All Questions
301
questions
4
votes
1
answer
302
views
I am a Canadian, living in Canada, doing an internship remotely for a U.S. company. Do I pay U.S. taxes?
Main question in the title.
I already received a "bonus" (was supposed to be a relocation stipend before the internship got moved to virtual). For that check, the following taxes were ...
- 141
3
votes
1
answer
221
views
When calculating net-worth, how to discount money in an RRSP?
Suppose that I have the following account balances:
Personal Banking Account $10,000
TFSA $40,000
RRSP $60,000
I would like to calculate my net-worth.
...
3
votes
0
answers
88
views
Client is offering to withhold tax from my payment
I recently started working in an arrangement neither me nor the person who hired me has done before. Someone who works as a contractor for a company got a budget to hire me as a (sub)contractor. He ...
1
vote
0
answers
34
views
How to determine which Canadian investments are tax-efficient for US taxpayers in Canada?
How can a Canadian, who is also a US Citizen, determine which Canadian investments (stocks, bonds, mutual funds, ETFs, REITs, etc.) are tax-efficient (especially considering PFIC rules) for a) a post-...
- 439
2
votes
1
answer
98
views
What is the CRA definition of income? Why not any payment counts as income?
Official acts and guides shed light on what kinds of income there can be and distinguish between taxable and non-taxable income. However, I could not find any definition or even a hint of what is ...
- 121
2
votes
1
answer
139
views
Received lump sum payments for OAS, GIS application (for last 3 years) with one T4 slip in 2019. How can we still qualify for "refundable tax credit"
My uncle & aunt in Canada applied for their OAS (Old age security) & GIS (Guaranteed Income Supplement) & Allowance payments in January 2017 and they were qualified to receive all benefits ...
- 185
1
vote
1
answer
141
views
I bought a website. How does it affect my taxes?
I have a small British Columbia business (sole prop) writing software.
I bought a website last year which is earning a bit of money through my business name.
Does the purchase of the website count as ...
- 11
1
vote
2
answers
246
views
Canada resident tax on overseas rental property
I am moving to Canada, BC this year and understanding taxation is rather difficult to understand.
I have an apartment in Europe which I am meaning to rent out. The tax in my country on rental property ...
- 111
3
votes
0
answers
603
views
How are US Health Saving Account (HSA) taxed in Canada for a Canadian citizen, not a US citizen?
The HSA in question is founded while legally working in the US and being a US tax resident. However, I'm thinking of coming back to Canada.
Are they just considered as a normal account? Therefore, ...
0
votes
2
answers
1k
views
Does Meghan Markle need to pay taxes for her stay at a billionaires house?
According to reports, Meghan Markle is receiving free accommodations at the home of a Canadian businessman.
Assuming this is true, and given Meghan is a US citizen, and considering the fair market ...
- 1,290
1
vote
0
answers
75
views
Ontario, Canada rules for tax rates for services
In Canada, various provincial and federal taxes are applied to goods and services. In the event that a tax rate changes, there can often be confusion as to which tax rate to use for services rendered. ...
user20384
0
votes
1
answer
62
views
What other variables affect optimal contributions to RRSP now?
I already maxed my TFSA. I can't have and don't want kids. I want to create an Excel spread-sheet to work backwards to determine the optimal RRSP contributions now that'll minimize taxes when I start ...
user40269
2
votes
1
answer
69
views
Where to put Canadian-listed ETF that holds a US-listed ETF of US stocks?
Assume I have just three unused accounts – RRSP ($90 000), TFSA ($63 500 in 2019), and non-registered investment account. I'm Ontarian. I use another example like XUU. Where to put it first?
I ...
user11761
7
votes
3
answers
317
views
When estimating what portion of home is used for work, how could government verify you're telling the truth?
I work as an independent contractor and sometimes do a little work from home. I can write of part of my home rent for working from home. I am trying my best to estimate accurately for what percent of ...
- 264
1
vote
1
answer
323
views
Are friends and family discounts or employee discounts taxable?
I recently read this article which says in Canada:
"barter transactions are only taxable when the goods or services you're giving up are of the kind generally provided by you in the course of ...
- 2,592