seems to be TFSA! If you have an RRSP, a TFSA and a non-...
0
votes
0answers
136 views

Spouse earns $50 K yearly, you $0. How much tax on joint HISA?

We both maxed out RRSP, TFSA. Each has 3.3% HISA at Laurentian Bank. We don't want deposit over $100 K, CDIC's coverage. No other CDIC institution pays 3.3%. We open a joint HISA — 2 below — and only ...
2
votes
1answer
31 views

Received lump sum payments for OAS, GIS application (for last 3 years) with one T4 slip in 2019. How can we still qualify for “refundable tax credit”

My uncle & aunt in Canada applied for their OAS (Old age security) & GIS (Guaranteed Income Supplement) & Allowance payments in January 2017 and they were qualified to receive all benefits ...
0
votes
0answers
96 views

Trading micro e-minis futures from Canada with limited net worth (with NinjaTrader platform)

I am a Canadian. I wish to get into the Micro E-mini Equity Futures market. I wish to use the Ninja Trader platform as I find it powerful, and I can code strategies using my favourite programming ...
1
vote
1answer
43 views

Where to put Canadian-listed ETF that holds a US-listed ETF of US stocks?

Assume I have just three unused accounts – RRSP ($90 000), TFSA ($63 500 in 2019), and non-registered investment account. I'm Ontarian. I use another example like XUU. Where to put it first? I ...
5
votes
1answer
3k 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 ...
5
votes
2answers
361 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). ...
3
votes
3answers
26k views

I'm Canadian, but I've worked in the United States. Why did I get a $1,200 payment from the IRS?

I'm Canadian, but have been working in US 3 years 2015-2018 on TN visa. In 2018 I returned to Canada, filed IRS return for 2018, but didn't do it for 2019, because that year I didn't work in US. But ...
0
votes
1answer
75 views

How do insurers justify raising premiums after no-fault claims?

I don't know if it applies to other countries, but in Canada practically all auto and home insurers routinely raise your insurance premiums after you make a claim, even for not-at-fault and purely ...
0
votes
1answer
152 views

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 ...
0
votes
0answers
113 views

If you get a disability pension can your bank close your account if you can't pay their credit card?

I've been at RBC for 40 years and I have received a federal pension for disability for the last 25 years. If because of this covid19 financial pressure and lack of affordability, I can no longer ...
0
votes
0answers
25 views

When does the government need Record's of Employment for EI benefits submitted to them?

I lost my job due to COVID-19. I applied for Employment Insurance (EI). The instructions regarding the Record's of Employment (RoE) were a bit unclear. When I login to Service Canada most of my RoE ...
0
votes
2answers
492 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 ...
1
vote
2answers
198 views

How to deal with my dad's newfound obsession with Western Union and sending money to strangers in the U.S.? [closed]

I'm 23 and live in Vancouver with my mom and dad. (My sister lives in Toronto center, but she's with her girlfriend; she's 29). Over the past few months (well, since March 2019) my dad's become ...
1
vote
1answer
125 views

I bought a website. How does it affect my taxes?

I have a small British Columbia business (sole prop) writing software. I bought a website last year which is earning a bit of money through my business name. Does the purchase of the website count as ...
0
votes
0answers
42 views

Long put options in TFSA: can I close the position by selling, or must I exercise?

Suppose I use my TFSA to buy 10 American put options on XYZ at a strike price of 20 when the market price of XYZ is 20. I am 100% sure this is allowed under the rules governing TFSAs and registered ...
1
vote
1answer
58 views

How to sell mutual fund shares

I'm currently located in Canada, trying to offload a few hundred mutual fund shares. But in the current market the price fluctuates about 5% per day. My bank requires that same day orders are placed ...
13
votes
3answers
18k views

Is there something on a check (cheque) that determines what currency it is?

We're a US company. We got a check from a Canadian company and usually the check will say "USD" on it. Otherwise when we deposit it, the check will clear as CAD. This check has no indicators on it....
1
vote
1answer
148 views

How do I sell or transfer forgotten about shares

I realized today in a moment of lucidity that I have outstanding shares from an employee share ownership plan from my previous company, Loblaws Canada. The shares are on a site called "Computershare",...
1
vote
1answer
47 views

Where would printer ink go in Statement of Business Activites for tax?

I'm an independent contractor. I bought printer ink for the printer I use exclusively for work. On the T2125 where would it go? I'm guessing either lines 8810 or 8811: "office expenses", or "supplies"....
2
votes
1answer
76 views

How to buy private company stock using a registered account (e.g. LIRA, RRSP)?

I would like to invest is a private company using money from my LIRA (locked in retirement account). I know this is allowed, similar to holding private mortgages under these accounts, but how do I ...
3
votes
2answers
1k views

Using GnuCash for accurate cost basis calculation for foreign investments (CAD primary currency)

I'm looking to use GnuCash for investment tracking and while I evaluate the software, I am specifically interested in how to get it to properly calculate the ACB of foreign investments in CAD. For ...

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