Questions tagged [canada]

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

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1answer
46 views

Principal residence exemption after the first house?

I'm trying to think through a situation for my brother where he co-owns two homes, one of which is with me which he wants to gift to me. I'm not sure how principal residence exemption works on his ...
0
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1answer
101 views

Are friends and family discounts or employee discounts taxable?

I recently read this article which says in Canada: "barter transactions are only taxable when the goods or services you're giving up are of the kind generally provided by you in the course of ...
5
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1answer
70 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?
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2answers
104 views

Benefits for women in Ontario

Im unemployed i apply for a jobs but not luckly call for an interview yet. I will be separating soon with my husband . I lived in Eastern Ontario near Renfrew. Not much jobs around here i wanted to-...
0
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1answer
52 views

Efficient Canada investment account after maxing out TFSA that is not RRSP?

What kind of investment accounts in Canada are tax-efficient and allow holding U.S. stocks (Amazon, Google, etc.)? I have maxed out my TFSA, and would prefer not to lock money in retirement-inclined ...
5
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1answer
169 views

Does a cash back mortgage at a higher rate with the cash immediately applied to the principal make financial sense?

A mortgage advisor was trying to sell me on cash back mortgage. For most clients he said they use it to pay down debt at a higher interest rate or to buy the essentials for a first home. This is not ...
3
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1answer
128 views

Spouse Cosigning

My wife and I currently own a home and finance two cars. We each have one car completely in our name and are co-borrowers on the house. I am about to trade in my car, and the interest rate will be ...
3
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1answer
63 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. ...
5
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1answer
5k views

Credit freezes aren't available in Canada. What options are available to protect against identity theft?

It looks like credit freezes aren't possible in Canada. Despite this, there is some evidence that identity theft is a bona fide problem in Canada: RCMP states that in 2009 there were 11,095 identity ...
3
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1answer
206 views

Choose students or working adults with low credit as tenants?

Currently I am trying to pick the tenants for my condo in downtown Toronto ($2400 a month). There are two options: Two international students from university of Toronto, but they are only willing to ...
0
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2answers
507 views

Why don't all banks at least OFFER to combine their chequing and savings accounts? [closed]

Manulife Bank combines chequing and savings — see beneath. But Meridian Credit Union, Simplii don't. I have bank accounts at just these financial institutions. LMK if there are others like Manulife. ...
4
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1answer
166 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 ...
3
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0answers
105 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, ...
3
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3answers
321 views

What is the optimum way to draw money from your retirement nest egg

Let us say I have put away a nest egg like this (all numbers in CAD): Cash/GIC : 100,000$ Stocks/ETF: 100,000$ Bonds:100,000$ REIT: 50,000 Own rental property : 200,000 Let us say, I wish to retire ...
4
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1answer
73 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 ...
1
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1answer
178 views

Buying a house with credit line and getting a mortgage later

We are considering buying a house for about $150-160 thousand. We recently moved, and my wife has been on maternity leave benefits for a year now. So, proof of income is basically non-existent. We ...
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5answers
979 views

What's the lowest risk highest reward I can invest in for 5 years?

Good day; Canadian here, 23. I'm looking to place money (at a rate of 100$-200$ per month) into savings, for 5 years (locked or not). I don't have a "specific" plan in 5 years. I just need to have ...
2
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2answers
262 views

Intro to Investment options for a Canadian

I'm a 22 year old Canadian living in Canada. I am about to finish school, paid off my student loan, and I have a good paying job, apart from rent and food (no car or house), I don't have much need for ...
16
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4answers
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 ...
2
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3answers
426 views

The balance between Renting and Buying

My girlfriend and I are spit-balling the idea of buying a house. We've heard pros and cons for mortgages; you're putting your money into an investment vs you're paying far more than you anticipate due ...
6
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3answers
259 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 ...
3
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1answer
96 views

Why does strategy with borrowing 35,000 and using Home Buyer's Plan apply to just Canadians in 40% marginal tax bracket?

Why do these Reddit users focus on the "40% marginal tax bracket"? How did they calculate it? Assume that we're in Ontario so that we can work with Ontario's provincial tax rates. 35K at 5% for 90 ...
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1answer
145 views

What are simplest examples of buying or spending money to reduce income taxes in Ontario?

What personal (not corporate) tax examples like the quote underneath appertain to Ontarians? Please focus on examples that can appertain to as many Ontarians as possible, thus don't focus on high ...
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0answers
55 views

How can I quickly find Merchant Category Codes in Canada?

Reddit post referred http://125plan.com/ResourceCenter/doc/AD/MerchantCategoryCodes.pdf, but this URL is broken. There are two issues. Thus I need two informations? What is each merchant's MCC? My ...
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1answer
43 views

Why does XMM's performance differ significantly from its benchmark index?

XMM is a Canadian-listed iShares ETF that tracks the MSCI Emerging Markets Minimum Volatility Index. Its holdings are 99% EEMV, the US-listed version of the same ETF. While EEMV tracks its index ...
62
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2answers
15k views

I won a car in a poker game. How is that taxed in Canada?

