Questions tagged [canada]
For questions that relate to the financial laws, practices, and products of Canada.
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RRSP contributions in first 60 days of calendar year
RRSP contributions made in the first 60 days of the current calendar 2021, can be claimed in the prior year 2020, or later tax returns.
Regarding RRSP contribution limits. If the contribution is made ...
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Canada - Can I make an in-kind transfer to avoid paying capital gains?
I am planning on paying my girlfriend back 18K, which she plans on putting in her RRSP. Rather than sell funds that are in my non-registered investment account (which would cause me to pay capital ...
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Can a stolen Government cheque be cashed by someone else?
I received a trillium check in the mail, I didn't sign it yet. The cheque was stolen and I want to know if she signs the cheque and deposits it into her ATM can she withdrawal the money right away?
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How do I update my address with Transunion and Equifax and what are they?
I recently applied for a credit card with a bank I had never done business with before. One day I got a confusing call from them. From what I understood Equifax and Transunion have an old address on ...
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Incorporating a Canadian business with a US founder
I'm a Canadian citizen who is a American permanent resident residing in the USA. My cofounder is a Canadian citizen residing in Canada. We are incorporating a business that will be operating in Canada ...
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Segregated Fund - should I get it?
My advisor is trying to sell me Segregated Fund / investment loan, in summary, it is something like this:
Canada Life (through National Bank) will lend me 100K to invest
The annual interest is 2.7% - ...
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What taxes does an Eritrean-American-Canadian citizen Canadian resident pay first?
I am a Canadian born to an American-born Canadian father and an Eritrean mother. We live in Canada, where I was born. I am a citizen of all three countries mentioned.
Because of insane laws, I am ...
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Why would someone get a credit card with an annual fee?
I currently just have a Visa credit card. A place I shop at doesn't accept them. I'm looking at getting a second credit card such as Mastercard. I am surprised by how many highly recommended cards ...
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Canadian and PayPal account linked to US bank
If a Canadian citizen has a US fund bank account in Canada, can they open a PayPal account and link the US fund bank account to it? They will not have a US address since they only have the US bank ...
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Checking one's status with the IRS
I'm not American. I was a resident alien and worked legally for 9 weeks in the US a few years ago. I received a US SSN. The job turned bad and I went back to Canada.
I never filled a US tax form, but ...
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Insurance for expensive items in carry-on moving from US -> Canada
I'm repatriating from the U.S. to Canada. My apartment is ending my lease on the day I fly out, then I'll be staying in a hotel for a while before moving to permanent housing.
I have some antiques ...
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I'm a Canadian citizen and now a US resident. How do I close my Canadian RRSP and TFSA?
I am a Canadian citizen who moved to the US in 2009. I am now a US resident and Canadian non-resident. I still have a Canadian RRSP, TFSA, and bank account. I've filed FBARs since becoming a US ...
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European consultant: living and working in the USA, employed in Canada
I am from Europe and a consultant employed by a Canadian University, but I live in the USA (I moved to the USA as my husband received a J1 visa). So now I am trying to figure out where to pay taxed? ...
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CERB - income requirement for small business owners - Can you refile and opt not to claim every expense?
So with the government clarification coming out that CERB qualification is based on $5k net income in 2019 rather than $5k gross income we are in a position where my family did not qualify for CERB.
I ...
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Getting letters addressed to someone else. Scam?
I am starting to get more and more letters addressed to someone else even though I've lived at the current address for more than 10 years. There have been 4 different names with few different ...
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Is this a superficial Loss? Stock Sale and Put Option [duplicate]
I sold 250 shares of a stock at a loss of (-1,000). 2 weeks later bought a single put contract (100 shares) n the same stock. If I sell the put option for profit a few days later, is this a partial ...
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Avoiding capital gains tax when exchanging one stock for another
From observation, it seems like an ETF fund manager can buy and sell assets while avoiding a capital gains tax. However, if I were to do that, I would be taxed each time I sold (and thus missing out ...
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Cashing a UK Bank issued check in US Dollars in Canada
I have a cheque from a UK Bank I need to deposit. I live in Canada. The funds on the cheque are in USD. My Canadian Bank isn't able to accept the cheque since the funds are issued by a UK bank but ...
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What is the minimum share price for TSX Venture Exchange listings?
The Toronto Stock Exchange (TSX) does not have a specific minimum share price requirement. What about the TSX Venture Exchange? Does it have a minimum share price requirement for its listings?
Note ...
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CPP example clarification
Can someone explain https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-contributions/canada-pension-plan-cpp/cpp-contribution-rates-maximums-exemptions....
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Excess contribution to RRSP
Consider a hypothetical case of a Canadian tax resident living in Ontario and making CAD 100K each year. Suppose they contribute CAD 50K in 2020 to an RRSP. CAD 27230 is the contribution limit for ...
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Canadian tax calculation for a sample income
Is the tax calculation below for a hypothetical Canadian resident living in Ontario correct?
Gross income - CAD 100K
Foreign capital gains - USD 20K
Dividends - USD 2K
Assume 18% (CAD 18000) is ...
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Understanding performance of an index fund
I am trying to understand how to interpret the performance of an index fund. I have two views of the same TDB911 fund.
The view in TD WebBroker (investing interface) shows that at the beginning of a ...
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Paying tax on rental property in UK as a Canadian resident
We left the UK in 2013 and have rented our apartment to friends and family ever since.
We make almost no money from the rental, it barely covers costs and have had to pay out for repairs since we have ...
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Do all Canadian preferred stocks for retail investors trade on stock exchanges?
In Canada, do all retail-investor-accessible preferred stocks (i.e. those preferred stocks that can be bought by retail investors) trade on stock exchanges (e.g. on the Toronto Stock Exchange)? Or is ...
