Questions tagged [canada]

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

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1answer
374 views

quick method of accounting in QuickBooks online

I use QuickBooks online for accounting. For collecting sales taxes I choose Quick method. But I don't know how I can use it in QuickBooks online. I found the following question on Quickbooks forum: ...
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0answers
28 views

Non Resident selling Canadian property tax implications

I understand the Federal Tax implications, but does the Non resident also pay provincial tax in which the property was sold or only federal tax and surcharge.
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1answer
103 views

Credit Utilization and Score. Early re-payment

I feel like this may result in the same unanswered question but I'm gonna ask it anyway just in case we can get a definitive answer. Does paying off your credit card (before a statement is generated) ...
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1answer
55 views

Are Ontario credit unions charged, if customers complain (like UK banks are)?

Does Ontario (eg Financial Services Commission of Ontario) have something like the UK's Financial Ombudsman Service's case fee? Note: "This is paid regardless of who’s [sic] fault or the outcome of ...
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1answer
140 views

Can employee share ownership plan (ESOP) contributions to an RRSP account qualify as HBP repayment?

Can employee share ownership plan (ESOP) contributions to an RRSP account be designated as repayment towards a previous withdrawal made under the Home Buyers' Plan?
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0answers
31 views

Are management teams in Canada required to report their ownership in a public company?

Are management teams of companies listed on Canadian stock exchanges required to report their shares in the company? Are they also required to report if they purchase shares on the market?
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1answer
65 views

Is there a US banking product with free or very cheap ATM access in Canada? [closed]

My family member plans to live in Canada but his income still comes from his investment in the U.S. Is there a bank product that let him withdraw money with cheap or free ATM fee in Canada, or/and let ...
19
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4answers
5k views

If I have given my bank details to someone by email what should I do now? [duplicate]

I have given someone my bank account details including my home address and phone number by email, supposedly so that money can be transferred into my account. I am now quite sure this is a scam. ...
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0answers
42 views

Is the amount of a pull (from the receiving institution) limited?

User 'DanLynch' defines 'push' and 'pull': If you do a "push", the money will be removed from the sending account immediately, and will usually arrive in the receiving account in 1 to 3 business ...
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1answer
143 views

Why does DICO insure until $250K, but CDIC until $100K?

This question doesn't duplicate this other that doesn't compare CDIC with DICO. As of Dec 6 2018: DICO [Deposit Insurance Corporation of Ontario] insures deposits up to $250,000. We CDIC ...
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1answer
166 views

Can I live outside Canada and get paid into my Canadian bank account for freelance work?

I live outside Canada and have declared non-resident status to the CRA. I haven't declared income or paid taxes for the last 4 years, or even stepped foot in Canada for the same duration. I do have an ...
2
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1answer
14k views

How long does it take for a Tangerine no-fee money-transfer email to be delivered?

I live in Canada. I use Tangerine (formerly ING Direct). Tangerine is the "direct banking" division of Scotiabank; it has no monthly fees but also no tellers. They let me send "Interac email money ...
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1answer
90 views

Looking to calculate expected profit from sale of house

I'm trying to calculate the money I will see as profit from the sale of my house. I'm tallying the various expenses associated with selling and would like input on any costs I'm missing. I'm in ...
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2answers
105 views

Health Care Benefits Gift?

A friend of mine has opened a company that allows a person to use their health care benefits for things like Orthotics and Compression Stockings but they also give you a free "gift" (something like a ...
2
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1answer
90 views

How can portion of cellphone bill be estimated for work?

First off I'm very new to this so some of my questions may be silly. I worked for several companies that issued me a T4A which means I need to fill out a T2125 with business expenses. To my ...
2
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1answer
1k views

Are gifts taxable income in Canada if not from family?

If I receive a large sum of money (going towards helping fund athletics) from a person who is not family, does this count as personal income? I know there have been cases where people have been ...
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2answers
566 views

What is covered by CDIC savings deposit insurance?

