Questions tagged [canada]
For questions that relate to the financial laws, practices, and products of Canada.
1,499
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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 $...
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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.
...
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FSRA insurance on foreign currency GICs (Ontario/Canada)
It seems clear that FDIC insurance covers foreign currency GICs as of April 2020, but I can find nothing clear-cut on FSRA (provincial insurance for credit unions) for similar investments.
The FSRA ...
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How to calculate capital gains cost basis with delayed forex conversions when trading in USD in Canada?
Scenario 1: Immediate FOREX conversion
➤ On June 1st, I purchased stock ABC with a cost basis of $100,000 USD. The exchange rate on the day of the trade was $130,000 CAD.
➤ On June 10th, I sold stock ...
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Are the ATON and ACATS protocols compatible with each other for cross-border securities transfers?
ATON (Account Transfer Online Notification) - is an electronic transfer method that eliminates the physical exchange of paper documentation between brokerage institutions in Canada (signed documents ...
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How is Canadian capital gains tax calculated when I trade exclusively in USD?
99% of my entire net worth is denominated in USD, and I only trade in USD stocks & bonds.
Does Canadian capital gains tax only trigger when I attempt to convert those gains/losses into CAD? In ...
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What happens if the deemed acquisition price is lower than the actual acquisition price when establishing Canadian residency?
According to the Canadian Revenue Agency:
Deemed Acquisition on Becoming Resident:
A taxpayer who becomes a resident of Canada at any particular time in a taxation year is deemed under subsection 48(...
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Consequences of frequent share holder loan and repayment to and from my Ontario Corporation?
Let's say I have an Ontario Corporation in Canada. My corporate fiscal year is from July 1 to June 30. I also have a personal line of credit with my personal bank and I owe $50k to the bank. The ...
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How is tax residency divided between the US and Canada on the day of arrival/departure?
Suppose an individual who is a resident of the United States has resided and worked within the country from January 1st until May 15th. On the morning of May 15th, they travel to Canada and, in the ...
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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 ...
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What affect does taking a short term contract or part time job have on EI?
I was recently terminated due to lack of work. I applied for EI. If I were to get a short term contract (like a couple months) or a part time job as an employee, how would this affect the EI?
I know ...
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Selling a home while Canada Disability
My friend on disability and want to sell my house and buy a smaller one. They will profit from the sale but will put that money into a new house. Will this count as income and mess up my disability?
I ...
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Capital gains when selling my boat and HST in Ontario Canada
Someone gifted me a boat and provided me with the original receipt that shows what they paid for it. I can see they paid $47000 + HST (=$53110).
If I sold the boat to a friend for $50000, do I need ...
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Making sense out of CPP estimates
I received a reminder from Service Canada regarding my CPP plans. I need help making sense as to what they wrote. I'm trying to pick the best strategy to maximize total income. These are the details:
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Rental expenses in Canada, current vs capital
I am renting my house in Ontario Canada, and claiming the rental income/expenses on my tax return. I know I can claim current repair expenses, but next year 2024, I have to replace the roof and ...
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