For the sake of title transfer and taxes, is this a gift or a sale? This was a private game. We both tossed our keys into the pot. I won and the vehicle is now sitting on my driveway. I live in ...
3
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2answers
270 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 ...
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0answers
38 views

Removing an incorrect collection record from Canadian credit profile

A gym in Canada did not cancel my account and suddenly claims that I owe them money for almost two years, despite the fact that I never signed an agreement with them (I signed it with a different ...
0
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0answers
62 views

Wired some money internationally without a SWIFT code and it is not received yet. I am worried

I wired some money from China (Industrial and Commercial Bank of China) to Canada (Bank of Montreal). Both are big banks in their respective countries. Both accounts are in my mother's name. I did the ...
2
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1answer
54 views

CANADA: Can I deduct condo fees in business use-of-home deductions?

Info: the condo is a townhouse - not in a building. the condo fees are >$500/month ($6000/year) there are not many common areas the condo fees cover items such as ALL exterior maintenance (roof, ...
20
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10answers
6k 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 ...
2
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1answer
4k views

I never opened TFSA. Why's my TFSA contribution room $64800.68, not 63500?

Brother Ivan never opened TFSA. Websites beneath say his TFSA contribution room is $63 500, but screenshot from his CRA online account says $64 800.68! Why? Which's right? Know your TFSA ...
2
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0answers
86 views

(Hypothetical) Write off Loss of Cash due to bankruptcy of financial institution

In both Canada and the United States, how do we write off the loss due to bankruptcy of the financial institution in excess of deposit insurance on the tax return for the tax year when the bankruptcy ...
4
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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 ...
1
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0answers
70 views

Town and out-of-town cheques: where are both payable?

In the term database of the Government of Canada, the definition is provided for an out-of-town cheque: A check [drawn] on a bank which is located outside the territory of the clearing house with ...
5
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2answers
306 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). ...
7
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1answer
191 views

If your spouse passes away do you lose any tax credits (GST and Trillium Credit) owed to them before they died?

My husband passed away this pass on 17-July-2018. Until he passed away we hadn't filed our income tax for the years 2015, 2016 and 2017. I am wondering if and when I do decide to file our taxes; ...
0
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1answer
132 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 ...
3
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1answer
50 views

Ontario Capital Gains,are profits also part of taxable income?

Say I Sell my investment property house for 500k and bought it for 250k. Leaving me 250k profit. I'd be taxed on 50% of that correct: 250/2 = 125k taxable. and 125k Profit. Now my 125k is taxed ...
0
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1answer
458 views

How does this scam involving buying a used car cash-only work?

I'm in pursuit of a used car. I came across this 2010 Camry for 4200 CAD. The car is good, I test drove it in the city and on the highway and there are no problems with it as far as I can tell. ...
3
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1answer
2k views

Can you evade tax by getting employment income just in equity, then using this equity as collateral to take out loan? [closed]

I don't get this tax evasion scheme. Can someone explain it? I'm from Toronto, Canada. I don't know if the author had in mind US taxes. Jargo comments on Deutsche Bank and Wall Street banks ...
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3answers
136 views

Why aren't REITs ETFs?

I'm assuming there are no ETF equivalents of REITs in Canada. Correct? Why are REITs income trusts, not ETFs? Why not operate a Real Estate ETF? Gill, Madura. Personal Finance, 4th Canadian Edition ...
0
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1answer
58 views

How do I find out what are the min and max withholdings from each paycheque?

Gill, Madura. Personal Finance, 4th Canadian Edition 2019. p 86. Emboldenings are mine. Taxes Paid on Earned Income Your income is subject to personal income taxes, which are taxes imposed on ...
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0answers
57 views

Where can I see break-down of total federal and Ontario non-refundable tax credits?

Please see my 63 y.o. Ontarian dad's cash flow.. I screen-shot, but rounded the values from his 2018 Notice of Assessment. Where can I see tax credits broken down? I want see them so that I can ...
6
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1answer
172 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 ...
2
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1answer
47 views

Is Pension income a part of my Personal Tax Income

My parents retired, and they will be receiving monthly payments from pension and those things. We live in Ontario. Do these count towards their income tax brackets? Are there other taxes they should ...
0
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1answer
84 views

In one year, what's the maximum I can contribute to RRSP, from past unused contribution room?

My dad is 63 and lives in Ontario.. He maxed out his TFSA. His annual pre-tax income is $50K. Here is a screen-shot of his CRA online account: He never opened a RRSP, thus the $100K must've been ...
0
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2answers
286 views

At What Point is it Worth Doing Something With Your Money?

I (a Canadian) have never done anything with finances, don't have an income nor any expenses. I have about 20K sitting in a pile in a TD Canada Trust Account due to the government sending HST checks ...
1
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1answer
96 views

Can I transfer, in 2019, my tuition tax credits from 2009-2015 to my parents who paid all tuition?

From 2009-2015, I was studying in Ontario universities, and made no income. My parents paid all my tuition. I filed my taxes, but didn't know that I could claim tuition tax credits. u/pfc-toss ...
1
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1answer
78 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 understood this ...