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What are the risks for a Canadian opening a Delaware corporation?
I am a Canadian, living in Canada, born in Canada to one Canadian and one Canadian/American parent, which makes me an American "Person". This means I am responsible for filing and paying ...
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Will I have a problem buying a large bank draft with wrong address on my ID?
I'm in the middle of a cash real estate purchase and will need a fairly large (close to $100k) bank draft in the next few days. I just realized the address on my photo ID is out of date, and my bank ...
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What are the risks of getting an additional credit card just so my parents get more points?
My father is retired and one of his hobby is to gather as much credit card programs as he can and manage them in a way as to maximize returns and minimize costs. I know that this can be a risky ...
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What data is available to estimate cost of ownership and reliability for potential car purchases
I am currently shopping for a used vehicle. I am hoping to spend between $10,000 and $16,000 CAD and looking for something that will be reliable and low cost.
My current vehicle is a 2009 Mazda 3. ...
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Cash back credit cards: what's the catch?
I had a 1% cash back credit card. It gave me $1 back for every $100 I spent. I don't believe in easy free lunch. What's the catch? What do I lose from these cash back programs?
I can't think of any ...
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Landlord cashed cheque from government rent support and said he didn’t receive it
A legal question as a tenant in Alberta, Canada:
Over Covid my fiancé qualified for some rent support. They sent three supplement cheques directly to our landlord. He said he only received two, but we ...
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Is there a limit to how large a bill I can pay from a bank account?
If I have a checking account, can I use it pay large bills using online banking without encountering any difficulties? I intend to pay a bill of $20k+ to an educational institution. It will be a bill ...
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Can I cash my son's cheques?
My son got a cheque from the Canadian government, but he lost his ID. Instead of taking the cheque to Money Mart which charges a lot of money when they cash cheques, he signed it over to me, I signed ...
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Transferring USD into a TFSA
I am currently working in the US but maintain my residency in Canada and file with both the IRS and CRA. I have accounts with both Questrade in Canada and Robinhood in the US.
I wish to transfer my ...
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How do I open an RESP account where I am both the subscriber and the beneficiary?
I am located in Canada and am trying to open an RESP account where I am both the subscriber and the beneficiary. The government of Canada website says I can open an RESP for myself here. I’ve called ...
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Pros and cons of discount brokerages vs established brokerages
What are the pros and cons of a discount brokerage (such as Wealthsimple, Robinhood, etc.) compared to a more established brokerage (such as TD WebBroker, etc.)?
Why do companies such as Wealthsimple ...
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Can I hold US dollars and buy US stocks (with US Dollars) without FX commissions using a Canadian brokerage account?
May be moving to Canada next month, so I had some questions.
I would like to transfer my US dollars to a Canadian brokerage account -- from what I've read IB or Questrade are the best options.
However,...
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Is a non-resident allowed to receive money transfers from other non-residents to help them pay for things in Canada?
Suppose a parent has two children: child A and child B. Both children are 18+. The parent, child A, and child B are all non-citizens and non-residents of Canada; they do not live in Canada. Child A ...
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How to maximize retirement equity in Canada
I live in Canada. I am mortgage-free/debt-free, have maxed out my RRSP contributions, and have some extra cash outside my RRSPs. I don't have a company pension plan - my only retirement income will be ...
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Principal residence exemption rules in Canada
I live in Canada. I bought a house in 2010 and have been renting it to date, and
have been claiming the rental income on my tax returns along with the allowable expenses.
I am thinking of selling my ...
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Can a closed but undischarged mortgage be reopened easily?
Getting a new mortgage can involve a lot of paperwork and take considerable time.
If one (for whatever reason) happens to have an existing mortgage that has been fully paid off but never officially ...
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Do I need to account for this year's RPP contributions when contributing to RRSP
I'm starting contributions to both a defined contribution RPP with employer matching and an RRSP account.
I know my RRSP contribution room from last year's notice of assessment.
What I can't find an ...
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earnest money and security when buying a house in Vancouver
I am in Vancouver and planning to buy a townhouse. There is approximately a difference of 2 months from the day I make the deposit to the closing day (which I see as the funding day). I am starting my ...
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How does a Canadian sell TFSA assets in a foreign stock exchange?
I'm using TD Waterhouse and bought some stock in my TFSA account. However, the entity was purchased by a UK company. TD Waterhouse doesn't seem to be able to sell stock on the London Stock Exchange ...
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I am a Canadian, living in Canada, doing an internship remotely for a U.S. company. Do I pay U.S. taxes?
Main question in the title.
I already received a "bonus" (was supposed to be a relocation stipend before the internship got moved to virtual). For that check, the following taxes were ...
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mortgage protection through term life insurance vs mortgage insurance
I hear that mortgage protection through term life insurance is an alternative to mortgage insurance. I am not making a 20% down payment so I believe I will need to get one of those. What are the pros ...
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What to do with US retirement plan after moving to Canada
I have accumulated a few tens of thousands of USD in 403(b) retirement plans with TIAA and Fidelity. I recently moved to Canada. I am not planning to return to the US anytime soon or ever. Is it wise ...
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Buying a house. Seller wants cash now and move only next year, renting same house in meantime
A relative of mine found a fantastic house on the market (Canada), evaluated 750k. He knew there were 3 other buyers making offers and he was entering a bidding war. He made an 800k offer and was the ...
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Studies for personal finances [closed]
Over the last couple of days, I started thinking about financial independence for myself.
That idea sounds great to me as I'm 33 years old, have a good and stable income, and I could do something to ...
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Opening an RESP for myself
I am located in Canada. I was wondering if instead of contributing directly into an RRSP, why people don't instead open up an RESP for themselves, contribute as much as they can afford (up to 50k) and ...
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