Questions tagged [canada]

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

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0answers
46 views

What type of trading is taxable in a TFSA investment acount?

I always assumed that capital gains in TFSA is non-taxable until I read that people who use TFSA investment account for day trading are starting to being audited by the CRA. So, what types of ...
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0answers
29 views

Claim Public Service Health and Dental Care Plan premiums?

I've never had enough medical expenses to actually claim them before, but this year, I did. Working through my software, I was referred to line 330: Eligible medical expenses...premiums paid to ...
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1answer
190 views

Tax Rules for Gifts from Abroad

Are there additional taxes for receiving gifts (under $100,000) from abroad? My uncles (in the source country) and my mother (in Canada) inherited some real estate in the source country. My mother's ...
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1answer
476 views

Got a work offer but asked for my first visa digits

I live in Lebanon and I made an account on Linkedin. I got a work offer from a company from Canada. They asked me questions about my education, marital status and if I have 12,000$ in my account to ...
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1answer
509 views

Non-resident alien in the US working in Canada under a TN Visa - Determining sponsor for tax purposes?

I am a Canadian citizen (and resident) who did a 4-month internship in California under a TN visa (as a non-resident alien) in 2014. I am filing out form 8843 for tax purposes, and it is asking for ...
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4k views

Is it true that as long as you are on a TN visa you have to file taxes in Canada as residents?

My husband has been working in the USA on a TN visa since August 2012. Me and my son moved to USA in August 2014. My husband has been filing taxes in the US as a non-resident and in Canada as a ...
3
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1answer
1k views

Taxes after moving to USA from Canada

I just moved to New York from Toronto, Canada and I'm trying to understand how much I'm going to be taxed on my income. I'm single without any complicated investments. I'm a Canadian citizen in New ...
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0answers
45 views

CRA showing installments payable for 2019 even if I am getting a refund

When I filed my 2018 tax returns in Ontario, it shows that I am getting a refund; but then it hows Total instalment payable in 2019: XXX $. If I don't owe any taxes in 2018, why does it show ...
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21 views

Which tax credits are calculated in proportion of time of residence in Canada and which are not?

I became a Canadian resident in 2018, having spent 260 in Canada in the tax year. I've read some official guides, and examples there instruct to prorate federal credits to time of residence in Canada. ...
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1answer
31 views

Tax on foreign income paid the year after

I was a self employee and worked for company in Oct 2017 in France, but only received the salary the year after, Jan 2018. It was my only foreign income. I didn't count it for 2017 as I thought I ...
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1answer
39 views

Dollar limit for Canada-US income tax treaty?

I heard a rumor that there is a dollar ceiling around $200,000/year above which the Canada-US income tax treaty doesn't apply, or at least changes its behavior. What could that be referring to?
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0answers
47 views

USA IRS - CANADA CRA Dual Status Return

A little background first: We (myself and my spouse) were resident aliens (for tax purposes) until June 2018 on a F1 visa. We left USA and moved to Canada in June 2018 (less than 183 days in 2018), ...
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0answers
65 views

How to calculate capital gain on gold coins in Canada?

In case of purchasing multiple gold coins (assume same kind of coin) on several occasions, for the purpose of capital gains tax calculation upon resale - does one have to calculate adjusted cost base ...
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1answer
86 views

Should Canadian contractor ask US client to pay into a US or Canadian bank account?

A Canadian [citizen] independent contractor, living in Canada, will take on a US client. The contractor is operating under their sole proprietorship business name which is distinct from their actual ...
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0answers
46 views

How can I notify the CRA of intent to contribute to an RRSP?

I currently have an RRSP through work that I contribute to. However, the amount is significantly smaller than my annual limit. I have a self-managed RRSP separately and contribute sizable amounts. ...
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0answers
55 views

TN VISA Tax+ Spouse F1 Visa Taxes

My husband is a Canadian citizen and he is working in USA on a TN visa. I am in Canada on a Work Permit and I am not a PR yet. I have two questions: Am I considered as a tie for my husband to Canada ...
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1answer
64 views

Withdraw money from Canada Pension Plan (CPP) or Govt Pension by an Indian Citizen

I am an Indian and working at Toronto for last ~4 years with long term Work Permit. ( I am NOT a PR holder). My company is deducting ~300 CAD per month from my salary under 'GOVT PEN'. I came to know ...
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23 views

How to claim motor vehicle expenses on taxes with incomplete information?