In the unlikely event that a financial institution fails in Canada, what is covered by the Canadian Deposit Insurance Corporation? What is the limit of coverage?
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1answer
237 views

Why is investment income generated in a corporation taxed at a higher rate than when it is generated for an individual?

I often have a hard time understanding my accountant so I ask others to interpret what he said. I welcome insight from experience gained in any country with similar tax laws (doesn't have to exactly ...
5
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1answer
291 views

How stable is my retirement plan?

I am in Ontario, Canada as stated in previous posts. I am 23 and have $20 000 in investments after working at my first job for 10 months. My job pays me $42 000/year before taxes ($33 000/year after ...
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0answers
47 views

Canadian citizen step parent signing over US owned property to us citizen adult children

My mother who is a US Citizen recently passed, and my step father who is a Canadian citizen with permanent US resident who is living in Canada now with no plans of returning to the US. He doesn't want ...
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0answers
48 views

Does employer matching contributions in a TFSA count towards the annual limit?

Does my employer matching my contribution to a TFSA count towards my annual TFSA contribution limit?
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1answer
220 views

Transfer $0.5M from US to Canada [duplicate]

I have accounts in both U.S. (several banks) and Canada (BMO). I have $500,000 in my U.S. account. If I am now leaving U.S. permanently and moving to Canada, what is the best way to transfer all of ...
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0answers
140 views

Limits on Canadian gifting $400,000 to a friend in US

Friend recently passed leaving all her annuities to 91 yr. old sister in Canada who is very wealthy and does not need the money. The Canadian relatives who have power of attorney for the sister want ...
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1answer
32 views

Understanding Put Warrants on SET (Thai) exchange

I have having trouble understanding exactly how these derivative products work. For example this one. I understand that the European exercise style means that they can only be exercised on the ...
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1answer
93 views

Does RBC Direct Investing allow to buy BMO ETF funds?

I'm trying to pick an online trading platform and on a first glance for choosing between major Canadian banks (RBC, BMO, TD, etc.), the RBC seems more appealing. However, I am interested in specific ...
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2answers
105 views

Personal Investment Account for US citizen residing in Canada

I'm a US citizen residing in Canada. Can anyone recommend a service I can use to manage a personal investment account (USD) under these circumstances? I only need to deposit money once, and maybe ...
3
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1answer
11k views

Does one need to pay income tax on pension income in Canada?

When a person starts getting a pension from an employer or from the government after retirement, is he supposed to pay income tax on that pension? Will he pay tax at his marginal tax rate? I would be ...
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3answers
305 views

First time investing advice (Canada)

I am 29 years old with a wife and we are planning on having a child in the next 2-3 years and as such I have been making a lot of life changes and planning for the future. Fist off I am sorry this ...
2
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2answers
414 views

What ways can an employee keep the upside of stock options after leaving?

Suppose that you work at some private company and that company offers some stock options to you as part of employment. For the sake of discussion, suppose they offer 100 000 options at $0.50 an option,...
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1answer
170 views

Selling my used tires to a Canadian friend?

I am selling my used tires to a Canadian Friend. Do I declare this intent when crossing the bridge and do I pay HST tax at the Bridge?
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1answer
92 views

How a mortgage backed security fluctuates

If I buy a mortgage backed security, what will happen to my investment if: The person that took out the mortgage defaults The person makes a prepayment The person refinances The bank that gave ...
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0answers
29 views

How does a typical bond ETF provide tax information to the investor in Canada?

Before deciding whether to use registered or unregistered (taxable in Canada) account, I'd like to understand the complexity of tax reporting as a result of holding bond ETF, for example BMO ZFL (long ...
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1answer
118 views

Does being involved in the management of a corporation make me ineligible for a workshare program?

If my employer offers a workshare program during this recession and I own a small side business (even if it makes little or no income), am I ineligible for the workshare program?
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5answers
1k views

How can people have such high credit card debts?

Apparently, the average US household has US$16000 in credit card debt, with even college graduates having US$2000 by the time they graduate. In Canada, this figure is almost CA$27000. For comparison,...
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1answer
51 views

How are dividends on US stocks treated by the CRA?

