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Questions tagged [canada]

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

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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 / ...
6
votes
1answer
5k views

What is the difference between 401(k) accounts in the U.S. and RRSPs in Canada?

What are the major differences between the two?
6
votes
2answers
432 views

What is a good place to park a Christmas bonus? Pay down the mortgage, TFSA or RRSP?

Many companies in Canada tend to pay out bonuses around Christmas time. If one is fortunate enough to get one this year what is the best strategy for the bonus? TFSA's have a limit of $5000 yearly. ...
6
votes
1answer
4k views

Sending money from Canada to the US

I want to transfer money to an American bank account, but I am in Canada. What is the cheapest way to do so? MetaFilter has: USPS mail order - $700 limit, $4 charge Vanilla wire transfer (My bank ...
6
votes
1answer
377 views

Should I pay down mortgage faster or Invest?

I've a appx 450K mortgage left at 2.49% (5 year term with a 25 year mortgage). I've a few options to pay my mortgage faster Increase principal payment amount once/year Change payment frequency from ...
6
votes
1answer
240 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 ...
6
votes
1answer
4k views

How to report my revenue from Apple iAds and App Store sales, without an invoice?

For accounting purposes, we need an invoice for accounts receivables, but when you get a payment from Apple for iAd revenue and app sales, how do you issue an invoice ? Are there any specific ...
6
votes
4answers
5k views

Should I repay my Home Buyer's Plan (HBP) RRSP loan early, or over the allowed 15 years?

I used my RRSP to purchase my house. It was tax free because I was first a time home buyer. I am wondering if it would be beneficial to put the lump sum back in ASAP or take the 15 years to pay it ...
6
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2answers
359 views

Nit picky personal accounting question: What is the right way to record borrowing from yourself?

I keep a spreadsheet with my personal financial statements (balance sheet, income statement, cash flow) that generally follows the corporate approach. I omit considerations of depreciation, etc. There'...
6
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2answers
637 views

What type of investments should be in a TFSA, given its tax-free growth and withdrawal benefits?

What does an optimal TFSA portfolio look like? What type of investments should be in it given its tax-free growth and withdrawal benefits?
6
votes
2answers
246 views

Are you required to pay the full tax on income if your employer doesn't pay what they claim to?

About 6-7 months ago, a friend of mine got a job with the Canadian Government at an hourly rate. However, due to the Phoenix system debacle, he wasn't being paid for his work. This problem has ...
6
votes
3answers
2k views

How do “past due” utility bills affect credit rating?

I received a utility bill which is clearly in error. It claims that a previous payment is "past due", when the bill claiming this is dated before the due date on the supposedly past due payment it ...
6
votes
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?
6
votes
1answer
7k views

RESP withdrawals: What are the eligible/qualified education costs or expenses, other than tuition?

A few years ago, my wife and I started an RESP to help us save for my daughter's eventual post-secondary education. We're doing well with it: we take advantage of the maximum government match, and ...
6
votes
2answers
266 views

Shelter personal corporation dividends in a TFSA?

As I understand it, it is possible for people who own their own corporation/small business to pay themselves through dividends. Since they own 100% share in the business they receive 100% dividends. ...
6
votes
2answers
10k views

What Canadian tax is payable on money received (gifted) from a relative in another country?

I have a Canadian and German passport, but I have lived in Canada for 15 years. My grandpa, in Germany, had opened a certain savings account for me from which I will recieve a lot of money from in ...
6
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1answer
1k views
6
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1answer
239 views

Does my mother owe back taxes for 1986?

My parents left Canada in 1986 for India, selling their house, but not closing all their bank accounts. They didn't file taxes for 1986. My father died in 1993, and my mother didn't visit Canada ...
6
votes
1answer
62 views

New Pooled Registered Pension Plan details?

