Questions tagged [canada]
For questions that relate to the financial laws, practices, and products of Canada.
229
questions with no upvoted or accepted answers
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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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- 181
5
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0
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103
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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 ...
5
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0
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99
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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 ...
- 51
5
votes
1
answer
391
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Write off accrued interest from interest income
My mother purchased a US government bond maturing 2019/04/15. The purchase date was 2018/04/13, so there were 2 interest payments attributed to 2018 (2018/04/15 and 2018/10/15), but the interest ...
- 417
4
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225
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Pre-qualification screening for apartment rentals on apps like Zumper. How honest should I be?
I'm looking to move from one - expensive - rental apartment to another, similar priced.
Now my circumstances are that I am semi-retired, starting a business and with more than enough money in the bank ...
4
votes
0
answers
117
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What's the tl;dr investing rules for married Canadian citizens when one partner happens to have US citizenship?
Canadians with US citizenship have several things to consider regarding investments:
Canada's Tax-Free Savings Account (TFSA) is not considered tax free by IRS, and filing taxes may significantly ...
- 141
4
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290
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Inheriting funds from a U.S. trust where you are not the trustee
I am a U.S. citizen trustee and executor of my mom's trust. My brother is a Canadian citizen and lives in Canada and not a trustee. I will be dividing the trust funds or investments between the two ...
- 41
4
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428
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Donating to US versus Canadian charities to maximizing tax benefits
I am a US citizen and I have the option to make my charitable donations in either the US or Canada for the next few years. How do I maximize my tax benefit for a fixed donation size?
My ...
- 191
4
votes
1
answer
580
views
Salary vs. dividend when a company is closing down?
Let's say I have a small business that has been in operation for 10 years and it no longer makes any money. I've told all my customers that we will no longer take on any new business. So for the ...
- 839
3
votes
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41
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Reduce income tax payable in Canada for an individual taxpayer
For the 2023 tax year, in Canada, how can I reduce my personal taxable income/taxes payable on my T1 tax return? I know I can use my RRSP and a spousal RRSP as a deduction against taxable income up to ...
- 131
3
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43
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Tax deductible expenses in Canada when moving for work
My husband and I moved for work in Nov. 2022 from Ontario to BC. We own a home in Ontario which has been vacant since (could not be rented due to slow demand in winter time although we had been trying)...
- 175
3
votes
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152
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What is the date of acquisition for the purpose of declaring capital gains on sale of property (publicly traded stock) ? (Canada)
I have capital gains and losses to report on my Canadian tax return to the CRA (I'm an individual, not a corporation). My tax-filing software (Ufile) is trying to help me generate form 5000-S3 (...
- 511
3
votes
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137
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What is the worst that can happen if one does not file for bankruptcy but cannot pay their debt either (in Canada)?
In a situation when one does not file for bankruptcy, yet does not pay their debts, collectors start calling and mailing, then the creditors may file a lawsuit. But if one doesn't have any property or ...
- 227
3
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91
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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 ...
3
votes
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....