I am currently doing my sister's taxes, as stated in a previous post. She started working at this new job in May and her previous work was done at one single office location, hence she is not eligible ...
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9answers
9k views

3.5% Interest Student Loan or use all of my savings on Tuition?

I've got one year of University left and luckily I've managed to stash around ~$18k in savings that my expenses never cut into. My tuition for my last year will probably be around $13k. I hate the ...
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0answers
88 views

How else can the Canadian government know how much money Canadians have?

My distrust of government is swelling, in light of the SNC-Lavelin scandal. Fortunately, the Statistics Canada paused its plan to obtain banking records. I know that travellers must declare money ...
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0answers
28 views

Optimal allocation to different employer plans to reduce tax bill in current year

I am a canadian citizen that work for a canadian employer and this is how my allocation to the various employer provided plans look. I read that I am required to pay taxes on the EPSP. Can someone ...
2
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0answers
29 views

Residential requirement for Canadian living abroad to collect pensions?

I have been told by numerous individuals that one is required to return to Canada for a certain period of time, whilst living abroad, in order to continue to collect my Senior benefits from the ...
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0answers
47 views

Can you claim past unclaimed expenses from previous years on a rental property?

My question is the following: Let's say I have some repair renovations that were performed in 2016 that I never claimed in the 2017 tax year (because I had enough expenses to fully balance out the ...
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1answer
179 views

Insider trading in another company?

Suppose that, as an insider in Company A, I become aware of an upcoming business move by Company A that will have a huge negative impact on its share price, and a similar huge positive impact on the ...
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4answers
5k views

How does holding onto an active but un-used credit card affect your ability to get a loan?

I was debating with my friend about my old credit card. His view is that holding onto an unused credit card is bad for my credit b/c it will count as potential money I can borrow in an instant and ...
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2answers
304 views

Mathematics behind deciding to do a lump sum mortgage payment vs. RRSP contribution?

If I have 10,000 extra dollars, how could I decide between doing either: A lump sum mortgage prepayment (2.1% variable closed interest rate, 250k remaining balance), or, An RRSP contribution (...
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29 views

Is there a general requirement to track and report Capital loss in Canada?

A website of a certain bank states in its FAQ for buying/selling precious metals (https://preciousmetals.td.com/shop/en/tdmetals/metal-support): "Q: Are there tax implications if I sell my precious ...
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0answers
23 views

Are there any possible complications when calculating capital gain while trading gold ETR, compared to regular ETFs?

In particular, is MNT.TO ETR treated any different from ETFs when calculating ACB? I assume that it pays no dividends, and thus buy/sell would be the only taxable events, or am I missing anything? I ...
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1answer
64 views

Do I need to live in Canada to have a bank account in Canada?

I live in the US. I am considering opening a bank account in Canada. Do I need to live in Canada to have a bank account in Canada? If so, am I required to file tax in Canada?
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3answers
10k views

Why do banks require small businesses to open a business bank account instead of a cheaper personal one?

I understand the need to separate personal finances and the business finances, be it sole-proprietorship or incorporation. I also understand that in the former it's optional, but in the latter it is ...
2
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1answer
244 views

Buying Euros in a Canadian Trading Account

The Euro is trending low, and I have long term plans which might involve living there. I have a German girokonto (which costs me an outrageous Eur5/mo to hold), but no European trading account. ...
2
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1answer
81 views

Paying for Spouse's Education with Savings vs Line of Credit vs RRSP (LLP)

My partner is currently going to school with no income, and I have been working for a number of years with a reasonable income (enough for savings, RRSP (Registered Retirement Savings Plan) , trips ...
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1answer
62 views

Federal and State Taxes on International Property as a Prize

https://www.writealetterwinahome.ca/ Recently, there has been a contest issued by Alla Wagner of Millarville, Alberta, Canada, where in lieu of selling her home (a difficult prospect at the present ...
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1answer
190 views

How does the 401k work if i move from US to canada working for same company?

