All Questions
Tagged with canada capital-gain
29
questions
1
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0
answers
39
views
First Home Savings Account (FHSA) in Canada
FHSA was introduced in Canada in 2023 for first time home buyers. From what I read I can open a FHSA, because I have not lived in the house since I bought it (always rented). I can contribute up to $8,...
- 141
0
votes
1
answer
166
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Are everyday foreign currency exchange fees deductible with the CRA as a capital loss? [duplicate]
Let's say today's official market exchange rate from USD to CAD is 1.30.
However, my bank or Western Union is only willing to offer me a rate of 1.20. Therefore, I end up converting $100K USD to just $...
- 1,570
1
vote
1
answer
294
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Do you use the trade date or settlement date for CRA reporting capital gains, especially for exchange rates?
Suppose you engage in the following investment transactions while a Canadian resident:
(Buy MSFT) Trade Date: Jan 1st. Settle Date: Jan 3rd.
(Sell MSFT) Trade Date: Jan 10th. Settle Date: Jan 12th.
...
- 1,570
1
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1
answer
65
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What time period determines the long-term capital gains tax for foreign individuals in Canada?
Let's say I am either a resident of the US or Mexico. If I have a stock I have held for more than 12 months while abroad, and then sell it within the first week of my arrival in Canada, would it be ...
- 1,570
1
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1
answer
132
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How do I calculate capital gain when I bought at different prices?
I bought 2 BTC in 2019 for $4,000 each
I bought another 2 BTC in 2020 for $10,000 each
In total, I bought 4 BTC for $28,000
I sold 1 BTC in 2021 for $40,000
How do I calculate the capital gain for the ...
8
votes
3
answers
450
views
Is it tax-inefficient to receive and pay rent?
Suppose I own a home and live in it. Then I realize I want to move to another part of town that is closer to work. But this is temporary because I don't know what my job will be in 5 years.
So I rent ...
- 264
3
votes
1
answer
83
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Ontario Capital Gains,are profits also part of taxable income?
Say I Sell my investment property house for 500k and bought it for 250k. Leaving me 250k profit.
I'd be taxed on 50% of that correct: 250/2 = 125k taxable. and 125k Profit.
Now my 125k is taxed ...
- 353
3
votes
2
answers
1k
views
Any capital gains taxes owed for non-residents selling stock in Canada?
I own stock of a company outside of Canada. Recently, the company was bought out by a Canadian company with newly issued shares listed in Toronto. As a shareholder of the company, I received new ...
- 31
2
votes
1
answer
538
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DRIP Vs. Cash Dividend in a taxable account - Which one is beneficial from the tax perspective?
I believe dividends are considered as an income and if you reinvest using DRIP it won't be income but capital gain later when you sell the stock?
What are some advantages and disadvantages of doing ...
- 185
0
votes
1
answer
205
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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), ...
- 1
1
vote
1
answer
465
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US citizen paying capital gain taxes in Canada on sale of property in US
My son, who is a US citizen living and working Canada. Just sold a piece of property which he inherited in the US. The capital gains was $160,000 and US Federal and State capital gains taxes came to ...
- 11
1
vote
2
answers
142
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Should I sell/transfer an investment and pay capital gains tax, if it means investing it most wisely?
I married someone with about 100k in an investment portfolio that I do not think aligns with our financial objectives. I want to transfer this to a new joint portfolio (new institution too), but doing ...
- 113
1
vote
1
answer
1k
views
How to report multiple currency transactions on T5008 (capital gains)
I have a brokerage account with Questrade and recently had a T5008 issued to me.
On this slip is a listing of my equity purchases and sales along with the capital gain or loss on each transaction.
...
- 1,293
2
votes
0
answers
583
views
Capital gains tax from selling Canadian property for Canadian non-resident
Case: Capital Gain Tax Implications for House in Toronto, ON
Purchase value of House in 2000: $230,000
Potential Sale value in 2015: $650,000
Joint-owners: David & Rebecca, married and both are ...
- 131
1
vote
1
answer
78
views
U.S. stock sales- tax on sale for NR Canadian
I am a Non-resident Canadian living in Thailand on a Retirement Visa and my non-residency status dates back to 2013. I have no income except for CPP,. OAS, and a company pension all of which total $...
3
votes
1
answer
1k
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Can I use losses from sale of stock to offset capital gains from sale of property
If I make a capital gain from the sale of a house but make capital losses from the sale of stocks in my brokerage account (not tax sheltered), then can I use the losses against the gains to reduce my ...
- 16k
1
vote
1
answer
178
views
Where to park money from the sale of a rental property?
If I sell my investment property to raise cash for the purchase of a new home, I am required to pay capital gains tax (i.e. income tax on 50% of the gain amount.)
Is there a way to park this money ...
- 16k
2
votes
1
answer
1k
views
Capital gains on foreign investment?
An American "tax person" living solely in Canada must report any interest income earned in Canada on his/her US tax return. But, does this income include any gains or losses caused purely by currency ...
- 4,294
2
votes
1
answer
325
views
How can I reduce my tax liability on proceeds from the sale of a company?
My (Canadian) company is about to be sold and as one of the first employees I'm expecting a significant payout from options (e.g. $2M !).
That sounds like an incredible amount of money, but this is ...
1
vote
2
answers
3k
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Do I still need to pay capital gains taxes when I profit from a stock in a foreign currency?
Let's say I convert CAD 100 to USD 90. With the USD 90, I buy a stock that goes to USD 100, and then I sell it.
If I don't convert the resulting USD 100 back to (say) the CAD 105 it might be worth at ...
- 16k
0
votes
1
answer
83
views
Trading security and tax
According to GAAP:
If I buy 1000 shares of security A for 50$.
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 ...
- 103
0
votes
1
answer
393
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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 ...
- 16k
0
votes
1
answer
134
views
Is money from selling an investment property taxed at the marginal rate?
If I sell my condo (an investment property, not my primary residence) then I imagine I need to pay tax (provided I make a profit).
If I don't make profit, can I use the loss against my salary income ...
- 16k
2
votes
2
answers
13k
views
What capital gains taxes do non-resident Canadian citizens owe?
I live in the Caribbean. I remain a Canadian citizen, but a few years ago I declared myself a non-resident for tax purposes. Assuming I have no income in the Caribbean, and I make $100,000 on stocks ...
1
vote
1
answer
387
views
Does a corporation pay same capital gains tax as an individual?
If I open up a corporation in Canada and the sole purpose of the corporation is to trade stocks, does the corporation pay the same kind of taxes on investment gains as if I were trading those stocks ...
- 16k
1
vote
1
answer
1k
views
How to determine mutual fund or ETF capital gains taxes in Canada?
I live in Canada. I invest with TD Waterhouse, but I believe my question is unrelated to my specific broker.
Over the course of 2011 and 2012, I invested in a mutual fund indexed to the S&P/TSX (...
- 14.1k
6
votes
1
answer
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 ...
- 205
4
votes
2
answers
1k
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If I buy a property in an underage dependent's name am I exempt from capital gains (losses) on my income tax?
If I purchase a property in an underage dependent's name (son or daughter), and then sell it before they reach the age of majority, do I need to claim the capital gains (losses) on income tax if I ...
- 6,230
9
votes
1
answer
14k
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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 future. If I sell it now, will Canada ...
- 93