Questions tagged [canada]

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

Filter by
Sorted by
Tagged with
1
vote
0answers
70 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
votes
1answer
67 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, ...
2
votes
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 ...
3
votes
0answers
90 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 ...
1
vote
0answers
76 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 ...
7
votes
1answer
212 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; ...
3
votes
1answer
54 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
votes
1answer
574 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
votes
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 ...
-2
votes
3answers
139 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
votes
1answer
61 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 ...
0
votes
0answers
63 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 ...
2
votes
1answer
51 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
votes
1answer
106 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 ...
1
vote
2answers
351 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
vote
1answer
108 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
vote
1answer
183 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 ...
7
votes
1answer
340 views

Ought a 63-year old working hotel employee commence an RRSP?

If I understood Global News, MoneySense, the Wealthy Barber, and Reddit, my dad ought NOT start or contribute to an RRSP! Right? Thanks. Facts He's 63 years old, and has no children under 18. He ...
0
votes
0answers
43 views

Can non-citizens sell paper certificated UK stocks?

I inherited BATS shares listed on the LSE. I’m a Canadian citizen, and the shares are paper certificated. I’ve been trying to sell them for a year with no luck. Can I sell them without naturalizing in ...
11
votes
4answers
5k views

Bigger mortgage downpayment vs. paying extra on the first regular payment?

Assuming there is no fees on paying extra $10k at the time of the first scheduled mortgage payment, what would be better - to put this $10k towards a downpayment or make bigger regular payment? ...
10
votes
2answers
1k views

Am I responsible for an annual fee on a credit card I never picked up?

I just received a bill for a VISA card at a bank where I'm not a customer. There is just one charge on the card and it is for an annual fee of $120. The card is not actually made out to my name, but ...
0
votes
2answers
216 views

Best/Least expensive way to cash a Canadian check in the US?

I live in the US, and I recently took a vacation in Canada. My flight home was oversold, and I was stuck at the airport for several hours. The airline is required to send me a check for 2400 Canadian ...
0
votes
3answers
307 views

All my investments goes through the same financial firm. Is that a bad idea?

In the past year, I invested $1k per week in a diversified portfolio through a financial firm. The money belongs to my incorporation. My goal is to invest as much as possible and never use it, ...
0
votes
1answer
302 views

How to start investing at a younger age?

I am currently 23. I live in Quebec, Canada and I work full time at $17.31 per hour. My salary will increase 1% to 6% every December. For the time being, my cost of living is relatively low. I ...
1
vote
0answers
35 views

Independent Contractor

I am an employee and fall within the first tax income bracket in Nova Scotia. I have recently taken up a contract job as an independent contractor that pays about $150 to $200 per month. I want to ...
4
votes
2answers
269 views

Deferring claim of significant purchase of RRSPs

If I purchase $50,000 of RRSPs this year, I believe that I can defer some of this purchase over the next several years. I could, for example, claim $16,667 on each of my next three tax returns. ...
1
vote
2answers
106 views

Deciding on RRSP carryover amount

I'm trying to do a last minute lump-sum RRSP contribution. I have an idea of how much I'd like to contribute/carry forward, but this is my first time making a significant RRSP contribution, so I'd ...
4
votes
0answers
414 views

Donating to US versus Canadian charities to maximizing tax benefits

I am a US citizen and I have the option to make my charitable donations in either the US or Canada for the next few years. How do I maximize my tax benefit for a fixed donation size? My ...
0
votes
1answer
115 views

Do I have to pay tax on Capital Gained on primary property?

I am a Canadian citizen. I have been worked for a company in Mississauga, Ontario since 2016. Around this time my dad was diagnosed with illness so in March 2016, he added my name to his property in ...
3
votes
1answer
45 views

How are Canada Pension Plan payroll deductions paid by both employee and the company?

I am thinking on moving to Canada but I want to calculate what my salary would be after taxes. I am using the tax calculator at https://simpletax.ca/calculator but there's still one thing I can't wrap ...
2
votes
0answers
70 views

Canadian nomad, USD earnings - how to invest/preserve currency

I'm a Canadian tax resident who moves around a lot. Exchanging currency stresses me out so much if I think about it that I basically have just decided to accept volatility. I work online, and am paid ...
3
votes
4answers
847 views

How can a 'saver' maintain or increase wealth in low interest rate economy?

If low interest rates disadvantage 'savers' what are they supposed to do if they are not inclined to buy and spend? Where should you put your money (instead of it stagnating in low interest rate ...
0
votes
0answers
28 views

How does splitting one Canadian Pension Plan payment reduce a household's overall tax bill?

