Questions tagged [canada]

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

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1answer
53 views

Is income earned in the Carribbean considered taxable for a Canadian resident?

If in winter time, I go to Caribbean and make some money as a sailboat instructor, is that money tax free? I am Canadian resident. I am asking this because I hear that a lot of these Caribbean ...
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1answer
50 views

How do you get your Canadian stock information?

I am getting into stocks and am looking for ways to keep myself updated with the best current information. The type of sources I am looking for are: Podcasts Newsletters RSS feeds Twitter Etc. ...
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1answer
79 views

Trading security and tax

According to GAAP: If I buy 1000 shares of security A for 50$. Then later, I sell 1000 shares of security A for 150$. At the same moment I buy 1000 shares of security B for 150$. For tax purpose ...
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1answer
333 views

Offsetting capital losses against gains for stocks

Let us say I hold 4 stocks in a non tax sheltered account Stock A has capital gain of 10$. Stock B has capital loss of 20$. Stock C has gain of 10$ but it is intra day, hence counted as income, not ...
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1answer
55 views

How to fill tax return for income received to paid the health insurance premiums that my spouse pays for me?

My health insurance is provided by the employer of my spouse, but my employer wanted to provide the benefit of insurance so he paid me the money that my spouse was paying, so if my spouse pays $40 for ...
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1answer
303 views

International Inheritance via Trust

My mother is an American citizen living in California - she has had dementia for many years and is legally incompetent to manage her money, but before she was ruled incompetent she put me on as a ...
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1answer
1k views

Can I connect a PayPal account to a business bank account instead of a personal bank account?

If I write online content and get paid through my PayPal account, and if the PayPal account is connected to my business bank account, does my income automatically become my corporation's income? ...
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1answer
1k views

Box 56 - PPIP insurable earnings (RL

Another question about Quebec tax return: I have field: Box 56 - PPIP insurable earnings (RL-1 Box I) in T4 Slip Income (RL-1) and in T4 box 56 is empty, but in RL-1 Box I has value equals to all ...
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1answer
3k views

Ontario new home/condo HST rebate: What is the price without HST if the price is $400,000 including HST?

What is the actual purchase price of a new condo without HST, if price is $400,000 including HST? The condo is in Mississauga, Ontario and the buyer is not a first time home buyer.
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1answer
423 views

Can I claim child care expenses as a deduction on my federal return in Quebec?

My friend want to claim Child Care expense for Federal Tax, but as she lived in Quebec, a large part of her children's day care fees are already returned by Quebec government. So could she still ...
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55 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 ...
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40 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 ...
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55 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 ...
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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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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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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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40 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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49 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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27 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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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
92 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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22 views

Withholding Agents in Canada

Hello everyone I had a quick question about Canadian banks. I have my investment accounts with my bank (big 5 bank). Legally when I buy the stocks they hold them for me, until I decide to sell them. ...
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1answer
124 views

Form 8843 - Statement for Exempt Individuals - Do I need to complete a closer connection form?

I am a Canadian citizen that has studied and worked in the US over the past 5 years. I am unsure how to complete Part III Questions 11 and 12 on the Form 8843. I was on an F1 from Aug 2010 - May ...
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47 views

Joint investment

I had a elderly friend put me on her investment as joint. 4 years later, after she got dementia, her son took her into the bank and had my name removed. Will this have any effect on my income tax?
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4answers
234 views

How to approach building credit without a credit card

I am a recent college graduate and I've just landed a full time, good paying consulting job. I am 18 years of age and I would like to purchase a duplex(or some type of rental property) property in ...
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1answer
94 views

Paying taxes on an inherited Canadian TFSA? (Successor holder case)

I read this interesting article about Questions about TFSA and I contrasted the information with CRA's website about successor holder. As far as I understood, when the original holder's TFSA pass ...
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3answers
214 views

What insurance (if any) should a 26 year old without income buy?

Question: Given 4, should my cousin continue with Permanent Life Insurance, change to Term Life, or cease and desist from any insurance? Details: 1. Living in Canada, my healthy cousin is 26 years ...
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56 views

How much of your base salary does this pension plan pay out upon early retirement

Does anyone know how the OMERS pension plan work in Canada? If you are a plan member for 20 years and retire early at age 55, what percent of your salary do you get as pension payout?
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312 views

Letting someone else pay in a check (made out to me) to their account?

