Questions tagged [canada]
For questions that relate to the financial laws, practices, and products of Canada.
1,499
questions
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Differences between non-registered, TFSA, and RRSP accounts for short-term investments
I am new to stocks and I am using an application that's called Wealthsimple. The application shows different account types (non-registered, TFSA, and RRSP) but I don't understand really what are the ...
- 151
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vote
1
answer
95
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Lost my job, is it better to apply for EI or CRB?
I was recently terminated without cause. Is it better to apply for EI, CRB or something else? The work I had been doing before COVID still hasn't returned yet. I had been working in retail for the ...
- 79
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2
answers
291
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Setting up a corporation for family finances
Jurisdiction: Canada
Could I set up a private business corporation in Canada to handle my family finances (eg. pay rent, car repairs, even groceries). What are the ramifications? Why doesn't everyone ...
- 147
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4
answers
579
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Planning on having all bills due on the same day
I currently have 3 credit cards, one of which I virtually never use. I'm planning on calling the companies and asking to change the billing cycle so they end on the last day of each month. This would ...
- 1,119
3
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0
answers
61
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Canadian tax on capital gain multiple round of investment in the same company
My question is similar to this one (How to calculate capital gains on multiple trades of the same stock?), but lets say I have two objective with my investment. One short term, the other one long term....
6
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1
answer
2k
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How to remove a co-signer from HELOC?
I have a Home Equity Line of Credit (HELOC) in Canada, Quebec.
I have a co-signer on it. The co-signer is not on the deed of sale or the mortgage. I would like to release the co-signer, so he does not ...
- 169
4
votes
1
answer
312
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What is the difference between a checking account and savings account?
I understand the exact difference will vary from bank to bank. But in general, I understand that savings accounts have a higher interest than checking. So if it's that simple why not always use the ...
- 1,119
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0
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60
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How to setup a canadian CIBC bank account, from the US?
I am an international student (US citizen currently residing in the US). I will be going to university in Toronto Canada in a couple of weeks. I have arranged to pay rent for a single room apartment, ...
0
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1
answer
146
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Is it best to pay off credit cards as close to the due date as possible? Is it bad to pay mid cycle? [duplicate]
I will preface with I have a very bad sense about these sorts of things. When is it a good idea to pay off a credit card balance before the end of a cycle?
For example a statement period is Apr 13 to ...
- 1,119
3
votes
1
answer
154
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Reduce income tax deduction after being unemployed
The previous month was the first month I have worked this year. I received gross pay of around $3400. However, approximately $500 was deducted for income tax. If I were to continue working for the ...
- 174
3
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0
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70
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Can I deduct expenses from rental income on my principal residence without making it not a principal residence?
TLDR: can I still claim 40% of all of these expenses (screenshot from simpletax) on my taxes when renting a portion of my Principal Residence and it still be considered principal residence? and ...
- 183
2
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1
answer
1k
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Is it a concern if the pending transaction date is wrong on credit card? [duplicate]
I have 8 pending transactions on my credit card. Yesterday I went to a store and bought something with it. But the transaction shows up with today's date instead of yesterdays. Today I bought ...
- 1,119
7
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3
answers
425
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Debt options for single mom starting over
Hello fellow community members. I have a question regarding debt, and since it is a shameful subject with a lot of stigma I have been reluctant to ask for advice.
Currently I am a single mama to a ...
- 71
0
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1
answer
107
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Is there an incentive for entities to take advantage of tax deductions that don't direclty benefit them?
I'm trying to validate or correct a perception I have.
I believe that there is a financial benefit for entities (companies or people) to take advantage of tax deductions that don't directly benefit ...
- 415
1
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0
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109
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VSP taxable capital gain, even when I didn't sell
I have VSP (ETF) in a non registered Canadian account. I am a Canadian resident and I am taxed there. I was surprised to see that I have to pay a capital gain tax on it because I hold shares, even ...
4
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1
answer
204
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Changing "Tax Deduction at Source" to "Zero" - How to request your employer not to hold your taxes?
In Canada/Ontario, in both cases of permanent and contract employment, is it possible that I request my employer that they pay me my full before-tax salary and I pay the tax at the end of the year ...
- 143
2
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2
answers
171
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Disadvantages of putting all cash in a chequing account
When I opened an account at a bank, I was given two bank accounts: a savings account, and a chequing account. I was also given a debit card that is linked to the chequing account. The chequing account ...
