Questions tagged [canada]
For questions that relate to the financial laws, practices, and products of Canada.
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Use retirement to pay off debt: Should I cash in RRSP to repay Line of Credit?
The amount I have in RRSP savings is exactly equal to the amount I have in Home Equity Line of Credit debt (significant, but aside from home mortgage, my family has no other debt).
I know if I ...
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What low-fee & liquid exchange-traded index funds / ETFs should I consider holding in a retirement portfolio?
I'm still (one year later) going through an exercise to restructure my retirement portfolio.
To date, I've been using a mix of exchange-traded index funds. Some trade on the TSX, and others trade in ...
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How long do I have to make an adjustment to my income tax filing?
For instance, if one were to find receipts between 2-3 years old, are they still useable? Is there a fee for a re-assessment?
- 8,683
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In Canada, can I deduct my mortgage if running a business from my home?
If I run a home business and a portion of the home is used as an office for the business can I deduct a percentage of the mortgage?
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It is legal for a retailer/store or other business to refuse $50 & $100 bills or other legal tender, e.g. pennies?
I'm trying to find out about businesses refusing $50 & $100 bills. Aren't they required by law to accept all legal tender? I had one person say it could be that it's not all legal (i.e. a ...
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What is covered by CDIC savings deposit insurance?
In the unlikely event that a financial institution fails in Canada, what is covered by the Canadian Deposit Insurance Corporation? What is the limit of coverage?
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Is it financially-beneficial (tax-wise) for couples to be married, or to remain common-law, in Canada?
Which is more beneficial to your bottom-line (disregarding the cost associated with actually getting married, and assuming no children are involved).
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Should I have an RRSP on top of a pension?
I am a teacher and automatically contribute into the Teacher's Pension Plan every paycheque. This pension plan is considered to be one of the best in the country. Do I need to have an RRSP as well? ...
- 347
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How much is university projected to cost in Canada in 18 years?
I don't know how much I should put into an RESP for my son. I have $1000 to start and plan to put $100 / month into it. Will this be enough to pay for university when he turns 18?
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Is an RESP the best investment option for my young child?
I recently had a baby and am thinking about opening an RESP to save for his education. Is this the best way to invest my money? Is there a chance of losing money this way?
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What type of investments should be in a TFSA, given its tax-free growth and withdrawal benefits?
What does an optimal TFSA portfolio look like? What type of investments should be in it given its tax-free growth and withdrawal benefits?
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If I buy a property in an underage dependent's name am I exempt from capital gains (losses) on my income tax?
If I purchase a property in an underage dependent's name (son or daughter), and then sell it before they reach the age of majority, do I need to claim the capital gains (losses) on income tax if I ...
- 6,230
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Are TD e-Series Funds worthwhile, or am I better off with ETFs? Why or why not?
I'm looking at e-Series funds offered by TD. They have low MERs and seem to offer a good low cost alternative to traditional mutual funds. What do you guys think? Am I better off with ETFs? Why ...
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How many days do I have to hold a stock before it is considered a capital gain by the CRA?
I want to sell a Canadian stock from my investment account that I bought a month ago. The stock makes about 20% gain and I am afraid it might go down in the future. If I sell it now, will Canada ...
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What are the tax liabilities for an international transaction?
I have website for which I have set up a sponsorship scheme for (see my profile if you're interested). With this scheme, some individual or company can choose to sponsor X or Y amount and that gives ...
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Can I charge interest on money that I have lent out, even though I am not a financial institution?
On the news a couple of years ago, in BC, they said that if you are NOT an financial institution, it was illegal to charge interest on any money that you have lent out. Now I live in Alberta. And ...
Angela Stark
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Canada Universal Child Care Benefit (UCCB): $100/month per child under age 6 from the government. Is it true?
Somebody told me that if I have a child under age 6, then I'm entitled to get a $100/month
benefit from the Canadian government. Is that true? How do I apply for it?
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Does being involved in the management of a corporation make me ineligible for a workshare program?
If my employer offers a workshare program during this recession and I own a small side business (even if it makes little or no income), am I ineligible for the workshare program?
bobby
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Is it possible to lease a car in Canada as a non-resident?
I'm a non resident of Canada, living in Vancouver, BC, Canada - what are the rules, regs and issues in leasing a car - is it even possible?
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If you run a sole proprietorship, how do you declare the income of the business on your taxes?
Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and ...
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When does Ontario's HST come into effect?
When does the HST become effective? Will all businesses start charging HST right away, and will it replace the 5% GST with a straight 13% tax for all services?
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If I have no exemptions or deductions, just a simple paycheck, do I HAVE to file taxes?
My company holds back tax from each of my pay checks. I have no other sources of income. I don't expect I owe anything more on my pay. Do I really need to file an income tax return? I live in ...
anonymous
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TFSA vs. RRSP... Best retirement approach
What's the best retirement strategy? Assuming I have $1000 and room in both my TFSA and RRSP contribution, where should the $1000 go?
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Which account should I put my money to get the most tax benefit?
I have $5,000 that I would like to put in to an investment account. To get the maximum tax benefit, should I put it in my RRSP, my child's RESP, or my TFSA account? I have enough room in each of these,...
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What is the current US-Canadian agreement on withholding taxes for US Investment income?
Withholding tax credits have changed over the past few years. What is the agreement between Canada and USA related to how much can be claimed and how much must be applied for as a reimbursement?
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Can I claim lost income if a company I invested in went out of business?
What happens when a company I invested in goes out of business? Is that declared as a personal capital loss? Does it offset capital gains elsewhere, and how do I include it in my tax filing?
cashman
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I'm currently unemployed and have been offered a contract position. Do I need to incorporate myself? How do I do it?
I'm sure there are tax implications, and other things to consider. I don't know where to start.
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What are the best options for an RESP for my 2 year old kid?
Just starting to look into RESPs for my kid. There are RESP funds, or I could just throw money in a GIC... wondering where else I should look... and what I can do.
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What kind of investments should I have in my RRSP?
I plan to retire in 15-20 years... what kind of investments should I consider holding in my RRSP? I don't like very risky investments, but I also don't want to be too conservative.
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