Questions tagged [canada]

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

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1answer
885 views

Do we need to pay penalty if we withdraw GIC capital?

In this link: http://www.icicibank.ca/personal/Investments/termDeposits.htm They outline interest rates for various GICs. When you invest in GIC, is your money locked for the term? If a person wants ...
4
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2answers
308 views

What happens if TFSA contribution limits are exceeded?

When CRA says the annual limit for a TFSA is $5000, what does it mean? What happens if I put in $6000. The gains will be taxed? How exactly? Divide the gains by 1/6, then tax the 1/6 part???
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1answer
3k views

What is a “Registered” plan, as in, what does “registered” specifically mean, in the context of an RRSP?

What is the meaning of the "Registered" part in "Registered Retirement Savings Plan"? What is an example of an unregistered savings plan?
3
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2answers
5k views

Can vet / veterinary bills be considered deductions (tax-deductible) for Income Tax purposes [Canada]?

When I gathered all my 2009 receipts in preparation for my Income Tax filing, I came across a large number of expenses incurred for my pets. Are these expenses tax-deductible?
3
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2answers
596 views

The Canadian dividend tax credit: Why is it that someone can earn a lot in dividends but pay no/little tax?

from this link: http://www.taxtips.ca/glossary.htm#Dividend For an individual with no income other than taxable Canadian dividends which are eligible for the enhanced dividend tax credit, ...
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1answer
84 views

How come we can use RRSP towards a share purchase plan?

RRSP stands for Registered Retirement Savings Plan. So how come one is allowed to contribute towards a share purchase plan from their RRSP? A share purchase plan cannot be considered a SAVINGS Plan ...
3
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1answer
104 views

When spending parts of a year working in the US, and other parts working in Canada, where do I file my taxes?

I worked both in the US and Canada last year, while being resident in only one country. Am I required to report all of my income from both countries to both governments, or is there some rule or ...
8
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1answer
689 views

When it comes to doing business taxes, do bank statements and bills work in place of receipts?

Just at the beginning of this year, I started a business (not fully, but I've started doing jobs for it). Up until March, when I did my personal taxes, I had no idea what kinds of things I could write ...
2
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2answers
969 views

Does the interest rate on a savings account always fluctuate? What about for a TFSA?

When we say 'Savings Account', does it automatically mean that the interest rate can go up and down? So by that definition, the interest rate on TFSA can go up and down any time?
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1answer
279 views

Why a company offers share purchase plan under RRSP but not TFSA?

My company is offering share purchase plans under a tax free umbrella. What this means is that you can use your rrsp limit to contribute to thsi plan and gains will not be taxed unless withdrawn. My ...
2
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1answer
2k views

How is the adjusted family net income calculated for the Ontario Sales Tax Transition Benefit (OSTTB)? What is included in that adjustment?

How is the adjusted family net income calculated for the Ontario Sales Tax Transition Benefit (OSTTB)? What is included in that adjustment?
4
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3answers
342 views

Investing in hemp producers in advance of possible legalization in Canada?

With the inevitable legalization of Cannabis, I can imagine there being big money in Hemp producers because of its wide variety of applications (e.g. paper, clothing, rope, bio-fuel, biodegradable ...
2
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2answers
879 views

What is the real tax benefit of Tax Free Savings Accounts (TFSA) vs normal (unregistered) savings or investment accounts?

From an investor's point of view, are investment options that are allowed to grow 'tax free' a beneficial choice? The investor is anyway going to pay tax once he withdraws the money*. What I am ...
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1answer
350 views

Compounding difference between these TFSA Savings Account & TFSA GIC interest rates?

From the brochure of my bank, here is an excerpt: Interest on the TFSA Savings Account is calculated daily and paid monthly. Interest on TFSA GICs is compounded annually and paid at the end of ...
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2answers
161 views

3 - 6 months investments in Canada?

What are some best instruments in Canadian market for 3 - 6 months investments? I have no knowledge of options/derivatives etc, so mainly looking for other alternatives here. EDIT: On a scale of 1 - ...
3
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1answer
361 views

Ontario HST rebate: Canada Student Loan debt in default. Can they take my transition rebate?

