Questions tagged [canada]

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

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3
votes
1answer
959 views

How will Ontario's HST apply to books / textbooks, which were PST exempt before?

Students (university/college) have been hit hard enough recently with tuition hikes. How will this latest cost increase affect the cost of education materials?
2
votes
1answer
1k views

How does Ontario's new HST affect a condominium purchase?

I'm wondering what the rules are regarding HST and a purchase of a condominium. When buying a new construction condominium, would I need to pay HST? What about for existing (re-sale) condo's? I've ...
2
votes
1answer
2k views

Will I need to pay HST on condo maintenance fees?

Are condo fees going to go up when the HST goes into effect? If so, are there any exemptions to this?
3
votes
1answer
1k views

My Ontario small business collects only PST (beneath GST threshold). How will HST affect me?

I own a small business in Ontario and make less than $30,000 per year. I only charge the PST Will I be affected by the new HST and if so, how ? ==================== Also: If the PST is going ...
2
votes
1answer
159 views

What are good strategies to maximize cross border shopping benefits? [Canada]

Depending the length of one's visit to the US from Canada there are different limits and different exemptions. This also assumes that the price discount is worth it. What strategies have people ...
2
votes
2answers
496 views

Group (pooled) RESP plans in Canada: Education savings advantages & disadvantages?

I'm familiar with the Individual and Family types of Registered Education Savings Plans (RESPs). There's also a third type: Group (pooled) RESPs, which I mentioned in this answer. I didn't provide ...
3
votes
1answer
857 views

How do LIRA/LRSP's differ from RRSP's?

I have heard of Locked In Retirement Accounts (LIRAs) also known as Locked-in Retirement Savings Plans (LRSPs) Registered Retirement Savings Plans (RRSPs) How are they different and what are the ...
3
votes
2answers
7k views

What's the maximum income one can have and not have to file a tax return? [Canada]

I'm starting a home-based business and make very little. Do I have to worry about income tax?
2
votes
1answer
522 views

Canada: New mortgage qualification rules, 2010: Why, what, & when in effect?

Earlier today, the Canadian federal Finance Minister Jim Flaherty announced new mortgage qualification rules for Canada. Why were new rules introduced? What are the new rules being introduced, vs. ...
7
votes
2answers
938 views

What is the current US-Canadian agreement on withholding taxes for US Investment income?

Withholding tax credits have changed over the past few years. What is the agreement between Canada and USA related to how much can be claimed and how much must be applied for as a reimbursement?
6
votes
1answer
7k views

RESP withdrawals: What are the eligible/qualified education costs or expenses, other than tuition?

A few years ago, my wife and I started an RESP to help us save for my daughter's eventual post-secondary education. We're doing well with it: we take advantage of the maximum government match, and ...
10
votes
4answers
682 views

When will Canada convert to the U.S. Dollar as an official currency?

(note I really don't want this to sound argumentative, I'm genuinely interested. The title is simply a follow up to this question and my answer. To the Canadian users of this site, would you agree ...
5
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1answer
239 views

Home Renovation Tax Credit (HRTC) - Can I still claim it even if I pay cash?

Can I still claim the Home Renovation Tax Credit even if I pay cash?
4
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1answer
7k views

Can I use Canada “permanent” postage stamps, usually for lettermail, towards higher postage rates?

For a couple of years, Canada's had "permanent" postage stamps, whereby instead of printing a fixed value in cents on the regular lettermail stamp there is simply the letter "P" for permanent. You ...
4
votes
1answer
11k views

What will happen to quarterly GST cheques when HST starts in Ontario?

The Federal government gives GST cheques to those who have qualifying incomes. What will happen in Ontario when the taxes merge?
4
votes
1answer
2k views

Canadian income tax & charitable donations: How much is income tax reduced by donations?

In Canada, how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
13
votes
5answers
8k views

I'm currently unemployed and have been offered a contract position. Do I need to incorporate myself? How do I do it?

I'm sure there are tax implications, and other things to consider. I don't know where to start.
3
votes
2answers
387 views

How is the Home Renovation Tax Credit (HRTC) supposed to be claimed? How does the credit work?

We built a new deck this year and we're expecting to take advantage of the Home Renovation Tax Credit (HRTC). How is it supposed to be claimed? How does the credit work? Would it be claimed on the ...
5
votes
1answer
1k views

How long do I have to make an adjustment to my income tax filing?

For instance, if one were to find receipts between 2-3 years old, are they still useable? Is there a fee for a re-assessment?
8
votes
3answers
341 views

Which account should I put my money to get the most tax benefit?

I have $5,000 that I would like to put in to an investment account. To get the maximum tax benefit, should I put it in my RRSP, my child's RESP, or my TFSA account? I have enough room in each of these,...
9
votes
4answers
3k views

How much is university projected to cost in Canada in 18 years?

I don't know how much I should put into an RESP for my son. I have $1000 to start and plan to put $100 / month into it. Will this be enough to pay for university when he turns 18?
4
votes
3answers
2k views

Should I have an RRSP on top of a pension?

I am a teacher and automatically contribute into the Teacher's Pension Plan every paycheque. This pension plan is considered to be one of the best in the country. Do I need to have an RRSP as well? ...
6
votes
2answers
637 views

What type of investments should be in a TFSA, given its tax-free growth and withdrawal benefits?

What does an optimal TFSA portfolio look like? What type of investments should be in it given its tax-free growth and withdrawal benefits?
3
votes
1answer
765 views

Is an RESP the best investment option for my young child?

I recently had a baby and am thinking about opening an RESP to save for his education. Is this the best way to invest my money? Is there a chance of losing money this way?