All Questions
301
questions
0
votes
1
answer
124
views
Efficient Canada investment account after maxing out TFSA that is not RRSP?
What kind of investment accounts in Canada are tax-efficient and allow holding U.S. stocks (Amazon, Google, etc.)?
I have maxed out my TFSA, and would prefer not to lock money in retirement-inclined ...
- 113
16
votes
4
answers
11k
views
Minimize taxes now that I earn more
Background
I recently received a hefty promotion for $350k (plus stocks and bonuses) with the same company. Now that I can finally start to pay down my debt, I'm not so happy that suddenly 45% of my ...
- 201
65
votes
2
answers
17k
views
I won a car in a poker game. How is that taxed in Canada?
For the sake of title transfer and taxes, is this a gift or a sale?
This was a private game. We both tossed our keys into the pot. I won and the vehicle is now sitting on my driveway.
I live in ...
user47387
2
votes
1
answer
3k
views
CANADA: Can I deduct condo fees in business use-of-home deductions?
Info:
the condo is a townhouse - not in a building.
the condo fees are >$500/month ($6000/year)
there are not many common areas
the condo fees cover items such as ALL exterior maintenance (roof, ...
- 183
2
votes
0
answers
104
views
(Hypothetical) Write off Loss of Cash due to bankruptcy of financial institution
In both Canada and the United States, how do we write off the loss due to bankruptcy of the financial institution in excess of deposit insurance on the tax return for the tax year when the bankruptcy ...
- 417
3
votes
1
answer
172
views
Why does strategy with borrowing 35,000 and using Home Buyer's Plan apply to just Canadians in 40% marginal tax bracket?
Why do these Reddit users focus on the "40% marginal tax bracket"? How did they calculate it? Assume that we're in Ontario so that we can work with Ontario's provincial tax rates.
35K at 5% for 90 ...
user44213
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
3
votes
0
answers
140
views
Are cash gifts from a former employer taxable in Canada?
I was previously employed by an elderly couple providing in-home care for several years. The husband passed away a number of years ago, while the wife passed away last year. Obviously, as the couple ...
0
votes
1
answer
176
views
Deducting your own rent you incurred while renting out your own place
Person X wants to earn some extra cash
They rent out their condo for $1400 a month.
They need somewhere to live now, so they rent a basement suite for $1000 a month
Now they make $400 a month profit
...
- 273
1
vote
0
answers
45
views
Made a mistake reporting total income on T1 tax forms
This is a bit embarrassing but apparently, I made a mistake on my income tax return. In particular, the "total income field". In my first tax return(2017), I thought this was "monthly income", but ...
- 11
0
votes
1
answer
88
views
Do I have to pay taxes on external savings?
I am thinking on moving to Canada to work, save for retirement, and move back to Portugal due to the lower cost of living to live my retirement. I will contribute to the Canada Pension Plan and also ...
user88269
2
votes
0
answers
39
views
Tax on Canadian investments for a Canadian expat in UK
I have never studied accounting before looking for some guidance on my issue. I have investments in Canada that I have to file tax returns for capital gains and dividend income. However my primary ...
- 121
2
votes
0
answers
63
views
How can I notify the CRA of intent to contribute to an RRSP?
I currently have an RRSP through work that I contribute to. However, the amount is significantly smaller than my annual limit. I have a self-managed RRSP separately and contribute sizable amounts. ...
- 121
3
votes
2
answers
330
views
Is my sister entitled to a refund for IRS over-withholding? If so, how does she get the refund?
My sister has a taxable brokerage account with Interactive Brokers and invested in GE stocks (which collapsed, resulting in a massive capital loss written off on Line 132 of Schedule 3 on her T1 ...
- 417
2
votes
0
answers
180
views
Can you claim past unclaimed expenses from previous years on a rental property?
My question is the following:
Let's say I have some repair renovations that were performed in 2016 that I never claimed in the 2017 tax year (because I had enough expenses to fully balance out the ...
- 21