I don't owe the Ontario government anything - not even student loans - but I do have a defaulted Canada Student Loan in default. Can they take my transition rebate?
3
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3answers
1k views

What's the best secure tax deductible investment?

I will receive a lump sum amount as a voluntary departure pkg. I live in Ontario, Canada and want to know what I should invest this amount in (GIC/Mutual Fund) that will get a high return and be tax ...
4
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2answers
620 views

Is it financially-beneficial (tax-wise) for couples to be married, or to remain common-law, in Canada?

Which is more beneficial to your bottom-line (disregarding the cost associated with actually getting married, and assuming no children are involved).
2
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1answer
272 views

Went over my credit limit by a bit. I paid half of the balance today. Any consequences?

I saw that my card had went over the credit limit. I paid half of the balance off today. I also requested for additional credit. Will there be any penalty fees?
0
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1answer
424 views

Can I claim child care expenses as a deduction on my federal return in Quebec?

My friend want to claim Child Care expense for Federal Tax, but as she lived in Quebec, a large part of her children's day care fees are already returned by Quebec government. So could she still ...
2
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1answer
157 views

Can you claim being a care giver against income tax in Canada?

My brother is on ODSP in a wheel chair. He lives with mom, she is care giver. Last year I ran across something where she can claim that on income tax. I gave it to her, she lost it, and I don't ...
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2answers
2k views

U.S. citizen moving to Canada and keeping U.S.-based job via telecommuting. What taxes will I have to pay?

I'm a U.S. citizen and software developer that can work from home. I work for a company based in Washington and will be able to keep my job as I move to Canada to be with my Canadian fiance (will be ...
2
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2answers
328 views

What is the best way for me to invest my money into my own startup?

I've started a company with a friend, and we're looking to find out how to transfer some of our money into the company. Several sources suggest that, since we're the only owners so far and there's no ...
8
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2answers
2k views

Is there something similar to Mint.com for Canada?

Mint.com sounds like an interesting service, but it doesn't look like it works in Canada. Is there an alternative for us?
3
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1answer
1k views

In Canada, can tuition paid by an RESP withdrawal be claimed on the income tax return?

Can tuition fees be claimed on the tax return if the money was withdrawn from an RESP we've been contributing to?
2
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1answer
691 views

Self directed RRSP - what are some good general guidelines on when to look at switching to one?

My bank is trying to sell me on switching to using a self-directed RRSP account. Right now, it doesn't make sense to me to do it, but it does look like an interesting investment option. What are some ...
4
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1answer
204 views

What kind of information can I use when trying to convince my bank to lower the interest rate on my line of credit?

I'm looking to lower the interest rate on my line of credit, and, before calling up my bank, I am wondering what kind of information I should have prepared that I can use as arguments when trying to ...
4
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1answer
421 views

USA to Canada emigration and income tax

From January to August 2010 I worked in the USA and then I moved to Canada where I'm a student. Do I file an income tax return in Canada, USA or both? (If Canada, how do I get all of the deductions ...
2
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2answers
198 views

Which international credit card would fit my requirements?

I am currently looking at getting a credit card for myself. However, as per this question, I would like to get a credit card from an international bank / credit provider so that when I move countries ...
2
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1answer
34 views

In Canada, are options available to subsidize conversion of a house into an energy efficient house?

I'm looking to convert a house into a more energy efficient version of it; what options or services can I access, that are specifically designed to help with the financing of the conversion? Has ...
2
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1answer
644 views

Is common-law status compulsory/involuntary in Canada or optional/voluntary?

Would a couple have to specifically declare themselves or apply for common-law status, or is it implicitly bestowed? For example, if one passes away, can the other claim common law status without a ...
6
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1answer
1k views

Ontario HST Rebate: Is the HST rebate taxable / to be included in one's income?

Is the HST rebate taxable?
3
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1answer
246 views

Which is more beneficial, tax-wise, vacation/holiday time-off, or a higher salary?