Does anybody have a good summary / commentary on the new Pooled Registered Pension Plans recently passed by the Canadian gov't? http://www.parl.gc.ca/HousePublications/Publication.aspx?Language=E&...
6
votes
1answer
2k views

As a Canadian Citizen, can I move a 401k into a RRSP in Canada?

I am a Canadian Citizen and was a resident of the US for 11 years. I moved back to Canada recently and am working in Canada. I want to move my 401k to RRSP in Canada. Is this possible? What costs or ...
6
votes
1answer
2k views

Are RRSP investment accounts, in Canada, available to temporary residents?

Is it possible for a temporary (non-citizen) long term (leaving in 2 years) resident in Canada to obtain RRSPs? Is it advisable?
6
votes
4answers
254 views

High mortgage rate and low home prices VS low mortgage and high prices

Currently in Canada we have low mortgage rates and high home prices. I get the vibe from reading different articles that people actually want mortgage rates to go up which would lower the home prices. ...
6
votes
1answer
921 views

Are insurance payouts taxable in Canada?

This is in reference to this question about life insurance but can apply to other insurance payouts. This would definitely affect how much to plan for.
6
votes
1answer
360 views

As a contractor, if my business makes no net profits, do I owe taxes?

Have been working full time, switching to at least part time contract work. I'm looking at starting a company and having all my contract pay go through it. Assuming I'm also working at least part ...
6
votes
2answers
143 views

Is there a term for people who manage the money of dual citizens?

I'm a dual citizen of the United States and Canada. I'm afraid to invest in anything because the tax treaties and laws between the two countries make everything too complicated for me to follow. Even ...
6
votes
1answer
419 views

Can I get a tax deduction for giving towards my grandchildren's education?

I have 4 Canadian grandchildren. Can I get a charitable tax deduction if I give towards their education?
6
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1answer
103 views

Received capital gains dividends from a Canadian mutual fund. Do I need pay tax in Canada?

I have some mutual funds in Canada from BMO. I am a non-resident of Canada. I am U.S.A resident. I recevied capital gains dividends. Do I need to pay capital gains tax in Canada? Or just pay U.S.A.? ...
6
votes
1answer
761 views

What happens to a HELOC after a death?

My situation is as follows: up until a few months ago, my father, mother and I lived in a house (in Canada) which was solely in my mother's name. There is a home equity line of credit associated with ...
6
votes
1answer
1k views

Working remotely from Canada for a US company. How to get paid?

I am a Canadian who just landed a (short-term contract) job working remotely for a US company. Since this happened through a (US) recruiter, my employer would pay the recruiting firm, who would pay me....
6
votes
1answer
2k views

Implications of a Canadian company IPO having a dual TSX/NYSE stock listing?

As an exampe, Shopify will go public this upcoming May 26th, selling shares both on the TSX and the NYSE. What are some of the main implications of this dual IPO, other than the fact that the ...
6
votes
1answer
2k views

Tax implications of owning a Roth IRA as a Canadian resident?

I am a Canadian citizen, U.S. resident with Roth IRA, contributing for 15 years. I will be moving back to Canada in 2 years, am 47 years old, and will leave the Roth with Vanguard and not touch it ...
6
votes
1answer
221 views

In Quebec, what kind of financial assistance might be available to an unemployed single mother with kids?

My husband will be separating from me in a couple of months. I am unemployed and have two kids both under the age of 6. Is there a single mother's compensation? Especially in my situation where I am ...
6
votes
1answer
3k views

What tax rules apply to selling of digital goods, specifically in-game currencies?

We are selling an in-game currency to be used to buy virtual objects that will be used and consumed in the game. How do taxes relate to this type of purchase as compared to selling physical goods ...
6
votes
1answer
2k views

Can capital gains from employee stock options be transfered to a TFSA to avoid taxes?

In a scenario where, for example: An employee exercised a "same-day-buy-and-sell" operation on his employee stock options. He ends up making a profit / gain of $10K. He already has a yearly salary of ...
6
votes
1answer
428 views

Which non-bank-specific online money management applications work for Canadian banks?

