All Questions
301
questions
2
votes
2
answers
230
views
What will happen to the amount of money I contributed exceeding my RRSP limit and will I pay a penalty?
My RRSP deduction limit for 2020 was 16,000$. In the year 2020, I contributed 28,000$. TurboTax displays it as "Amount of contributions exceeding your limit (automatically carried forward for you)...
- 31
1
vote
2
answers
91
views
How is GST/HST treated when you file corporate tax?
FOR CANADA:
Let's assume I make $100,000 in sales with a 13% HST tax = $113,000 in a year. Also let's assume zero expenses for the year. I pay $13,000 in HST.
Are my corporate income taxes on $100,000?...
- 129
1
vote
1
answer
58
views
Advantages of incorporating in Canada for reselling
I'm looking into reselling (flipping) retail merchandise on Amazon with FBA. I'm in Canada, I expect profit margins to be tighter.
One thing I'd like to know is if incorporating could save me from the ...
- 113
2
votes
1
answer
207
views
Does the simplified flat rate for meals already reflect the 50% deduction?
In Canadian taxes for the self employed, they offer a simplified method for meal deductions with a flat rate per meal and/or a max per day. Do the amounts mentioned already factor in the 50% you're ...
- 21
2
votes
0
answers
227
views
Does Canada have regulations regarding "shorting against the box"?
If you hold a long position in a stock and believe it will go down but don't want to realize any gains, you can a open short position in that same stock to hedge against any drops in the price. This ...
- 174
2
votes
2
answers
211
views
What is the best time to exercise stock options?
I work for a small company and was granted some stock options with a strike price of about $2.50. Now that the company has gone public, the stock prices hover between $15 and $20.
I'd like to get ...
- 479
1
vote
0
answers
29
views
non resident of Canada , taxes due on sale of shares in Canada
I am a resident of a EU country with a double tax treaty with Canada. I pay dividends at source on shares I own in a Canadian bank. What happens when I sell the shares, am I taxed on any gains in ...
- 11
1
vote
1
answer
141
views
Canadian Taxes: Can I claim the full flat rate (currently $23) for a meal even if the meal costs less?
Here's the link to the CRA website but it doesn't seem to specify this. It seems to say $23 but I am not clear on this and it would seem odd to me to claim $23 for a $10 meal. Thanks in advance.
https:...
- 11
5
votes
0
answers
103
views
What taxes does an Eritrean-American-Canadian citizen Canadian resident pay first?
I am a Canadian born to an American-born Canadian father and an Eritrean mother. We live in Canada, where I was born. I am a citizen of all three countries mentioned.
Because of insane laws, I am ...
2
votes
1
answer
91
views
Checking one's status with the IRS
I'm not American. I was a resident alien and worked legally for 9 weeks in the US a few years ago. I received a US SSN. The job turned bad and I went back to Canada.
I never filled a US tax form, but ...
- 263
5
votes
0
answers
99
views
I'm a Canadian citizen and now a US resident. How do I close my Canadian RRSP and TFSA?
I am a Canadian citizen who moved to the US in 2009. I am now a US resident and Canadian non-resident. I still have a Canadian RRSP, TFSA, and bank account. I've filed FBARs since becoming a US ...
- 51
2
votes
0
answers
58
views
European consultant: living and working in the USA, employed in Canada
I am from Europe and a consultant employed by a Canadian University, but I live in the USA (I moved to the USA as my husband received a J1 visa). So now I am trying to figure out where to pay taxed? ...
- 21
2
votes
1
answer
120
views
Avoiding capital gains tax when exchanging one stock for another
From observation, it seems like an ETF fund manager can buy and sell assets while avoiding a capital gains tax. However, if I were to do that, I would be taxed each time I sold (and thus missing out ...
- 174
2
votes
0
answers
33
views
Can I hold US dollars and buy US stocks (with US Dollars) without FX commissions using a Canadian brokerage account?
May be moving to Canada next month, so I had some questions.
I would like to transfer my US dollars to a Canadian brokerage account -- from what I've read IB or Questrade are the best options.
However,...
- 475
2
votes
3
answers
116
views
How to maximize retirement equity in Canada
I live in Canada. I am mortgage-free/debt-free, have maxed out my RRSP contributions, and have some extra cash outside my RRSPs. I don't have a company pension plan - my only retirement income will be ...
- 1,032