The Stack Overflow podcast is back! Listen to an interview with our new CEO.

New answers tagged

3

Ownership is only one part of the rule. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/principal-residence-other-real-estate/what-a-principal-residence/does-a-property-qualify.html A property qualifies as your principal residence for ...


2

It is not taxable, because the transaction is not a barter transaction. The discount is not offered in exchange for a specific thing like an amount of work. It is offered to someone with a specific status, i.e. an employee. That is no different from offering a discount to a senior, or a veteran. Key to this is that they person receiving the discount does ...


3

From the government's perspective, you have one TFSA account, and the limit applies regardless of how the money gets into it. So be careful that the employer's contribution doesn't cause you to exceed your limit. And be aware that whatever the employer contributes on your behalf counts as a taxable benefit, so you'll have to pay income tax on that. Your ...


0

You might also qualify for Employment Insurance if you have recently become unemployed. To understand if you qualify you should read the eligibility criteria here. If you need help filling out your application, or have any questions you can call Service Canada at 1-800-206-7218 or search "Settlement Services" on the Services Near Me website. Also, check out ...


2

In Canada only TFSAs and RRSPs are tax efficient in the sense that they allow you to forgo paying taxes on dividends and capital gains (TFSAs), or defer paying taxes until a later time (RRSPs). Any major bank will be able to set up an investment account for you where you can buy/sell/trade US equities. You will have to pay capital gains taxes on any ...


2

I don't live in Canada and am unfamiliar with how things work over there but it looks from the Toronto Ontario Works page (under the Who Can Apply tab) that you need to be a Toronto resident to apply for Ontario Works there. I could be wrong though, your best bet would be to contact both your local Ontario Works office and the Toronto one. Here is the ...


5

Whether 5% cash back is an advantage depends on the figures. For example, for $1m over 10 years it is advantageous; over 15 years it is not. Illustrating with calculations: s is the principal r is the monthly rate n is the number of months d is the monthly payment s = 1000000 r = 2.79/100/12 n = 12*10 = 120 d = r s (1/((1 + r)^n - 1) + 1) = 9559.44 The ...


3

If you are buying the next house together, all your loans will be considered, so whether they are joint or sole will not matter. What will matter is that you may be considered able to service a larger loan if she co-signs, because your car payments will be lower. That won't be the case if your limiting factor is the Loan-to-Value ratio, which will not be ...


0

Presumably if you are retired you will be drawing down from your RRSP at some point, so the issue of whether to do it now or later becomes a cost benefit analysis. Assuming your income is unlikely to change in the future most of the variables cancel out and it becomes a question of whether you are likely to pay more on a lease over that period of time ...


1

There's a 27% chance that someone with a 640 credit score will become seriously delinquet in the future. (Source). Do a cost benefit analysis. (Extra income gained by renting for the whole year and not paying an agent fee) - (0.27 x Potential cost/loss due to eviction) = ? If it's greater than 0 then rent to the barber, otherwise rent to the students. ...


6

There isn’t really anything special about this “combined savings/checking account.” It is just a checking account, one that happens to have, for the moment, a higher-than-average interest rate associated with it. The “combined account” terminology is just a marketing gimmick. With any bank/credit union, there is nothing stopping you from putting all your ...


0

After taking a glance on the OP said bank account charges and small print, I think OP just didn't realise there are pitfalls awaiting while not fixing the problem. Worst, the said merged account doesn't prevent potential overdraft but also incurred an 21% APR when it happens. Most of the local bank that maintains a good account relationship with the client ...


0

I generally agree with your order, but @Chris W. Rea has already alluded to the point that if you have money in an RRSP/TFSA that'll make a difference. If you can transfer your money around without incurring too many penalties (talk to your bank) you'll want to have any funds that pay large dividends in your TFSA. Fill up the remaining space in your TFSA ...


3

Technically a mortgage is not a credit to buy a house but a credit that is secured against a house (in case you default in your debt the creditor gets to sell the house to recover it). So there is nothing preventing you from getting a mortgage to pay some other costs (like some holidays, or a new car, or your next business)1. Getting a mortgage to refinance ...


Top 50 recent answers are included