As part of recent contract negotiations between a contractor and a hiring corporation in Canada, I've seen an offer to replace expected vacation and holiday payments with an increased hourly rate. ...
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3answers
2k views

Ontario HST rebate: Do you still get the HST cheque if only one spouse has filed their taxes?

What happens if one spouse has filed their taxes and the other has not? Do you still get the family HST rebate cheque?
3
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3answers
6k views

Is a Canadian TFSA similar to an American Roth IRA?

Canada never used to have a "pay tax now, but don't pay tax later" investment option, until 2009 when the TFSA (Tax-Free Savings Account) was created. Is this fundamentally the same as a US Roth IRA? ...
3
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1answer
655 views

Questrade: Tax Free Trading Account. Why don't other brokers in Canada have these?

I noticed Questrade has a Tax Free Trading Account. Is this too good to be true? Why do other brokers not have a "Tax Free Trading Account" where your gains are not taxed and where you can contribute ...
2
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2answers
2k views

On Canadian Employment Insurance (EI) do you have to wait 2 weeks for benefits due to a surgery?

I have to go on Employment Insurance (EI) because I am having surgery and was wondering if I still have to wait the 2 week waiting period they make you wait until you can receive benefits or do they ...
1
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2answers
5k views

What is the difference between a check and a paycheck?

What is the difference between a check and a paycheck?
6
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1answer
4k views

Sending money from Canada to the US

I want to transfer money to an American bank account, but I am in Canada. What is the cheapest way to do so? MetaFilter has: USPS mail order - $700 limit, $4 charge Vanilla wire transfer (My bank ...
9
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2answers
11k views

Does the sale of personal items need to be declared as income on my income taxes?

I have been selling some books that I own. I am selling them at a loss (less than I bought them for and less than market rate). However, I have gotten about $1,400 in income minus $400 for shipping ...
5
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2answers
437 views

Will there be enough money in the Canada Pension Plan (CPP) to cover baby boomer retirement?

As the leading edge of the baby boomer generation edges into retirement age, is there enough funds in the Canada Pension Plan (CPP) to cover the needs of this populous generation? Do special measures ...
12
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2answers
758 views

Why do they ask whether it is a paycheck or not in a bank?

I am getting paid with checks so each time I deposit it to my bank account they ask whether it is a paycheck or not. What difference does it make?
1
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1answer
213 views

How to take advantage of record high household debt in Canada?

The Canadian household debt/disposable income ratio is currently (December, 2010) at a record of 1.48. Reference: The Globe and Mail - Household debt ratio hits record. What are some investment ...
6
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1answer
2k views

Are RRSP investment accounts, in Canada, available to temporary residents?

Is it possible for a temporary (non-citizen) long term (leaving in 2 years) resident in Canada to obtain RRSPs? Is it advisable?
5
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2answers
178 views

Under which conditions does it make sense for a Canadian investor to put their mortgage in their RRSP?

Canada allows investors to use their retirement fundings (RRSPs) as part of a loan to themselves, which can fund the buying of a house. When does it make sense to take advantage of this?
4
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1answer
2k views

I have not yet invested into a TFSA - how much can I invest in 2011?

I have not yet created a TFSA, nor invested anything in it. I am looking to put some money in in 2011, what will my cap be?
4
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1answer
407 views

What is the Canadian Income Tax Day?

In the US, Tax day is April 15th meaning income tax for 2010 must be filed by April 15 2011. Is there an equivalent date for Canadian taxes?
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4answers
3k views

Donating books to charity & claiming a deduction on my income tax: How to value the goods?

I have a large number of books. I tried selling them on Amazon, but they don't cost enough to make up for the shipping. I tried selling them at local book stores, but they barely took any of them ...
2
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2answers
5k views

Ontario HST rebate: When in December 2010 will we receive our HST cheque?

Does anybody know when in December 2010 we will be receiving our HST cheques?
11
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3answers
342 views

What does quantitative easing 2 mean for my bank account?

My wife and I have been saving aggressively for the last year now and all of our savings are in the form of cash in the bank. About half of the money is in US dollars and half is in Canadian dollars. ...