Questions tagged [canada]
For questions that relate to the financial laws, practices, and products of Canada.
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I just got $80K in a foreign account. What should I do? [closed]
In my Canadian bank account I recently received CAD 80K in gifts and bequests from relatives, and am looking for options on what to do with it. My situation is as follows:
Dual Canadian–EU citizen.
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Do I need to declare capital gain when buying BTC to trade for another coin?
In 2017, I wanted to by XRP. There was no way to buy XRP with fiat, only with BTC.
So I first bought 1 BTC for $20,000
I immediately sent that 1 BTC to an exchange so I can trade it for XRP. The ...
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How do I calculate capital gain when I bought at different prices?
I bought 2 BTC in 2019 for $4,000 each
I bought another 2 BTC in 2020 for $10,000 each
In total, I bought 4 BTC for $28,000
I sold 1 BTC in 2021 for $40,000
How do I calculate the capital gain for the ...
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Credit Card Charges for Foreign Purchases
I used my Mastercard when purchasing on vacation in Canada. When I received my credit card bill, I did see the Foreign Fee attached, which was fine.
However, in my most recent activity, I found the ...
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Do temporary residents have to pay capital gains tax on unrealized gains when they leave Canada?
Suppose I am a temporary resident in Canada for work or study. I owned some stocks before going to Canada, and bought some more during my stay in Canada. I do not sell any shares during my stay in ...
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What Incentives are stopping banks from raising their prime rate?
In Canada, banks set their prime rate which affects the lending rates for many of their products including variable-rate loans. Many sources say that the Bank of Canada's (BoC) interest rate ...
user118726
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Why does the TD Bank principal portion of a mortgage payment go up and down in sawtooth? (why is interest payment on annuity in arrears non-monotonic)
I'm trying to understand the amortization schedules of TD mortgages, as produced by the TD Calculator.
The monthly payment amounts (on this fixed rate mortgage) are predictable and constant, but the ...
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TSE:CHB and US withheld tax
"iShares U.S. High Yield Fixed Income Index ETF (CAD-Hedged)" (TSE:CHB) is listed on the TSX and tracks an index of US high-yield bonds. It holds these bonds directly (i.e. not through a US-...
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Can we keep track of Adjusted Cost Base (ACB) for each individual stock unit instead of treating as single asset ? (Canada tax on capital gains)
Brokerages internally seem to keep track of the cost of each share in a portfolio (one example is fidelity). When selling, other platforms, like QTrade, seem to only let you pick a number of shares to ...
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Is it smart to keep my TFSA when moving on a J1 visa to the US?
I am an Austrian citizen, who just finished his PhD in Canada (on a study permit) and will now move to the US on a J1 Visa as a researcher.
I have some investments in my Canadian TFSA and was ...
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Are those with Open Work Permits considered Non-Residents of Canada for the TD1 form?
I arrived in Canada on July 11, 2022, and I have an open work permit that is valid until December 31, 2022. My company has requested that I complete TD1 and TD1ON forms because my employment will ...
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Transfer / Withdrawal of all funds in an RPP
An individual has a Registered Pension Plan, and has recently retired.
The plan management company is restricting access to the funds to a specific amount per month, which is insufficient for the ...
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What account to draw from for a first-time home buyer? (Canada)
Assuming I need 35K for a downpayment and I have 50K in an RRSP 50k in a TFSA and 20k in a non-registered account— which account is it best to draw from? My assumption is that cleaning out the non-...
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Central Bank Interest Rate Hikes in Canada impact on Fixed/Variable Rates
Note: This is my first property purchase so forgive the n00b question
I plan to sign at the notary for the purchase of a condo in the upcoming months. The condo was under construction for the past ...
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Taxes on certain retirement income in Canada for a US citizen / resident of Canada
I receive US military retirement, and Veterans Administration Disability and Social Security. What is taxed in Canada? Is anything exempt such as the Veterans Disability?
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Do High Interest Savings Account (HISA) have an associated risk?
I have been chatting with a friend who asserts that all investments have an associated risk. In reference to this I suggested a High Interest Savings Account, claiming it has no risk. My friend ...
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Taxes for U.S. citizen doing remote freelance work for Canadian
I am a U.S. citizen with residency in Florida and am setting up a freelance contract as a sole proprietor with a Canadian government agency. The work will be done remotely from my home in Florida. In ...
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Can/should you pay the down payment for your house on a line of credit?
I’m a first time home buyer in Canada. I need to pull together ~40K to cover the down payment on a house. I have investments which would cover this cost (mostly in total US market index funds). ...
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Why are returns on term deposits so much higher in Canada (than in other countries)?
If one searches for GICs (Canadian equivalent of a term deposit) on the Canadian financial service comparison site ratehub.ca for 3 year deposits with 10 000 CAD as investment capital, one will come ...
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Must the Credit Card Issuer refund Card Holder, for deposits paid to a Merchant that later bankrupt?
Presuppose that a Card Holder charged or debited her credit card, to pay deposit money to a Merchant company for a good. But then Merchant bankrupts, before Card Holder ever obtains the good. ...
user116038
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Should I exercise my stock options (NSO's) before or after moving from Canada to U.S.?
I'm planning on changing my residency in a coming year from Canada to U.S. (Canadian citizen). I have NSO's of a private US corporation and have the option to exercise my vested options. I'm going to ...
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How do I structure accounts to represent capital and depreciation for multiple jurisdictions, keeping equity accurate?
I am required to file taxes for my small (sole proprietorship) business and personal finances in two jurisdictions (Canada and the USA, as it happens). I have capital equipment for my business. Both ...
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Is a depreciation claim on a rental property basically always worth it in Canada, given stable income?
As I understand it, in Canada (unlike the US) there is some freedom in how much depreciation expense you can claim for a rental property every year, from 0 all the way up to 4% of the yet-...
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Should ex-spouse be paying tax on her portion of my private pension?
My ex wife has been receiving a portion of my private company pension for about 5 years now. I have just realized recently I have been taxed on the full amount of both our monthly pension amounts. ...
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How can I provide proof of ownership of a bank account?
I set up a gambling account ended up making a large amount of money. I have verified my ID and proof of address and I want to withdraw, but I need a proof of ownership of the bank account that funded ...
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When starting to invest, is it better to use a bank or online broker?
I am looking into investing in an ETF. I'm very new at this. Is it better to open a self directed RSP with a bank or an investment management service like WealthSimple or Questrade? I heard that if ...
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What are safer alternatives to deposits that consumers can lose — if, after consumers pay deposit, a company goes bankrupt?
Many companies (call them D for Defendant) require monetary deposits from consumers (C for Claimants), before D undertakes time and effort to order the product. C is an unsecured creditor, and ...
user116398
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Can the portion of medical expense covered by private insurance be simply deducted from the amount claimed for Tax Deduction in Canada?
For example, if one had to pay $1000 to the medical service provider for a procedure, and upon making a claim - only $300 got covered by private health insurance, does one preserve both receipts for ...
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Meaning of ticker symbol suffixes for Toronto Stock Exchange listings
When looking at the ticker symbols of stocks listed on the Toronto Stock Exchange (TSX and TSXV), I noticed that there are many kinds of suffixes. For example, ".A", ".DB", "....
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How does TD Easy Trade make money with commission-free trading (Canada)?
How does TD Easy Trade make money with commission-free trading? Is it solely through USD currency exchange fees like Wealthsimple? Is TD using the platform as a loss leader for their Direct Investing ...
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