Questions tagged [canada]

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

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4answers
1k views

Should I max out my TFSA contribution before any other investments?

I'm still relatively young (I just turned 30), and no debt but mortgage. I'm kind of late to the retirement savings game and still have $15,000+ of contribution room for my TFSA as of this year. As a ...
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2answers
226 views

Index fund that tracks gold and other commodities

Is there an index fund that tracks the index for precious metals? How about a fund that tracks an index just for gold?(I guess this is not possible) And is there a fund that tracks overall commodities ...
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1answer
1k views

When is it necessary to apply taxes for web freelancing services in Quebec, Canada?

When is it necessary to apply taxes for web freelancing services in Quebec, Canada?
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1answer
376 views

Never filed my taxes for many years in British Columbia. What can I do?

I suffer from depression and unfortunately never filed my income tax in British Columbia, Canada. I always paid my taxes through my employer. How can I file now and what would the penalty be?
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2answers
592 views

Can I contribute to my spouse's RRSP to fully take advantage of the Home Buyer's Plan?

My spouse and I plan to eventually use the Home Buyers' Plan when purchasing our first home. If we combine our RRSP's then we can take out $25,000 each to use as a down payment on our first home. I ...
5
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1answer
347 views

Should I save for my children's university education in Canada, or am I better off paying off loans and gaining debt room?

Looking at the financial aid system in Canada, it seems that significantly more aid is available for those who do not have savings or lack the ability to directly pay for their education. As a member ...
5
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2answers
2k views

Asset classes: Is a Guaranteed Investment Certificate (GIC) considered a bond?

When we think of asset classes, there are 2 types: stocks and bonds. Where does an investment like a GIC fit in? It is not a bond, nor is it a stock.
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1answer
5k views

Did not cash cheque for last years tax refund, can I ask for another?

A friend of mine did not cash her refund cheque from last year as she moved away and forgot to change her address. What is the method for retrieving that refund from the CRA? Would it be possible for ...
5
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1answer
264 views

Should I diversify? If so, into what?

I am 29 years old. I worked very hard at a well-paying (but not exciting) job and spent my vacation time buying and renovating properties. Currently, I have 4 condos with an approximate equity of 445,...
5
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1answer
542 views

Do I need an official receipt to claim a charitable tax credit?

I made a charitable donation in December of last year, and have yet to receive the official tax receipt for tax-return purposes. Contacting the charity, I was told that the receipts had already been ...
5
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2answers
2k views

Non-tax-resident of Canada needs to pay taxes for investment account earnings?

if a person were to be a non-resident of Canada without jobs, a spouse, kids, asset (houses, cars etc.) in Canada, then that person would not be obliged to file a tax report. However, if that person ...
5
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1answer
11k views

What happens to dividends on stock held in TFSA or RRSP account?

What happens when dividends are paid out on stock held in TFSA or RRSP accounts? Do the payouts get put back into those same registered accounts? Are they considered 'contributions' into those ...
5
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1answer
312 views

With interest rates beginning to ascend, is it better to lock in a mortgage at fixed rate or opt for variable rate?

With the interest rates beginning to ascend, is it better to lock the house mortgage at a fixed rate or to opt for a variable rate mortgage? Thanks in advance for the sage advice that is shared here.
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1answer
765 views

In Canada, can I deduct my mortgage if running a business from my home?

If I run a home business and a portion of the home is used as an office for the business can I deduct a percentage of the mortgage?
5
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1answer
169 views

Does a cash back mortgage at a higher rate with the cash immediately applied to the principal make financial sense?

A mortgage advisor was trying to sell me on cash back mortgage. For most clients he said they use it to pay down debt at a higher interest rate or to buy the essentials for a first home. This is not ...
5
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1answer
118 views

How can I argue for a higher motorcycle write-off value?

I was in an accident in June, other driver at fault. I had only liability coverage, so I've had to deal with his insurance directly. The bike was towed to a dealership and a week or so later I got a ...
5
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1answer
878 views

Canadian Citizen - Worked in USA - Now in Canada - Should I be filling a W9?

I'm a canadian citizen. I lived and worked in USA for 12-13 years under a VISA (Not a US citizen and not a permanent resident). I've been back to Canada since 2011. I do not own anything in USA. ...
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2answers
369 views

Investing for Dividend Income with Canadian TFSA

I have a TFSA that I tend to max out every year. I would like to invest this money into stocks that pay me out dividends on a regular basis. I asked a previous question about the tax implications in ...
5
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3answers
476 views

Sending regular small amounts of money from Canada to UK

I live in Canada, a relative of mine lives in the U.K. I would like to know the best option for sending small amounts of money approximately once a month. I'm thinking most likely $100 to $300, but ...
5
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1answer
168 views

Power of Attorney on Bank Account - Anything to Watch out For?

In planning for their later years in life, my parents want to have me become power of attorney, and to have control of their banking accounts, etc. They are still of sound mind, etc, and I wouldn't ...
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2answers
190 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 ...
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1answer
722 views

Never-cashed cheques

A scenario: You pay someone with a cheque for something, receiving a receipt for it. They do not cash in the cheque. What is the ettiquette for this situation? Are you to go on living your life, ...
5
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1answer
19k views

By when must an employer send out final payroll tax documents (T4) for a deceased person in Canada?

My wife died in April, 2011, and I am the administrator of her estate. She worked until the day she died. I have had to submit a tax return for 2010 and will have to do so again for 2011. The ...
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2answers
1k views

How is buying a Canadian mutual fund also priced in U.S. dollars different from the plain fund?

Many Canadian banks (e.g. TD Canada Trust) split the same mutual fund into two options, one linked to the Canadian dollar and one linked to the US dollar. For example, the TD U.S. Index and the TD U.S....
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1answer
726 views

Ontario HST rebate: I live in Quebec. Are the rebate cheques for Ontario residents only?

