Questions tagged [canada]

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

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40 views

Canada Pension Plan Transfer

I have lived for three years in Canada, and made three contributions to the CPP. I now live in Switzerland and do not plan to return to Canada ever. Is there any way to transfer these contributions ...
2
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1answer
41 views

Canada Tax work space in the home expenses with no income (T2200)

I'm trying to assess if I can claim on the work space in the home when I'm not getting income from my company. There's a line that makes it seem like I cannot, though I might be reading it wrong. ...
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49 views

Getting paid by a Canadian company to a U.S bank account while paying taxes in my home country?

I’m an Argentine working from Argentina for a Canadian company. I’d like to receive my wages into a US bank account which I already have. I really do not want to bring the money into Argentina due ...
2
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0answers
33 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 "...
2
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1answer
244 views

How to give money to a business?

I would like to give some money to support a business that is family-owned (by my parents). I am not personally involved with the business nor am I an employee, but I want to give them some money for ...
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0answers
37 views

How do you open account for 'funds held in Trust' at Canadian deposit institution?

Suppose you both maxed out RRSP, TFSA. Each has 3.3% HISA at Laurentian Bank. You also have a joint HISA. You don't want deposit over $100 K, CDIC's coverage. No other CDIC institution pays 3.3%. ...
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0answers
111 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
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0answers
45 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, ...
2
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2answers
264 views

Compensating underpaid colleague out of my own pocket - we're both contractors

TL;DR: Alice & Bob work as contractors for a Canadian company, in Canada. Alice is underpaid, Bob is/was overpaid. How can Bob (legally) compensate Alice for her work? I am working as a lead ...
1
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1answer
90 views

Income-Tax and Side-Hustle Providing Internet Related Services

I'm looking at starting a side hustle that provides solely software related services. Like web-hosting, app development, etc. In the near future, I'm not looking for any sizable profit (or any for ...
2
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4answers
394 views

Paying Credit Card After Cash Back Credit

With a credit card, are you obliged to pay the statement balance or the current balance? For the period ending Jan 12th I have a statement balance of $200 (payment due Jan 30th), on Jan 16th I ...
38
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4answers
14k views

How do I lend money to a friend for a car and put the car as collateral?

A friend of mine wants to buy a car, but does not have the money for it. Instead of him going to a bank and borrowing the money to buy the car, I was thinking of maybe taking some cash from my bank ...
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2answers
1k views

Does Meghan Markle need to pay taxes for her stay at a billionaires house?

According to reports, Meghan Markle is receiving free accommodations at the home of a Canadian businessman. Assuming this is true, and given Meghan is a US citizen, and considering the fair market ...
8
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3answers
377 views

Is it tax-inefficient to receive and pay rent?

Suppose I own a home and live in it. Then I realize I want to move to another part of town that is closer to work. But this is temporary because I don't know what my job will be in 5 years. So I rent ...
3
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1answer
72 views

How is mortgage in Canada calculated?

I'm taking a finance course at a Canadian university. The teacher said this time-of-money is how the banks calculate their loans and mortgages. Out of the blue, I want to try how close the formula in ...
21
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3answers
10k views

Will I get in trouble for sharing my bank account information with a sugar daddy? [duplicate]

A sugar daddy messaged me on Instagram. I was having a hard time so I responded, and he said he would send me money and didn’t expect anything in return. He then he asked for my bank account info ...
2
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2answers
66 views

Why does CAD-hedged S&P 500 ETF suddenly not track to actual index

At the time of posting this question, the BlackRock ETF XSP is down approximately 1.3% during the period Dec 24 9:30 am - Dec 31 10:30 am, while the actual index is down approximately 0.3% during the ...
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1answer
43 views

Trailing Stop Market Order getting Cancelled

I have a trailing stop market order on a ETF (Account in - TD, Canada. EFT: VFV.TO ). This has worked for me previously but today (Dec 30, 2019), I see that a couple of them have been cancelled. It ...
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4answers
202 views

Can you purchase medical/dental insurance after you know you will use it?

Currently I do not have dental insurance with my job. I just found out I need some major work :( Can I still get dental insurance and have it save me money? I know it's possible to get dental ...
2
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2answers
72 views

For similar index, how do I decide to invest in Canadian or US traded ETF?

What factors must I consider? I know the exchange rate, exchange rate conversion cost, and Level 1 withholding tax. How do I factor them? What are the formulas? I know that I can't predict the future ...
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0answers
34 views

How can I know undoubtedly how much USD I can deposit in RRSP and TFSA?

I have USD that I want deposit in RRSP and TFSA without converting to CAD. But I don't want outpace my RRSP Deduction Limit and TFSA Contribution Room. How do I know doubt-lessly which exchange rate? ...
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1answer
60 views

What does it mean to reduce tax on Lump Sum payments, rather than Salary?

See screenshot from the CRA T1213. In requesting to reduce the tax withholding from an employment payment, you can select either 'Lump sum' or 'Salary'. What does "Lump sum" mean? How is it different ...
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1answer
54 views

When ought your taxable income < min{Ontario, Federal Basic Personal Allowance}?

Assume I have no tax deductions except RRSP, and I have $90K in my RRSP that I never deducted. Let "BPA" mean "Basic Personal Amount". Optimal taxable income ≥ min{2020 Ontario BPA ($10,783), Federal ...
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0answers
72 views

How can I fill Line 1 of T1213, when I can't know my annual salary and Union deductions in Dec yet?

