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1-20 of 89 Results
  1. Taxation
    I haven't submitted my return yet but I am preparing it using tax software that completes a Schedule 6 for me to apply for the Canada Workers Benefit. I am confused about why the full CWB of $1,627 is not included along with the refund amount calculated by the tax software. The reason for this...
  2. Taxation
    I am finding this situation very confusing. My mother died two years ago, and the only asset was a house that my sister and I inherited jointly. We are both over 60 years old. My sister lived with our mother, so it is her principal residence. I live in the UK, own a house and am in a much more...
  3. Taxation
    Hello, I am renewing my mortgage and thinking of rolling my HELOC (used for investment) into my mortgage balance for lower interest rates. I will split the total interest paid proportionally between my house purchase balance and the heloc balance to determine what to properly claim as interest...
  4. Taxation
    Hello, I work at a small US-based startup (with a small Canadian branch) and am confused about some tax implications regarding restricted shares. I have the ability to be granted restricted shares now, which would vest in the coming years. The fair market value is currently very, very low. Am I...
  5. Taxation
    Hi folks, I'm new here. This looks like a great resource, thanks! I'm a Canadian citizen joining a US startup. I'm coming on as an independent contractor, initially, so I can get paid, and as an employee once they have set up their global payroll (this was a pre-seed company until very...
  6. Real Estate
    Hi everyone, I currently live in Toronto and am married. My wife doesn't work as she takes care of our children. I do work and have a high marginal income tax rate. We bought a property in Windsor (hasn't closed yet) that we plan on renting out. Does it make sense to put the house in my...
  7. Taxation
    As an uninformed person, I heard that you can carryover unused capital loss. I made a mistake and assumed that I can just skip reporting them until the time I will make use of them. Is it possible to to run it back and utilize those unreported capital loss or did I forfeit them? What kind of...
  8. Taxation
    Hi everyone. Im very new to this so can someone please explain this is simple terms. If i buy gold iys hdt/gst free but when i sell it I have to give tax on it as its considered capital gain. What does that mean? Im sharing an example (make belief numbers) to understand it better. I bought a...
  9. General Personal Finance Talk
    In light of the fact that tax will only increase, something that I mention previously, does it make sense for a young person to use RRSP for retirnment, or should he/she stick with TFSA?
  10. Taxation
    Hello Everyone, I have been filing taxes for the past 3 years but did not file taxes for the year I landed. I came to Canada as a Foreign student on 30th December 2016 and remember only applying for a Bank account and Ontario Photo card in 2017 January. Even my UHIP (University Health...
  11. Taxation
    I keep thinking about this but can't wrap my brain around what is happening with forex gains or losses on my margin account. Suppose I have a margin loan in cad (e.g -50k) and a margin loan in usd (e.g. -100k) and let's say this is secured by US stocks. I understand that the original cash that...
  12. Real Estate
    If I sell my principal Residence to buy a more expensive principal Residence. Do I have to pay capital gain tax on sale of principal residence sale?
  13. Taxation
    I am new to this forum. If 2000, I bought a house for $150,000 and refinanced it in 2010 at a value of $200,000 and removed $50,000 equity from it. Then in 2021 I sell it for 300,000 will my 50% capital gain Tax be on $100,000 or $150,000? Thanks
  14. Taxation
    I'm a Canadian citizen with all my money in the US stock market and was wondering if I would be taxed if I was out of the country traveling around for over a year. Or do I absolutely need to get residency in another country before I don't have to file a tax return in Canada? No income would be...
  15. Investing
    Hi there! I'm looking to buy mutual funds at either TD or CIBC; however I already own tax-deferred accounts at RBC (1 TFSA and 1 RRSP). How should I go about setting my funds within either of these accounts? Will I be able to combine them or will I have to start a new tax-deferred account at...
  16. Taxation
    Asking on behalf of anonymous: "I am a house-wife who is not working, but I live in Canada (on PR) and have lease agreements and telephone bills under my name. They are being paid for by my husband who lives abroad (but has PR) and is a deemed non-resident. My question is:- 1) Do I have to...
  17. Taxation
    Hi, if I have an investment that I am writing off the interest on the debt I used to buy the investment.... whenI sell the investment can the capital gain be claimed by my spouse if it is a joint asset or must it be claimed by myself? My understanding is I must pay tax for any dividends or...
  18. Taxation
    Hi All, I'm wondering if the Ontario Support For Parents payments, being provided for our Ontario school strike dates, are going to be taxable. I don't want that to be a surprise in 12 months. Any ideas or guidance? I was able to google some information on support payment but it all seemed to...
  19. Real Estate
    Hello, I am married and own a home. My wife lives with me, but is not on the title of the home that we live in. I also bought a preconstruction condo which will be closing in about a month. My wife has been on maternity leave for the past 10 months so her income for this tax year is...
  20. Taxation
    Dear members, I started a new job. I`m working for a company as an "independent contractor" in Toronto, Ontario, meaning that I`m not getting a regular paycheck biweekly but have to bill for the hours I`ve worked instead (write an invoice). I have to deduct taxes myself instead of the employer...
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