I have been working in USA from past 15 years and now planning to move to Canada for the same company. So is there a 401k equivalent in Canada where i can continue contributing ? Or i can still ...
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3answers
254 views

Canada cheque cashing fiasco

Landlord had me mail checks to his business in business name. They were cashed. He now tells me he gave me wrong address and I need to give him the money. I already had the money taken from.account. ...
2
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1answer
67 views

Canada: Borrow to Invest in RRSP?

I've a credit line that charges a 2% fee to borrow money and no interest charges for 8 months. I've used this facility before for high value purchases and have not occurred any hidden fees / payments ...
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2answers
254 views

What is the point of buying real estate when a GIC yields more?

Despite the fact that interest rates have risen over the past year and the housing market flatlining in Toronto and other Canadian cities, for whatever reason, people are still selling houses at ...
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0answers
42 views

Canadian Questrade margin account question

I have a Questrade margin account. I had more than enough cash and in error bought US stocks. I wasn't paying attention to my figures just whether I made money. Once I saw the interest payments being ...
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0answers
51 views

Is the principal on student loans tax deductible in Canada?

A friend was suggesting to me that it would be wiser for me not to spend money that I am currently earning, since as a student, I am in a very low tax bracket / below the lowest tax bracket. Their ...
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7answers
12k views

Someone stated that my uncle died in Canada and there is money for me [duplicate]

Someone contacted me and said that someone with a similar last name died and left me a large amount of money. He gave me information and forms from a bank, and other pertinent information. I then ...
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0answers
28 views

Canadian citizen, working for a US-based company in Toronto. How will exercising my stock options work in terms of the IRS and the CRA?

I work for a US-based company, but in their Toronto, Canada offices. On a monthly basis, I receive some amount of stock options in the Private corporation, which is based in the USA. I can exercise ...
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5answers
418 views

How Should I Start a Savings?

I'm 22 and looking to start saving, and having my money work for me. I've got a few options I'm aware of right now: a) Going in with my bank's Mutual Fund plans, b) going safe and using a TFSA-GIC ...
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1answer
38 views

Canadian scholarships of a spouse

This a hugely helpful site, and I did my best to research my question before asking it, but my situation seems to be a bit too specific. My wife is a full-time PhD student at a Canadian university ...
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2answers
50 views

Filing taxes in Canada but only worked in the United States

My boyfriends has native status and lives in Canada, however works in the United States. He's up to date on all US taxes but he's never done Canadian taxes. If he were to do his Canadian taxes, would ...
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6answers
1k views

How to pay rent using a credit card?

I am currently paying rent using personal cheques. Is there a way to route the payments through my credit card so that I get the travel points associated with the credit card? I will pay off the ...
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0answers
53 views

How to apply 1% rate reduction using GST/QST Quick method?

I use Quick method for calcualting GST/QST remittances: The Quick Method is a simplified accounting method designed to help registrants calculate the GST and QST they must remit to Revenu ...
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0answers
50 views

Minimize taxes when transferring investments from one account to another

Located in Ontario, Canada I have three investment accounts with managed by a TD-bank financial planning account: TFSA (currently maxed out) RRSP Non-Registered All three accounts have their funds ...
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0answers
155 views

Stop filing federal annual return (Canada)

I incorporated my company several years ago and since then I've been filing both my provincial and federal annual returns (pay $20 and confirm info). According to many sources, having the federal ...
3
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1answer
175 views

If I carry a lot of debt and few assets, how should I make out a will?

How should I word my will if my debts outweigh my assets? I don't want to leave any family members stuck with a huge bill when I finally pass away, so what should my will say? Clarification: This is ...
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3answers
225 views

What is the best option for repaying student loan?

This is an embarrassing thing for me. Growing up my family believed money is a bad thing that shouldn’t be talked about. I have found this philosophy hasn’t served me well and abandoning it. I ...