My dad is paid hourly but sometimes he works over-time. His employer issues his T4 in Feb 2020. He has $50K in RRSP he never deducted. Let BPA mean Basic Personal Amount. Line 1 of T1213 = Optimal ...
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2answers
193 views

In Canada, should I report merchant for discounting price if you pay cash and not Credit Card?

While I was paying bill at Chinese restaurant in Toronto, manager told me he discounts 15% my bill if I pay cash, not Mastercard. I told him I didn't see this printed on menu, and he said this is ...
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2answers
133 views

How to Accept Safe Payment on Car Sale (Canada)

This question is similar to this one from 9 years ago, but I don't think it's a duplicate. I want to receive payment for a car that I don't personally own (money to be subsequently sent to my friend ...
51
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11answers
11k views

Is it principled to tip less if a pricey restaurant doesn't accept Visa or Mastercard? [closed]

Last month, I spent $230 CAD at a restaurant. Yesterday I spent $150 CAD at another restaurant. Both high-priced restaurants in Toronto accept just cash or debit, no credit. I'm using final prices, ...
1
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0answers
69 views

Ontario, Canada rules for tax rates for services

In Canada, various provincial and federal taxes are applied to goods and services. In the event that a tax rate changes, there can often be confusion as to which tax rate to use for services rendered. ...
0
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1answer
44 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 ...
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2answers
185 views

Savings Question, how to invest

I have about $20,000 just sitting in a TFSA, I do plan to spend it (on a vehicle) in about 12-16 months, so I don't want to lock it away, is there anything better then the TFSA? I am Canadian.
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1answer
42 views

How can too much clawback tax on OAS benefits be withheld?

Tax Planning for You and Your Family 2019 by KPMG. p 319. 20.3.2 Old Age Security benefits and the OAS clawback OAS benefits are a taxable pension available at age 65. Unlike CPP/QPP ...
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0answers
23 views

In Canada how are Distributions taxed?

I'm asking about Distribution, NOT DIVIDEND. Here's an-other article on differences. I live in ON. An example is HMMJ, However, the Horizons Marijuana Life Sciences Index ETF (HMMJ) currently ...
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0answers
89 views

Does it make more sense to purchase VTI or VUN?

I live in Canada. VTI and VUN are both US total market index funds through Vanguard. VTI is the American version, VUN is the Canadian version. VTI has an MER of 0.04% but the dividends are subject to ...
5
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1answer
700 views

What does it mean when 5 year fixed is lower than 5 year variable [duplicate]

For the past 10 years, we've had 2 5-year variable rate mortgages. We have more or less won the bet in the fixed vs. variable game. In the past, the variable was always a lower rate than the fixed. ...
5
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4answers
4k views

Is there any benefit to keeping money in a checking account?

I have been getting a lot of "tips" from my bank lately about different ways to save. Things like "Save $1 week 1, $2 week 2", etc or "tax my spending habits". Whenever I see things like this, they ...
1
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1answer
26 views

What's an “accountable advance”?

Tax Planning for You and Your Family 2019 by KPMG. p 196. 12.2.3 Allowances and advances for automobile expenses If you receive a reasonable allowance for automobile expenses, the allowance ...
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2answers
149 views

Why's it hard to claim losses on Canadian shares as business losses in the future?

Tax Planning for You and Your Family 2019 by KPMG. p 100. If you wish to ensure that your trades on the stock market will always result in capital gains rather than business income, you may file ...
19
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2answers
13k views

If you're loaning yourself a mortgage, why must you pay interest? At the bank's posted rate?

I'm addled. You're withdrawing money from your own Registered Retirement Savings Plan(RRSP), and you must repay it. You're not using the approved lender's money at all! So why must you pay interest ...
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1answer
53 views

In Canada, do Deposit Institutions pay interest on weekends?

I'm Ontarian. Yes or no for Chequing accounts? Savings accounts? Assume withdrawal can be delayed. If the answer is yes, then smarter to withdraw money on Monday 12:01 AM rather than Friday, right? ...
1
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1answer
31 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 ...
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2answers
40 views

What's the “tax refund on RRSP contribution”?

Dan Brtolotti CFP CIM B.A. English University of Waterloo - St. Jerome's University wrote this article. I don't fathom third row. RRSP is taxed at withdrawal. Thus how is tax refunded when you deposit ...
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0answers
14 views

In a taxed account, why inimical for capital losses to offset high-than-market distributions?

aughhhhh comments on Efficiently Allocating ETFs to RRSP, TFSA, and a Non-Registered Account? First ask why you want to own bonds. Probably because you want their damping effect during a stock ...
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0answers
56 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(...
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0answers
205 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 ...
3
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0answers
154 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 ...
2
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2answers
87 views

MER of an ETF that holds another ETF?

I have an ETF: VFV (VANGUARD S&P 500 INDEX ETF) that has a fee of 0.08%. This ETF is traded in Canada and holds the U.S.-domiciled Vanguard S&P 500 ETF: VOO. This fund has a fee of 0.03%. ...
0
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1answer
134 views

How can I scrap the ATM transaction fee of a major bank in Canada, customer for 20 years, from now on?

I am with a major bank in Canada that charges a particular fee for visa credit card and ATM debit card money withdrawal and probably for deposit also. I pay interest for the credit card. I have been ...
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0answers
82 views

Error wire transfer into intermediary bank [duplicate]

I want to know how many days does it take for a cancelled wire transfer to be reversed into my account.
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0answers
81 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 ...
1
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1answer
87 views

Loan to family member in Canada

I am residing in USA. I am considering loaning USD 50K to my brother in Canada to help him buy a home. Whats the best way to go about this? I read that if its within US its best to do this a loan ...

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