HST cheques are for Ontario residents only? Thought it was Canada. I live in Quebec. So we don't receive a cheque? But will have to pay the HST on all items purchased?
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1answer
239 views

Home Renovation Tax Credit (HRTC) - Can I still claim it even if I pay cash?

Can I still claim the Home Renovation Tax Credit even if I pay cash?
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1answer
70 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?
5
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1answer
295 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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3answers
324 views

What are the benefits of doing a “cheque exchange” when contributing services-in-kind?

Scenario: A consultant provides services-in-kind (let's say valued at $x) to a charitable organization. There are two options for how this can be accounted in a manner that creates a paper trail for ...
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3answers
394 views

How should I split my salary between bank accounts when working abroad?

I am living in Canada and have accepted a temporary position in Kuala Lumpur for a year or two. The company has asked how much of my salary should be deposited in my Canadian account and how much in ...
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2answers
533 views

Canada - tax for non-resident from sources outside Canada

I'm not a Canadian citizen or resident. If I have a bank account in Canada, which I use to receive payments for a software product/service from people outside Canada, am I eligible to pay Canadian tax?...
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1answer
190 views

Loan from Canada to UK

I live in Canada. My brother in the U.K. is thinking of purchasing a house with his wife. They are both teachers and careful with their money but don't yet have money for a down-payment. I am ...
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1answer
2k views

What evidence do I need to declare tutoring income on my income tax?

What evidence do I need to declare tutoring income on the Canadian federal income tax form? I am doing tutoring with students and want to declare it. Can I make copies of the checks I receive?
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1answer
265 views

Canada's polymer $100 bank notes: When will other dollar amounts of “plastic money” be available?

In November 2011, the Bank of Canada released a new polymer (plastic) one-hundred dollar bank note, including transparent areas and metallic images. What other denominations of Canadian paper money ...
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2answers
177 views

Under which conditions does it make sense for a Canadian investor to put their mortgage in their RRSP?

Canada allows investors to use their retirement fundings (RRSPs) as part of a loan to themselves, which can fund the buying of a house. When does it make sense to take advantage of this?
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1answer
2k views

How would one find foreclosures in Canada, Newfoundland?

I am starting to look for a new home, and am wondering how one would find foreclosure in Newfoundland.
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1answer
1k views

Ontario HST rebate: When would I qualify?

I turned 18 in January 2010 and I filed a 2009 income tax return. When will I qualify to receive the rebate?
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1answer
1k views

How long do I have to make an adjustment to my income tax filing?

For instance, if one were to find receipts between 2-3 years old, are they still useable? Is there a fee for a re-assessment?
5
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1answer
85 views

How much will I benefit if I get receipts for child care? (Canada)

I am returning to work soon and will pay approx $13,000/year for care for my little one. I would appreciate feedback as to whether I am understanding the value of claiming child care on taxes... I ...
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1answer
5k views

Credit freezes aren't available in Canada. What options are available to protect against identity theft?

It looks like credit freezes aren't possible in Canada. Despite this, there is some evidence that identity theft is a bona fide problem in Canada: RCMP states that in 2009 there were 11,095 identity ...
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1answer
2k views

US Citizen Buying Rental Property in Canada

I currently own a few rentals (town homes / condos) in the United States. I pay on average about 1% higher interest because it's not owner occupied. I have friends in Canada. I've been told there are ...
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1answer
3k views

As a US citizen studying in Canada, do I pay income taxes in either country for Scholarships?

EDIT: It is really more of a "grant" than a "scholarship". Also, I qualify as a resident of Canada for this tax year. I'm a US citizen in graduate school in Canada. I have an annual scholarship of ...
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1answer
3k views

Can a Canadian resident in the US transfer funds from one RRSP to another?

Once a Canadian resident moves to the U.S., the most common tax advice is to leave any RRSP in place in Canada because attempting to convert to an IRA or otherwise withdraw the money has some horrible ...
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1answer
1k views

What Canadian banks offer two-factor authentication (such as password & token) for online banking?

None of the Canadian financial institutions I deal with offer multi-factor authentication. They only use a password/pin, plus laughable "security questions". Are there any options for Canadians ...
5
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1answer
837 views

What are the tax guidelines for a Canadian freelancer working for a US company?

What taxation guidelines does a Canadian freelancer have to follow when performing work (web developing from home) for a company in the United States? What taxation guidelines does the company in the ...
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1answer
85 views

I am married and currently being sponsored. I have a taxation number when filing taxes. How much HST rebate will my family receive?

I am married and currently being sponsored. I have a taxation number when filing taxes. How much HST rebate will my family receive?
5
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1answer
157 views

Should I open an RRSP if I don't plan to retire in Canada?

I'm currently working in Canada and my employer offers a program where they match my RRSP contributions up to a certain percentage of my salary. Should I start contributing to RRSP even though I ...
5
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1answer
121 views

How does revenue shared with someone else go into my tax return in Canada?

I'm contracting to publish a game for someone on Apple's App Store. I will take 15% of the revenue, he gets 85%. But Apple will report the full amount to the government. Let's say for example this ...
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1answer
126 views

How close to prime rate for a loan?

I just received an ad from my bank offering me a home equity line of credit at prime + 0.5%, a variable-rate loan. Now, I don't need the loan. But I'm curious. Is prime + 0.5% the best I can do? My ...
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1answer
161 views

Can I make a final RRSP contribution after moving to the U.S.?

I moved from Canada to the U.S. (California) in August 2013. I am wondering whether I can make one final contribution to my RRSP account for the 2013 tax year (transferring between Canadian accounts) ...