Personal Finance For Canadians For Dummies (2018). p 370. TIP Some couples choose to split one of their CPP or QPP payments as a way to balance their income and reduce their household’s ...
6
votes
1answer
433 views

Should I pay down mortgage faster or Invest?

I've a appx 450K mortgage left at 2.49% (5 year term with a 25 year mortgage). I've a few options to pay my mortgage faster Increase principal payment amount once/year Change payment frequency from ...
2
votes
4answers
381 views

Why not “have too much available credit” on your credit card?

A Canadian's Guide to Money-Smart Living (2019) by Kelley Keehn. I don't know her degrees or qualifications. I first read this on p 94, but it looks like the same as p. 98 in 2015 edition that ...
1
vote
3answers
1k views

How can I win at haggling when buying a significant household item?

My mom's pain specialist M.D. diagnosed her with severe Low Back Pain and Arthralgia. He recommended buying a soft high-quality mattress. She lives in Toronto Canada. Last month at a Sleep Country ( "...
3
votes
2answers
253 views

How much of my $5K/yr tuition tax credit ought I transfer to my mom who earned $40K/yr?

From 2009-2015, I was studying in universities, and earned no income. My parents paid all my tuition. We all live in ON. I filed my taxes, but didn't know about claiming tuition tax credits. I would'...
2
votes
0answers
56 views

Canada Income Tax benefits if family is living outside of Canada

I am working in Toronto, Canada under Work permit. My family is living outside Canada. I am fully taking care of their expenses. Can I get any income tax benefits for the money I am sending to them? ...
8
votes
7answers
6k views

Losing Money with Norbert's Gambit

In attempt to avoid the usual 1.5-2% exchange fees levied by brokers, I perform Norbert's gambit: I purchase DLR.TO in CAD (Canadian dollars) from TSX, journal it over to DLR.U.TO, and then sell the ...
2
votes
2answers
296 views

Are discount brokers freely permitted to deny client orders for any exchange-listed stock or ETF?

If a "no advice" (order execution only) discount broker is a member of a major stock exchange, does that typically obligate the broker to accept client orders for all stocks, ETFs, etc. listed on the ...
1
vote
1answer
179 views

At termination, can companies compensate vacation days with vacation pay at less than fair value?

Being let go, I have 15 days vacation accrued. They want to pay: salary × 15 days / 365 days = 4.1% of salary But suppose someone accrues 260 days of vacation, this corresponds to 52 weeks of 5 ...
1
vote
1answer
148 views

Is it possible to get a mortgage without income verification in Canada?

For someone who has some sizeable savings but who reported very low income for the past year, is it possible to get approved for a mortgage with, say, 35% down? In a situation when one has to pay $...
2
votes
1answer
522 views

Does increasing credit limit on corporate card affect personal credit score?

An individual has a corporate credit card under their own name where the company reimburses them for expenses into their personal bank account. Corporate credit card bills are paid by the individual's ...
3
votes
1answer
330 views

401(k) non resident alien -early withdrawal penalty 10%

I have a 401(k) with over 100 k in it . My question is if my former employer's 401(k) plan does not withhold the 10 % early withdrawal penalty, will I need to pay this with a US tax return ? ...
1
vote
0answers
230 views

Can GST tax input credits be claimed for Meals and Entertainment which are 100% deductible for income purposes?

Typical meals-and-entertainment operating expenses for business are limited to a 50% deductible towards income calculation. There are exceptions. The rules listed by the CRA allow higher percentage to ...
1
vote
1answer
47 views

ESPP, expat and CGT in which country (Canada/UK)

I participate in my Canadian company's ESPP whilst living and working in Canada as a permanent resident. I'm moving back to the UK in August and will sell my shares when I'm back in the UK. Will the ...
3
votes
3answers
975 views

Should I file taxes or Incorperate a personal project?

I have effectively started a small business. The business is an online venture and has already generated a small amount of money through donations/etc. I am currently considering if I want to go ...
26
votes
5answers
10k views

Why would a home insurer offer a discount based on credit score?

Recently I received a letter from my home insurance company: Thank you for being a Gore Mutual customer. We're working hard to ensure that our products are competitive. And we want to provide ...
3
votes
0answers
148 views

Should a Canadian working in the USA, invest in a 401k, Roth IRA, Traditional IRA, and/or RRSP?

I have a cousin who is a Canadian citizen working in the USA, asking me about the Canadian RRSP. However being an American I am more familiar with 401k, Roth IRA, and Traditional IRA. 1) From ...
2
votes
1answer
111 views

Does it make sense to open a lot of no-fee credit cards to reduce credit utilization?

Within a week of starting to my new job, I am planning to open a lot of (5, maybe more) no-fee credit cards in order to lower my credit utilization. I am not planning to use any of these new cards at ...

1 2 3 4 5 25