I have a check made out to me (call me John Doe). I'm permanently away from my home country, where I have bank accounts; I'm now in Canada. I'd like to let a friend (call her Jane Doe) pay the check ...
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89 views

A liquid ETF that tracks the us dollar

Are there any liquid ETFs that track US dollar. I can only find this one, but this has very low daily volume (~70k shares) http://www.horizonsetfs.com/pub/en/etfs/?etf=DLR&
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50 views

TFSA withdrawl to make room for options deposit

If I stand to make $30,000 in capital gains on stock options that I hope to cash out in 2 years time, is it better to make room in my TFSA account by withdrawing TFSA funds the year before to make ...
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1answer
56 views

Relationship between points and air miles

Let us say I have Air Canada Aeroplan card, and if I shop at certain retailers, I accumulate points. Now let us say a particular flight on air Canada cost 100,000 miles. How to know how many points ...
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1answer
185 views

Does CDIC deposit insurance just protect the principal or the interest also?

Refer to this page on the CDIC website. It is not clear to me whether CDIC will just insure the principal that I put in my TFSA GIC or also the interest earned. i.e If I open a GIC with a bank at 2% ...
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1answer
985 views

Does an out of court settlements have to be declared as income?

Last year I was contacted by a company that wanted me to take down an open-source software project I was working on. The generally tone was that they wanted to give me 10k CAD to take down the project ...
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1answer
98 views

How can I prove how much I make in a month when self employed

I'm applying for student loan repayment assistance. As part of the process I need to prove my income for last month. The instructions are: "The following documents are acceptable as proof of income: ...
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1answer
162 views

Canadian Citizen and Non Resident for tax purposes

I am a Canadian citizen was a non resident for tax purposes. If I sold stock shares in January 2016 and became officially a Canadian resident again in April 2016 (3 months after selling the stock), ...
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1answer
143 views

How to search efficiently for financial institutions, credit cards, etc (At least in Canada)?

I tried Google to seek high-rate savings accounts, which effected websites like https://www.highinterestsavings.ca/chart/, the broadness, newness, and reliability of which I doubt, because for example,...
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1answer
108 views

Why would parents, of a young adult without dependents, not profit from the young adult's Term Life Insurance?

Hereafter 'Young Adult' means someone of age 18-35 and shall be abbreviated YA. These answers unanimously declare (per p 332 of Personal Finance For Canadians For Dummies (4 ed, 2006, but note that ...
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2answers
583 views

Any Tips for Renting Out All Rooms in House? [closed]

Looking to buy my first house by the end of the summer to be used strictly as an investment rental income property, general real estate holding. 5 bedrooms, and if I can re-develop the basement to ...
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1answer
138 views

How can a Canadian get exposure to safe haven currencies?

How can a Canadian get exposure to a safe haven currency like CHF and JPY? I don't want a U.S. dollar denominated ETF. I want something in Canadian dollars, to save on conversion fees. Is this ...
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1answer
607 views

What can you with no income do, if you want credit card limit increases? [closed]

Assume that one has 0 income, but regularly uses her credit card, always promptly pays the balance (eg from savings). I've heard from some banks that they generally eschew or decline credit card ...
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1answer
71 views

Will life insurance be a problem if I go from full time to contract and back to full time?

Currently, I have life insurance through my employer. If I leave the company and become an independent contractor, then after 2 years go back to full time with another employer that also offers ...
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1answer
364 views

Is the interest on money borrowed on margin in/for an RRSP considered tax deductible?

If I borrow cash in my margin trading account which happens to be an RRSP account, does the interest on that money become tax deductible from my income? I know if I put money in my RRSP from my salary ...
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1answer
104 views

Tax free savings account

I know that this type of account does not exist in the US. For those who know, is there absolutely no tax deducted from my earnings when I invest in stocks? For example, if I turn 10000 to 1 million, ...
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1answer
62 views

Interactive broker commissions for a Canadian trading US and Canadian options

What commission will I be charged if I trade US options from Canada using Interactive Brokers ? Details of my question below : My question has 2 scenarios Options for Stocks Options for ETFs For ...
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1answer
90 views

Do I only have to pay income tax on capital gains?

In regards to a money lending business - if I lend a person $100 in exchange for $10 (+100), do I pay income tax on $110 or $10? I live in Ontario, Canada.
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1answer
967 views

Is there a Fannie Mae and Freddie Mac for Canada

In the Open Yale Financial Markets Course, Prof Schiller says at 57:40 that Canada Housing Mortgage Corporation is same as Fannie Mae/Freddie Mac. Are there any differences? Can I buy CHMC shares ...
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1answer
2k views

How often does the prime interest rate change

How often does the prime interest rate change? Will it only change when the new budget comes out or can it change anytime? I am interested to know this because all other interest rates (i.e mortgage ...
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2answers
736 views

How mistake-proof is the process for receiving an Tangerine email money transfer?

I want to send about $500 to a local charity. Some electronic-payment options include Vogogo (fee: usually $1.75), PayPal (fee: about 2%), or Interac e-Transfer (your bank sets the fee: between $0 ...
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2answers
138 views

How to deposit a cheque issued to an associate in my business into my business account?

A customer paid with a cheque made out to an associate in my business instead of the business name. How can I deposit this cheque into my business account ?