- 17.1k
3
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3
answers
23k
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If you buy something with one credit card, and refund it to another, do you get to keep the points/cashback/etc from the purchase?
To my understanding most stores have policy that a refund must be done to the same card that was made to use the purchase. However this is not always the policy and I don't think there's a legal or ...
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1
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1
answer
701
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Is it suspicious to send $10K via Interac e-Transfer by dividing it into 4 transfers of $2.5K each?
At my bank, there is a $3,000 daily limit and $10,000 weekly limit on Interac e-Transfers. Will the bank or regulatory authorities be suspicious if I decide to use Interac e-Transfer to send $10,000 (...
- 17.1k
2
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1
answer
274
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Do Canadian funds lose money when investors cancel their purchase within 48 hours?
I found this in the fact sheet of BMO Junior Oil Index ETF (TSX: ZJO):
What if I change my mind?
Under securities law in some provinces and territories, you have the right to cancel your purchase ...
- 17.1k
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.
...
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0
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0
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69
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How do I cheaply transfer money from Ireland to Canada for the purpose of student loan payments?
My Situation
I'm Canadian and I took out student loans while studying in Canada. I graduated and started working right away. I have a student loan balance of approximately $29K.
I moved abroad to ...
- 155
2
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0
answers
54
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What are the correct terms for a fixed payment with variable rate mortgage vs variable payment with variable rate mortgage?
What are the correct terms for a fixed payment with variable rate mortgage and variable payment with variable rate mortgage? I've read on some articles that a variable rate mortgage and adjustable ...
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2
votes
1
answer
310
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In a fixed mortgage, is the term the same as the amortization period?
From what I understand, the term is the length of time the mortgage agreement and interest rate will be in effect and the amortization period is the length of time it’d take to fully pay off the loan. ...
- 47
0
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3
answers
253
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What is a land loan, is it different than a mortgage, and how?
From what I understand, a mortgage is a loan secured by real estate. Thus under this definition you should also be able to buy land (secured by the land). Is this true? If it is how come there are ...
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3
votes
1
answer
2k
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When should I give my Social Insurance Number to a Credit Card Company (or anyone else for that matter)?
When applying for an American Express card, it asks me for my social insurance number (SIN) but it is optional. Should I give it? The site states
We encourage providing your SIN for more accurate ...
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41
votes
1
answer
7k
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Canadian citizen, TN worker, commute daily from Canada: am I a US person for tax purposes?
I only have citizenship of Canada.
I work for a US company on TN Status.
I commute daily from home in Canada to office in US and back.
I do not reside in the US.
I get a W2 and file taxes with the IRS ...
1
vote
1
answer
86
views
How to find comprehensive agreement before getting credit card?
I'm looking to get another credit card. Generally speaking I find it difficult to cut through the marketing talk to find out what I'd really be getting myself into. I'm looking for one with high ...
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5
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2k
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Assuming you already have the money, how to tell when/which day of the month to pay off credit card balance?
Maybe this is a simple question but I have a really bad sense about these type of things. When I got my first credit card the teller "did me a favour" and said if I always paid it off in ...
- 1,119
2
votes
1
answer
146
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US Resident: Unreported Bank Account In Canada
I'm Canadian living in the US for the last 6 years. Recently, I obtained a US passport.
I've had a bank account in Canada during last 6 years I've been living in the US. On the account there's a 5 ...
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38
votes
6
answers
10k
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Ex-husband is trying to find out my banking info
My ex-husband keeps trying to find out my banking information. We have been divorced for 3 years but still involved in the family court system. Over the past years, he's
opened closed accounts,
...
- 397
0
votes
1
answer
488
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Employment Insurance (EI): Total Insurable Earnings vs Weeks of Entitlement
If one's Regular Weeks Entitlement for the EI is 50 weeks, but the Total Insurable Earnings amount is about $15,000 then does this mean that the EI payments would stop once the $15,000 has been paid ...
- 227
2
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0
answers
118
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Canadian citizen living in Canada wants to gift a US property to a Canadian living in the US. What do I all need to know?
My uncle wants to gift a piece of property in the USA that apparently is worth about $8,000 to my sister and I. We are both Canadian citizens living in the US as permanent residents. Just curious ...
- 21
2
votes
1
answer
436
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Canada/ON: Can one of the co-owner (Joint Tenancy) of a rental property claim all the income/expenses/taxes, without it affecting ownership basis
All I can find is the following, but it is for USA.
https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/no-is-the-brief-answer-generally-each-of-you-would-rep/01/159513/...
