Questions tagged [canada]

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

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1answer
262 views

I am starting a new job on Monday. Can they screw me over somehow with the information I need to provide? Does this look sketchy to anyone else? [duplicate]

Congratulations! You have accepted for a trial period on the Remote Executive Manager position. blahblahblah During the work you use bitcoins for working with customers. It is necessary for ...
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0answers
25 views

Which can I “Request to reduce tax deductions at source” for? 1. EI, 2. CPP, 3. Union deductions, 4. TTC, 5. DCPP?

I am completing T1213 Request to Reduce Tax Deductions at Source, but which of the following can be reduced too? EI? CPP deductions? Union deductions? TTC 2-month Pass? employer's defined ...
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0answers
110 views

Why does crystallizing your lifetime capital gains exemption increase share ACB? [closed]

Tax Planning for You and Your Family 2019 by KPMG. p 217. The general provincial corporate tax rate ranges from 10% to 16%. For 2013, all provinces have reduced rates for the first $400,000–$500,...
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0answers
55 views

RRSP, TFSA — Which ought I buy Puts of US-traded ETFs?

My RRSP, TFSA, and non registered accounts at Questrade all have Contribution Room (1. is this correct term?). I now just hold just CAD, no USD. I know Norbert's Gambit. To minimize taxes, avoid ...
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0answers
43 views

Can I buy options on US-listed stocks with CAD, not USD?

I'm assuming that some Canadians will be trading options on US-listed ETFs or stocks, and prefer trading in CAD. My grandparents use Questrade. Must they convert CAD to USD before buying options on ...
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1answer
262 views

How to prevent counter-signing a cheque or cashing it at money mart

I will pay bill by mailing old fashioned cheques in envelop. I heard that if the letter is lost and someone steals the cheque and forges endorsement to pay to himself rather the payee written on the ...
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4answers
7k views

How to report Canadian T4 slip items (e.g. CPP, EI) on a U.S. tax return?

I am a U.S. citizen resident in Canada. Does anyone know how to report the various items on a Canadian T4 (a rough equivalent of a W-2) on a U.S. tax return? I am not sure about the following items: ...
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1answer
12k views

How many days do I have to hold a stock before it is considered a capital gain by the CRA?

I want to sell a Canadian stock from my investment account that I bought a month ago. The stock makes about 20% gain and I am afraid it might go down in the future. If I sell it now, will Canada ...
2
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0answers
34 views

Revenue Recognition, Foriegn Currency, and Exchange Rates

I live in Canada, and run a small hobby website (under a sole proprietorship) which earns advertising revenue from various sources. Some of that is paid in CAD, some in USD, and some in EUR, etc. My ...
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3answers
3k views

Is the Canadian Gold Maple Leaf actually used as legal tender?

How could it be that this gold coin was created as legal tender when its gold content value is much higher than its face value? https://en.wikipedia.org/wiki/Canadian_Gold_Maple_Leaf The face value ...
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1answer
94 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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0answers
46 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 ...
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2answers
1k views

Why would a mortgagor need a postponement clause for a 2nd mortgage?

101 Streetsmart Condo Buying Tips for Canadians (2006). Douglas Gray, B.A., LL.B.. p. 40 Bottom. The author replicated the quote benaeth in his other book (unrighteously?). Secondary Financing ...
2
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1answer
52 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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2answers
188 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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0answers
54 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
108 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
249 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 ...
3
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1answer
196 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 ...
2
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2answers
269 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 ...
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0answers
205 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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4answers
407 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 ...
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3answers
389 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 ...
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1answer
229 views

Canadian postdoc with fellowship in US : how to file taxes?

Here's my situation: I am a Canadian citizen doing a postdoc in USA. I have Canadian fellowship, supplemented by my University in US. Thus, I have Canadian income (fellowship) and US income (regular ...
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1answer
81 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
11k 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
81 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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4answers
214 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 ...
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1answer
125 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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1answer
122 views

How to choose a bank?

Once you move to a new country (Canada or USA), how to choose a bank to open an account? What are the important factor if you are also looking for the mortgage etc. after few years?
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2answers
143 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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2answers
177 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 ...
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0answers
52 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
59 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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1answer
203 views

Expenses deducted on tax return with no proof. What should I do if I get audited?

I just filed my tax return for the 2018 tax year (NETFILE, with StudioTax). I work 100% at home, and I rent the place from a landlord. According to an agent of the Canada Revenue Agency, I am allowed ...
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0answers
87 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
267 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
233 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 ...
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1answer
84 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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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, ...
3
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2answers
2k views

Supporting a Kickstarter project: Should a customer's pledge payment include sales tax, e.g. GST/HST in Canada?

Kickstarter became open to Canadian projects some months ago. I discovered a Canadian software project and backed it with a $40 pledge. The project subsequently exceeded its funding target, almost ...
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0answers
71 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. ...
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1answer
245 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 ...
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1answer
60 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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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 ...
63
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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 ...
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0answers
250 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
705 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. ...

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