Questions tagged [canada]

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

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3
votes
3answers
976 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 ...
3
votes
2answers
20k views

Ripped plastic Canadian currency/bills

Can a ripped Canadian Plastic Bill with 60% portion of the bill remaining containing both serial #s still get full value?
6
votes
2answers
800 views

Unable to pay even the minimum payment on credit card

I was in USA for last 10 years, and I am not able to repay the credit-card payment, not even the minimum payment due. I was paying the minimum payment due before, but as I do not have a job anymore I ...
28
votes
7answers
12k views

Why would a rational buyer offer to buy with no conditions precedent?

Assume that the Canadian Reddit commenter beneath is rational. I corrected typos. As an investor, I have a tactic where I only buy houses via the listing realtor, and do not use my own. Why? ...
49
votes
12answers
11k views

How can sister protect herself from impulse purchases with a credit card?

My little sister is 18, and currently has a bank account with a debit card. She and mom believe it might be time to get her a credit card, mostly to build up her credit rating than out of necessity. ...
12
votes
3answers
4k views

Capital gains on stocks sold to take initial investment off the table

Suppose I have invested $100K in a stock that was trading at $100 per share. The stock has gone up by 10 percent and is now at $110. I sold 909 units at $110, i.e. 909*$110 ≈ $100K, which is ...
44
votes
6answers
8k views

How do tax brackets work? Do they yield significantly different results than a continuous curve?

In Canada (and many other countries), high-earners pay a greater percentage of their income in taxes than low-earners. Here is our Schedule 1 form: The marginal utility of money decreases smoothly ...
3
votes
1answer
93 views

Is it just for the CRA to charge interest on a notice of collection dated one month ago, but that they never mailed?

My dad is old, computer-illiterate, and needs a wheelchair. On Feb. 20 2019, he received by mail the CRA's Notice of collection that "calculated additional arrears interest of $30" on "your notice of ...
3
votes
0answers
64 views

Can a non-resident Canadian citizen working in USA maintain a margin account in Canada?

I am a non-resident Canadian living and working in USA. Can I maintain a margin account for stocks trading in Canada?
1
vote
1answer
57 views

What are the risks of exposing your institution number/account number/transit number?

In Canada, this information appears to be on all every cheque in your chequebook, what could be done should someone have access to those 3 pieces of information? I'm asking in regards to whether this ...
3
votes
0answers
80 views

Are cash gifts from a former employer taxable in Canada?

I was previously employed by an elderly couple providing in-home care for several years. The husband passed away a number of years ago, while the wife passed away last year. Obviously, as the couple ...
0
votes
1answer
165 views

Deducting your own rent you incurred while renting out your own place

Person X wants to earn some extra cash They rent out their condo for $1400 a month. They need somewhere to live now, so they rent a basement suite for $1000 a month Now they make $400 a month profit ...
1
vote
0answers
51 views

Income tax filing for married couple with separate addresses in Canada

I am a resident in Ontario and have just got married. Can I file joint taxes with my wife even though we live on separate properties?
2
votes
1answer
266 views

How can I apply for $10/month internet, if I rent privately but am indigent?

From CBC's article, this low price appears restricted to low-income housing organization tenants. But I don't live in one. I rent privately in Ontario. Thus how do I apply? Or must I email ISPs ...
2
votes
0answers
24 views

Can I withdraw Small Overcontribution from RRSP?

My contribution room for my RRSP is 23.5k, I accidentally contributed 25k though. I realize my over-contribution is within the 2k that CRA allows, but I would prefer to keep the extra $1,500 outside ...
3
votes
1answer
102 views

Deposit shares in TFSA before capital gain that exceeds contribution limit

I find myself in an interesting position right now. I bought into a private placement and my escrow will be ending in a couple weeks. The kicker is that, if I were to deposit the shares into my TFSA (...
1
vote
0answers
40 views

Made a mistake reporting total income on T1 tax forms

This is a bit embarrassing but apparently, I made a mistake on my income tax return. In particular, the "total income field". In my first tax return(2017), I thought this was "monthly income", but ...
0
votes
1answer
73 views

Do I have to pay taxes on external savings?

I am thinking on moving to Canada to work, save for retirement, and move back to Portugal due to the lower cost of living to live my retirement. I will contribute to the Canada Pension Plan and also ...
6
votes
4answers
11k views

How do I determine the amount of a buy out between common law partners in a home owned together?

I currently own a home with my common law partner. We have lived there for 2 years and are now splitting up. Both our names are on the house, and we have paid 50/50 for everything from down payment / ...
2
votes
2answers
159 views

TFSA and have $1M dollar after 40 years at 5.5% interest with $500 year bump 2% annual inflation rate : Is it an efficient way to be a millionaire?

Is it true that if I fix 5500 dollars at a TFSA (Tax-Free Savings Account) at 5.5% interest and 500 dollars yearly bump then after 40 years someone will retire with a million dollar? Is it an ...
1
vote
1answer
282 views

Can loan for mortgage be declined after receiving both approval letter & commitment letter

What is the difference between mortgage approval letter (not pre-approval) & commitment letter? commitment letter according to this source: A loan commitment letter is an indication that the ...
2
votes
1answer
186 views

Can the CRA peek into the amount of a Canadian bank account forthwith?

I mean without any search warrants or court orders. I ask because for the 2018 tax year, my brother in Grade 12 earned a total income of $500 CAD from only interest. The bank issued a T5 statement ...
2
votes
2answers
2k views

Can donations to Canadian charities be claimed on US taxes?

This seems like it would be easily Google-able, but because I am located in Canada, all results are along the lines of "how to claim a US donation on your canadian taxes". My question is, if someone ...
5
votes
2answers
193 views

Is DIY car repair work deductible in any way when self-employed?

I am self-employed and I am proficient at repairing vehicles. I use my vehicle exclusively for work: my customers ask me to drive to one of their customer's location and I provide a service on site. I ...
-2
votes
1answer
80 views

Pre-Authorized Direct Debit through online forms

This might be a cross-over between stackoverflow and money.stackexchange but I am wondering about the rules and regs of setting up a Pre-Authorized Direct Debit (PAD) through an online form. Say I ...
0
votes
0answers
58 views

Collecting on a judgement

I was awarded a judgement in a civil court against a company for a fairly large amount (ie 10,000+). The company is Canadian, and in the same province, but not local to my city of residence. Due to ...
2
votes
0answers
41 views

Interpreting double-taxation agreements

I'm preparing to do my taxes for the first full year after migrating from New Zealand to Canada, and am now a tax resident of Canada. The countries do have a double taxation agreement in place (https:...
2
votes
0answers
25 views

Tax on Canadian investments for a Canadian expat in UK

I have never studied accounting before looking for some guidance on my issue. I have investments in Canada that I have to file tax returns for capital gains and dividend income. However my primary ...
2
votes
0answers
53 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 ...
2
votes
0answers
32 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 ...
3
votes
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 ...
2
votes
1answer
622 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 ...
1
vote
1answer
520 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 ...
3
votes
0answers
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
votes
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 ...
2
votes
0answers
55 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 ...
0
votes
0answers
23 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. ...
0
votes
1answer
32 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 ...
0
votes
1answer
40 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?
2
votes
0answers
55 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), ...
2
votes
0answers
70 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 ...
2
votes
1answer
163 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 ...
2
votes
0answers
48 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. ...
2
votes
0answers
56 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 ...
2
votes
1answer
133 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 ...
1
vote
0answers
25 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 ...
26
votes
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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