Mint.com has languished for years (over three now) in not supporting Canadian banks. Given that we only have a few, you would think it to be a small amount of work. Update: Mint.com now supports ...
6
votes
3answers
259 views

Investing in Canadian Stocks as an American

I've been tracking the cannabis industry for awhile and would love to hop on the canna-stock wagon, but I'm not sure if Americans are allowed to invest in Canadian stocks. The companies I'd like to ...
6
votes
1answer
944 views

Who are the consumer credit reporting agencies in Canada?

I'm trying to determine what credit freeze and reporting options are available in Canada. In the United States it seems freezing your credit requires contacting all of the credit bureaus. I have not,...
6
votes
1answer
173 views

Is there a general way to prevent fraudulent bank accounts from being opened in your name in Canada?

In the wake of the Desjardins data leak, several of my friends have become aware of fraudulent bank accounts (not credit accounts or lines of credit, to the best of my understanding) being opened in ...
5
votes
4answers
13k views

Can I move my 401k to another country without paying tax penalty?

I might want to move the money in my 401k from US to Canada. I do not work with my previous employer anymore, but now I am self-employed. Can I do this without incurring penalties?
5
votes
3answers
2k views

I just made $50K from selling my house. How should I invest the proceeds?

I just made $50K from selling my house. I need some advice because I'm terribly bad at managing money and I'd like to invest a bit. My bank is harassing me – they want to sell me their product ...
5
votes
3answers
530 views

Is there a Canadian credit card which shows holds?

It is really frustrating not being able to run a tight ship with my money. Neither CIBC nor TD shows them immediately. It is certainly possible because I ran across a Visa gift card which showed them. ...
5
votes
3answers
2k views

In Canada, can a limited corporation be used as an income tax shelter?

I've heard this old chestnut from various people over the years but have never been able to find any solid information on the process and thus, never put it to the test. The claim is that if you plan ...
5
votes
4answers
419 views

Is there any reason to choose my bank's index fund over Vanguard?

I'm planning on transferring some of the money in my RRSP into an index fund. My bank (CIBC), has a balanced index fund that has 1.2% management expense ratio (https://www.cibc.com/en/personal-banking/...
5
votes
5answers
3k views

Why not pay in full upfront for a car?

I assume the following 3 hypotheses, which doesn't duplicate and instead only narrows https://money.stackexchange.com/a/38838/10763, https://money.stackexchange.com/a/15812, https://money....
5
votes
2answers
431 views

Will there be enough money in the Canada Pension Plan (CPP) to cover baby boomer retirement?

As the leading edge of the baby boomer generation edges into retirement age, is there enough funds in the Canada Pension Plan (CPP) to cover the needs of this populous generation? Do special measures ...
5
votes
3answers
1k views

Use retirement to pay off debt: Should I cash in RRSP to repay Line of Credit?

The amount I have in RRSP savings is exactly equal to the amount I have in Home Equity Line of Credit debt (significant, but aside from home mortgage, my family has no other debt). I know if I ...
5
votes
2answers
323 views

Retiring 10 years early; should I withdraw pension fund to invest myself or wait and take defined benefit?

My total cash assets are approx 585k; I have no debt, but neither do I have other assets (ie property, car, etc). I have very low rent and live within my means. My money is held about 1/2 in RSP, the ...
5
votes
2answers
135 views

Does an RRSP loan provide any benefit, vs. simply making monthly RRSP contributions?

While evaluating a short term RRSP loan like this one, the numbers seem good on paper. But: If I need to save $1,000 in tax deductions, I need to put the entire borrowed money into the RRSP before I ...
5
votes
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 ...
5
votes
4answers
1k views

Is my employee stock purchase plan a risk free investment?

My company offers an employee stock purchase plan with two 6 month periods. At the end of the period I buy the company stock at a 15% discount on the lower of the price at the start of the period and ...