Questions tagged [canada]

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

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8
votes
1answer
10k views

If you run a sole proprietorship, how do you declare the income of the business on your taxes?

Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and ...
8
votes
1answer
2k views

What are the best options for an RESP for my 2 year old kid?

Just starting to look into RESPs for my kid. There are RESP funds, or I could just throw money in a GIC... wondering where else I should look... and what I can do.
8
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3answers
4k views

What is the best way of transferring money from American to Canadian bank? [closed]

I am a Canadian that will be working in US for some time. I will still have Canadian bills to pay, so I would need to regularly transfer US dollars from some US bank to my Canadian bank account in $...
8
votes
1answer
450 views

Pay off debt with RRSPs, or refinance and roll into Mortgage?

A few years of a combination of under-employment and trying to keep afloat a floundering business has left me (us) with 50k debt on a line of credit and a credit card. We are getting 5k back from ...
8
votes
1answer
5k views

As a Canadian, how can I apply for and get a U.S. credit card?

I am a Canadian permanent resident (neither Canadian nor U.S. citizen). I already have a checking account at Harris along with a debit MasterCard. However, there are really nice point-accruing cards ...
8
votes
1answer
679 views

When it comes to doing business taxes, do bank statements and bills work in place of receipts?

Just at the beginning of this year, I started a business (not fully, but I've started doing jobs for it). Up until March, when I did my personal taxes, I had no idea what kinds of things I could write ...
8
votes
1answer
282 views

Can I apply prior years' capital losses against my employee stock option exercise?

I'm Canadian, and I executed a "same-day-buy-and-sell" on options granted to me by my employer. My T4 slip has the appropriate taxable benefit called out, but my question is, can I apply my previous ...
7
votes
4answers
6k views

Is the contribution towards Employment Insurance (EI) wasted if I never get fired, or are my premiums refunded?

Is the contribution towards Employment Insurance (EI) wasted if I never get fired? I ask this because most life insurances have a policy of a payout at certain intervals. Does anything like that ...
7
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3answers
2k views

Debt consolidation on credit rating

I have the opportunity to consolidate some of my higher interest rate under a much lower APR in a personal line of credit. Would it hurt or possibly improve my credit score if I were to do this? Is it ...
7
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3answers
912 views

Mortgage renewals

I need advice on mortgage renewals. I have a mortgage with twenty year period. I have been paying it for almost five years now. I recently came to know that there is a mortgage renewal process every ...
7
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3answers
11k views

Questrade - What happens if I buy U.S. stock with Canadian money?

Recently, I heard that when you buy U.S. stocks with Canadian money in a Questrade account, they actually make a loan of the U.S. dollar amount you bought even if you have enough money to do the ...
7
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2answers
2k views

U.S. citizen moving to Canada and keeping U.S.-based job via telecommuting. What taxes will I have to pay?

I'm a U.S. citizen and software developer that can work from home. I work for a company based in Washington and will be able to keep my job as I move to Canada to be with my Canadian fiance (will be ...
7
votes
2answers
484 views

I may earn a lot of cash soon through self-employment on a lucrative project. How to handle the tax?

I'm in Canada, and am young and don't know anything about finance. I've been working part-time as a software consultant for a friend who's starting a marketing company. He recently landed a job with ...
7
votes
1answer
11k 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 further. If I sell it now, will Canada ...
7
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3answers
39k views

When does Ontario's HST come into effect?

When does the HST become effective? Will all businesses start charging HST right away, and will it replace the 5% GST with a straight 13% tax for all services?
7
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2answers
337 views

What are the limitations of prepaid payment cards (compared to credit cards)?

I am currently unable to get a credit card¹, but I wish to be able to buy goods from web stores, to buy airline tickets, to rent cars, hotel rooms, etc. Through my bank I only have a Member Card, ...
7
votes
1answer
3k views

Can my bank automatically pay my credit card company without my consent?

I am going through a rough financial period and have not been able to pay the minimum on my credit card, however i noticed that as soon as money came into my checkings account (I am in Canada, the ...
7
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3answers
233 views

Helping family with house payments

My wifes sister and husband can no longer meet the payments on their house. He can no longer work and she is working and earning enough to cover a little more than half the monthly payments. Lets ...
7
votes
1answer
40k views

Do personal cheques expire? [Canada]

In Canada, cheques issued by the Government of Canada do not expire. do personal cheques ever expire? If so, what is the limit before they need to be re-issued?
7
votes
2answers
938 views

What is the current US-Canadian agreement on withholding taxes for US Investment income?

Withholding tax credits have changed over the past few years. What is the agreement between Canada and USA related to how much can be claimed and how much must be applied for as a reimbursement?
7
votes
1answer
2k views

How do I tell the Canada Revenue Agency that they're sending someone else's documents to my address?

A business acquaintance used my address for mail correspondence, with my permission. Actually, he even didn't stay in my place and I don't have any of his personal belongings here. Later, I asked him ...
7
votes
2answers
11k views

How long after new employment before applying for a new credit card?

I am a recent grad and new employee. I currently only have a $500 student Visa credit card with my current bank branch (2 years). I began my employment at the end of January (just over 2 months ago) ...
7
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3answers
280 views

When should I start thinking about a will?

What would happen with my savings on a bank account and personal property in a case of death? I don't have a family, only a brother and separated parents. Do I need to think about a will?
7
votes
1answer
141 views

Can I get my payment back on a vacation booked with a company that went into receivership?

My friend booked a summer vacation with a resort/inn located in Ontario that has just gone into receivership. She paid in FULL with a credit card about a month ago. Is there any way to get her ...
7
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2answers
18k views

How do I claim investment income that was earned in a jointly held account?