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2
votes
2
answers
230
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What will happen to the amount of money I contributed exceeding my RRSP limit and will I pay a penalty?
My RRSP deduction limit for 2020 was 16,000$. In the year 2020, I contributed 28,000$. TurboTax displays it as "Amount of contributions exceeding your limit (automatically carried forward for you)...
- 31
1
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2
answers
91
views
How is GST/HST treated when you file corporate tax?
FOR CANADA:
Let's assume I make $100,000 in sales with a 13% HST tax = $113,000 in a year. Also let's assume zero expenses for the year. I pay $13,000 in HST.
Are my corporate income taxes on $100,000?...
- 129
1
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1
answer
56
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How to find platform to invest in Canadian ETFs from overseas?
I am intending to invest in Canadian ETFs. I reside overseas. Although I have Canadian SIN, I do not have a permanent address in Canada at the moment. I searched online for platforms which can allow ...
- 113
1
vote
1
answer
165
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When exactly can someone collect Employment Insurance benefits (EI) in Canada?
When is a Canadian eligible for EI and likely to get it? To my understanding it depends on:
how much money they are making
if they have paid into EI from previous work
how their last job ended
The ...
- 1,119
3
votes
1
answer
492
views
How to calculate capital gains on multiple trades of the same stock?
I'm curious what is my capital gain for tax purposes if I trade a security and never sell my entire position?
Here's an example of what I mean:
In January, I buy 10 shares of Stock A at $1 per share.
...
- 839
4
votes
1
answer
269
views
Is it even worth working a minimum wage job right now given the government's pandemic response?
The work I was doing prior to COVID got shut down. I have since started a retail job that is close to minimum wage ($14.70/hr). I normally work 30-40 hours per week. Also I have some very part time ...
- 1,119
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vote
1
answer
58
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Advantages of incorporating in Canada for reselling
I'm looking into reselling (flipping) retail merchandise on Amazon with FBA. I'm in Canada, I expect profit margins to be tighter.
One thing I'd like to know is if incorporating could save me from the ...
- 113
2
votes
1
answer
207
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Does the simplified flat rate for meals already reflect the 50% deduction?
In Canadian taxes for the self employed, they offer a simplified method for meal deductions with a flat rate per meal and/or a max per day. Do the amounts mentioned already factor in the 50% you're ...
- 21
2
votes
0
answers
227
views
Does Canada have regulations regarding "shorting against the box"?
If you hold a long position in a stock and believe it will go down but don't want to realize any gains, you can a open short position in that same stock to hedge against any drops in the price. This ...
- 174
1
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1
answer
74
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Link Australian and Canadian bank accounts
I used to live in Australia and still have my bank account active there
Now I am in Canada and have Canadian bank account
I want to add my Canadian bank to my paypal.
Paypal allows to add US bank with ...
- 123
2
votes
2
answers
211
views
What is the best time to exercise stock options?
I work for a small company and was granted some stock options with a strike price of about $2.50. Now that the company has gone public, the stock prices hover between $15 and $20.
I'd like to get ...
- 479
1
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0
answers
29
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non resident of Canada , taxes due on sale of shares in Canada
I am a resident of a EU country with a double tax treaty with Canada. I pay dividends at source on shares I own in a Canadian bank. What happens when I sell the shares, am I taxed on any gains in ...
- 11
1
vote
1
answer
141
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Canadian Taxes: Can I claim the full flat rate (currently $23) for a meal even if the meal costs less?
Here's the link to the CRA website but it doesn't seem to specify this. It seems to say $23 but I am not clear on this and it would seem odd to me to claim $23 for a $10 meal. Thanks in advance.
https:...
- 11
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vote
1
answer
100
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How to compute unit average cost after capital gain distributions?
My question is about how and why the average cost of a stock is re-computed after the capital gain distributions of the corresponding fund. I'll give the actual example that confuses me to ground the ...
- 111
3
votes
3
answers
183
views
Can I get life insurance for myself that automatically converts to an inflation-adjusted life annuity for my wife if I die?
I'm 27 and my wife is 23. She stays at home and I'm the breadwinner. If I die, I would like her to get fixed, inflation-adjusted payments until she dies.
According to the National Endowment for ...
- 1,530
1
vote
1
answer
186
views
Can I transfer stocks from a margin account to a TFSA to avoid capital gains tax?
I am new to trading and ended up opening a margin account rather than a TFSA a few months ago. I know I can sell my stock and then buy it again in the TFSA, but the stock price has gone up and I am ...
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