Questions tagged [canada-revenue-agency]
The canada-revenue-agency tag has no usage guidance.
29
questions with no upvoted or accepted answers
8
votes
1
answer
418
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Does Canada respect the tax-free status of National Savings certificates for residents who left the UK?
I know Canada and the UK have a tax treaty that is designed to prevent double-taxation. But I don't know if it extends to honouring the tax-free status of government-issued savings certificates.
...
- 181
3
votes
0
answers
42
views
Reduce income tax payable in Canada for an individual taxpayer
For the 2023 tax year, in Canada, how can I reduce my personal taxable income/taxes payable on my T1 tax return? I know I can use my RRSP and a spousal RRSP as a deduction against taxable income up to ...
- 131
3
votes
0
answers
45
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Tax deductible expenses in Canada when moving for work
My husband and I moved for work in Nov. 2022 from Ontario to BC. We own a home in Ontario which has been vacant since (could not be rented due to slow demand in winter time although we had been trying)...
- 175
3
votes
0
answers
166
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Will I get trouble with CRA, if I withdraw yearly maximum Capital Gain without paying tax in ON for many years?
Assume I get 0 income and my Capital Gain doesn't fall. I live in ON. Call F the maximum federal ($12069 in 2019), and P the maximum provincial ($10582 in 2019) basic personal amounts. Retirement ...
user11761
3
votes
0
answers
98
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Does money spent from lawsuits get reported in tax?
I had the unfortunate experience of taking my landlord to court. We eventually reached a settlement where I got some money. I strongly believe I should have gotten more and have evidence to support ...
- 264
3
votes
0
answers
119
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Is there a way to transfer a cultural donation tax receipt? (Canada)
Canada specific question.
My father is planning on making a cultural donation to a museum. He will receive a 100K tax receipt for the donation. My marginal tax rate is significantly higher than his, ...
- 2,592
3
votes
0
answers
102
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Setting up a personal loan, how do I report to CRA?
I am about to make a simple loan to a family member. I have a contract written up, and a payment schedule that we will both sign as well, along with a witness.
While the interest rate I am charging ...
- 961
2
votes
0
answers
42
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Can you withdraw capital gains from a stock sale and still deduct interest on the original cost basis?
Say you borrow 50k and buy 100k of shares.
Then the stock rises to 100k
You sell half and cancel out the loan, but also have 50k of capital gains.
If you withdraw the 50k gain to maintain the original ...
- 21
2
votes
0
answers
21
views
Calculating Foreign Exchange Capital Loss on Margin Loan Repayment
Let's assume I convert 10,000 CAD to 5,000 USD and hold it for one year. During that year, I also make some trades using money borrowed from the brokerage firm (i.e. trading on margin). Afterward, I ...
- 1,570
2
votes
0
answers
97
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Tax obligations for deemed non-residents in Canada
I live (and I'm resident) in a European country (Austria, that has a tax agreement with Canada) and spent 8 months in Canada last year (2022) due to a research stay (I worked on my Master Thesis in a ...
- 230
2
votes
0
answers
67
views
Revenue Recognition, Foriegn Currency, and Exchange Rates
I live in Canada, and run a small hobby website (under a sole proprietorship) which earns advertising revenue from various sources. Some of that is paid in CAD, some in USD, and some in EUR, etc.
My ...
- 206
2
votes
0
answers
63
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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
2
votes
0
answers
1k
views
Is forex spread betting legal and/or taxed in Canada?
I have some questions regarding forex spread betting in Canada.
1) Is spread betting legal in Canada?
I have found a few unofficial sources that say spread betting is legal in Canada, however I was ...
- 121
1
vote
0
answers
31
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In which direction should a Return of Capital (ROC) affect the Adjusted Cost Base? (Canada, CRA)
I'm trying to accurately track my Adjusted Cost Base for a few different mutual funds, and one of these funds has reported a negative amount for box 42 of the T3. -- this cell reports the Return of ...
- 511
1
vote
1
answer
52
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Instalment interest calculation in Canada for individuals
I made no instalments payments in 2023 as I thought my net tax owing in 2023 would be below $3000. I received instalment reminders from CRA and I ignored the emails. Now, I believe my net tax will be $...
- 131