My spouse and I now have a jointly held investment account. I have received a T5 "Statement of Investment Income" for the account for the tax year, addressed to Mr James Foobar or Mrs Jenny Foobar. ...
7
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3answers
10k views

How can a U.S. citizen open a Canadian brokerage account?

Is there any way to open a Canadian brokerage account while still being a U.S. citizen? I would like to open an online brokerage account if possible in Canada to trade on the TSX (I hate ADR).
7
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2answers
2k views

In Canada how much are child care receipts worth for income tax?

How much can my family expect to save on taxes if we ask our sitter for a receipt for last year? Our kids are 6 and 10 and we paid about $2300 last year for occasional child care. My husband and I ...
7
votes
1answer
312 views

Ought a 63-year old working hotel employee commence an RRSP?

If I understood Global News, MoneySense, the Wealthy Barber, and Reddit, my dad ought NOT start or contribute to an RRSP! Right? Thanks. Facts He's 63 years old, and has no children under 18. He ...
7
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1answer
1k views

Any Canadian tax shelter for lending to friends or family?

I am considering helping friends or family out of credit card debt, which is costing them ~18% per year by giving them a loan at more like ~3% (kind of like consolidated credit/debt). Is there ...
7
votes
1answer
364 views

How much penalty will I have to pay for paying my tax installment late?

I had a tax installment of $7956.00 due on March 15th which I missed and paid on April 30th. I can make an extra installment now to cover the penalty, but I don't know how much it should be. The ...
7
votes
1answer
5k views

How to pay myself as a single person corporation in Ontario? Should I get an accountant?

I'm an IT contractor and required in some of my contracts to have a corporation. I created my corporation, opened a corporate account and have been collecting income for about 6 months now... ... I ...
7
votes
1answer
297 views

How can I minimize the impact of the HST?

HST is being introduced in both Ontario (see this question) and B.C., does anyone have suggestions for how to reduce its impact on individuals?
7
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2answers
1k views

What is the cheapest way to move money from the United States to Canada? [duplicate]

I live and work in the United States but I have several loans in Canada that I need to pay on a regular basis, so I'm constantly moving money to Canada. Right now, I have an American Royal Bank ...
7
votes
1answer
191 views

If your spouse passes away do you lose any tax credits (GST and Trillium Credit) owed to them before they died?

My husband passed away this pass on 17-July-2018. Until he passed away we hadn't filed our income tax for the years 2015, 2016 and 2017. I am wondering if and when I do decide to file our taxes; ...
7
votes
1answer
416 views

Moved to Canada for Grad School, Getting Heavily Taxed in U.S

I'm about to file my U.S. tax return for 2017. In August of 2017, I moved to Canada from the U.S. for graduate school (I am a U.S. citizen). I was on a vacation during April 15th, 2018 and quickly ...
7
votes
1answer
114 views

In a 2 income family, is it more tax beneficial for the lower income spouse be the Primary Caregiver (Ontario)?

My wife and I just had a new daughter. My wife applied for the 4 in 1 newborn package and she was designated as the primary caregiver and applied for the child care benefits. Since she makes more ...
7
votes
1answer
448 views

Capital gains taxes on share of inherited property?

I along with my cousins just sold some real property located in in Quebec that was inherited from our grandfather to our parents, and then to us. I received a 1/8 share of the proceeds which amounts ...
6
votes
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 ...
6
votes
6answers
404 views

Why are you required to file your taxes if you employer deducts them for you? [duplicate]

When you work for someone they automatically deduct tax from your pay and give it to the government. Filing your tax returns allows you to get money back if they taxed you too much. So why is not ...
6
votes
2answers
461 views

Is there a (legitimate) website on which I can check to see if I have any unclaimed money from past bank accounts?

It may seem silly, but I wonder if I've got a bank account out there in which I have unclaimed money. Wouldn't that be cool? How can I check?
6
votes
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,...
6
votes
3answers
19k views

What are the tradeoffs with the small scale managed fund Wealthsimple?

I recently encountered a targeted ad about Wealthsimple. From what I have read it is an investing tool for mobile devices that helps you passively invest. I understand that it is for people who are ...
6
votes
1answer
288 views

Why does CDIC insure deposits only until $100,000?

$100K CAD appears a low maximum, esp. for retirees. FDIC does so until $250K USD.
6
votes
2answers
795 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 ...
6
votes
1answer
901 views

Family/divorce lawyer wants large retainer before taking on case. Is this normal?

My friend needs to get a separation agreement and divorce. The law firm she called asked for a retainer of several thousands of dollars up front before doing any work. Is a large retainer normal for ...
6
votes
1answer
975 views

Do Canadian citizens have to file Canadian income tax returns even when living abroad?

American citizens are required to file taxes from abroad and to declare all world income. Is something like this also a requirement of Canadians when not residing in Canada? Does anyone have any ...
6
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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
votes
1answer
212 views

Borrowed Canadian Money and paying back in US

My husband borrowed Canadian money from his relative to pay for his American education. At the time the Canadian dollar was .50:1. Now the exchange rate is 1:1 and we are paying back the debt in US ...
6
votes
3answers
1k views

Should I Pay Off my Student Loan Debts First or Invest in an Index Fund?

I am an Albertan currently about $8,000 in debt from student loans. Roughly $5,500 of this $8,000 is an Alberta Student Loan, while the rest ($2,500) is from the National Student Loans Service Centre (...
6
votes
2answers
559 views

When is it worth it to buy dividend-bearing stocks?

TLDR: Is it ever worth investing in stocks to make profit off of dividends? I did some research on dividends. It seems like it has a reputation for stable income, irrespective of the market ...