As an American living in Canada I have some stocks in a US account and they paid dividends this year. On the 1099DIV there are values for boxes: 1a. Total Ordinary Dividends 1b. Qualified Dividends ...
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0answers
47 views

Tax deduction for work-space-in-the-home expenses

For reference, I am in Ontario, Canada, I am an hourly non-exempt employee (T4 is issued every year, entitled to overtime pay if working more than 8h a day, 1.5X pay + statutory holiday pay [such as ...
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1answer
83 views

How can I effortlessly see if an ETF listed in Canada contains equities that require withholding tax to be paid?

My Canadian grandpa fancies avoiding withholding taxes. I quote Moneysense: Another advantage of U.S.-listed ETFs is that they may be more tax-efficient in RRSPs. A full explanation is complicated, ...
4
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1answer
4k views

Calculating capital gains tax on sale of second home in Ontario

I have a few questions on capital gains tax on a 2nd property in Ontario, Canada. 1) Is capital gains calculated based on Sale price - Current Mortgage, or Sale price - purchase price? Im assuming ...
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2answers
154 views

How important is future big purchases (house) when setting up guaranteed investment accounts?

I moved out of my parents's house a couple weeks ago. I moved into an apartment in a big city and I am not sure yet if I will like it here or not. I have no idea when I'll switch to a house and if ...
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2answers
89 views

Car insurance for the summer in Canada

We're thinking about buying a car in Nova Scotia, Canada while we are here for the summer. We are residents of Ontario. We don't really want to keep the car past our time here. The question is how do ...
3
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0answers
191 views

How does this Interac e-transfer scam work? [duplicate]

I posted a Craigslist ad for selling iPhone 7. Next day I got a text asking of Is this item still available... [NAME OF MY AD EXACTLY AS IT'S SPELLED] . So I already was suspicious it's a bot. ...
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3answers
2k views

Born in the U.S.A., but I have no SSN & I live in Canada. Must I file a U.S. income tax return each year?

I was told when I applied for my U.S. passport years ago that as long as I had never worked in the United States and did not have a SSN, then I did not have to file taxes. This is what the U.S. ...
6
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5answers
2k views

Is it true that Income Tax was created to finance troops for World War I?

I remember hearing that income tax was specifically created to finance the war effort during World War I. Is this true? If so was it originally intended to be a temporary measure?
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3answers
724 views

How is a non-resident Sole Trader in Australia taxed on freelance work?

I am considering doing remote freelance work for an Australian business as a Sole Trader with an Australia Business Number (ABN). I am a non-resident in Australia. My question is: do I pay taxes on ...
2
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1answer
4k views

In a Canadian TFSA, does interest earned within the account count toward the contribution limit?

I know that there is a limit in the contribution per year in a TSFA. At the moment (2016), if you have never made a contribution then you can contribute around $ 46 500. BUT, even though all ...
3
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1answer
2k views

Is it possible to lease a car in Canada as a non-resident?

I'm a non resident of Canada, living in Vancouver, BC, Canada - what are the rules, regs and issues in leasing a car - is it even possible?
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0answers
814 views

Should I encourage my spouse to jointly sign our rental lease?

Looking for the advantages/disadvantages for us as a couple. We have been common-law for 9 years and are moving into a new place. My spouse recently lost her job so I will potentially taking most of ...
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0answers
72 views

Apartment/other, from July to October. Best option?

I will be leaving my current apartment on the 1st of July (in Quebec leases mainly end on this date). Also, I will be travelling for about 4 months, starting from around November. Having to pay for 6 ...
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0answers
79 views

I am Canadian and own a cottage in the US. I want to gift it to my 2 Canadian children. What are the tax implications

I own a cottage in Point Roberts Wash. I am a resident of Canada and want to gift it to my son who is also Canadian, What taxes apply to this transaction?
4
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3answers
7k views

Investing while the Canadian dollar is really low

I have just started to get into investing now that I have a steady job, pension plan, government bonds, and good savings. With the Canadian dollar being close to $0.70 USD, it seems like a waste to ...