Trending Personal Finance Discussion Tags

for

I started to work overseas in early 2015 & get paid there (not paid in Canada) and I forgot to change to non-residence status. Since I did not have any material income in Canada between 2015 and 2018, I did not file any tax return for 2015-2017. Now I came back to Toronto and realized I have a few h...

to

My dad is buying out a car from a lease and is gifting it to me. I am pretty sure that I’d have to pay tax on the price of the car, but how can this transfer o property be done without tax implications? I heard something like I will need to buy it on paper or something. Living in Ontario

and

Hi everyone! Sorry if this is in the wrong thread. My mom just got approved for her disability claim, and in the process she signed her resignation letter for work, not knowing it would end her benefits. Shes contacted her union and they are trying their best to see what they can do. In case she nee...

tax

I started to work overseas in early 2015 & get paid there (not paid in Canada) and I forgot to change to non-residence status. Since I did not have any material income in Canada between 2015 and 2018, I did not file any tax return for 2015-2017. Now I came back to Toronto and realized I have a few h...

rrsp

My spouse doesn’t work but still has some contribution room from years ago. Is there anything it can be used for? She doesn’t have any income but will be withdrawing some money from the spousal rrsp I contributed after the 3 year attribution period has passed. Any way to take advantage of the contri...

credit card

I want to accumulate some points in the card because there is a promotion, card will be paid pretty much immediately after the fact, the amount I want to send is significant, but not exorbitant . I have had a paypal account for several years now but don't want to do it there because my understanding...

the

My dad is buying out a car from a lease and is gifting it to me. I am pretty sure that I’d have to pay tax on the price of the car, but how can this transfer o property be done without tax implications? I heard something like I will need to buy it on paper or something. Living in Ontario

from

... me. It seems to be legit, it is one of the number displayed on this page: https://www.rbc.com/privacysecurity/ca/alert-automated-call-faq.html#a1 1-877-216-5015 from the list. However, the named person is not me, so I cannot enter any of the verification info the automated machine is asking ...

tfsa

I am just getting familiar with concept of TFSA investment account from the news where people have been investing in all sorts of things tax free. How does this work? I though TFSA is a passive account but it seems proceeds of a TFSA account almost no matter where it comes from is tax free - correct...

question

I'm hoping one of you guys have the expertise for some advice on this. My parents are both turning 65 next year but my mother, individually, owns US stocks worth $400K (non-registered). What would be the most tax-efficient way to liquidate this position considering they’ll enter their retirement nex...

credit

Fedex sent me to collection for duties on a delivery I received from Canada, they claimed I had own them $30 in duties, I never once received a letter or anything from them. I now found out i was sent to collection and apparently its been 6 months since they are looking for their money. What are my ...

personal income tax

... income tax brackets and eliminate Ontario’s personal income surtax. Under current rules, a person earning $95,000 in Ontario pays $6,946 or 7.31% in taxes. Under the simplified brackets, they’d pay $7,114 or 7.49%, an increase of $168 a year. The changes would come into effect July 1 and impact ...

on

Hi all - looking for input on how mortgage interest is calculated. If I simply increase my payment amount and increase frequency to weekly (from bi-weekly), will that translate to lower interest being paid in my current term? Real question is how and when does the interest calculation adjust for the...

tangerine

I called Tangerine (after Simplii came out with 3.15% promo) ... and told Tangerine that Simplii (their competitor) is offering now 3.15% promo. Told them they should do the same ... and then I can bring more money into Tangerine (money that they saw me having there before ... but moving it elsewher...

cra

Hello all, In 2016, I start a job in home inspections. My company provides me with a T2220 Slip every year, and they provide a company gas card to fill my car up. They do not pay me automobile expenses, but i have to go to different houses to make commissions. As such, i claim my business km’s, and ...

in

... and I know it's worth more. The others I'm pretty sure don't. I guess you can't do much with the non silver ones beyond take em to the bank for $1. is that right? I know the silver dollar with silver in it is worth nearly $20 by todays standards of silver but i wanted to keep it cause I like ...

bank

Hi. I'm looking to setup a recurring bank transfer, every month, transferring money from the parents account to the kids bank account. The parents are with Scotia, and the kid with RBC. I tried looking around the scotia portal but couldn't see anything that resembled what I was looking for. I was th...

credit cards

Whats the best way to switch credit cards with out affecting credit score that much? I.e I want to shut down my main credit card with a $30k limit but I dont want to lose the credit history? Is that even possible? Do I pay it off and keep it open still for 6 months or whatever? Or do I do a hard swi...

pc financial

Anyone know if the cheque with the PC financial logo is still valid? I have a whole unused cheque book from 10 years ago

taxes

So i have searched high and low for an answer about this and my next step is to talk to a CPA. But before I do that maybe one of you guys have some input. I got into crypto in Jan 2018 with maybe 3k CAD. Did some trading for about 2 weeks and lost a bit. Then I found out that there are ethereum dapp...

mortgage

Hi - I was wondering for a primary residence where I rent out the basement, I understand that I can claim tax deductions, the largest of which is probably the mortgage interest expense. Given I rent my basement out for say $1500 and my 25 years mortgage is $700k, does paying down my mortgage faster ...

account

Looks like they offering $200 sign up bonus https://getyourshare.ca/envisionfinancial "To get your share, all you have to do is open an account with us, set up preauthorized debit/credit and complete a free Financial Snapshot. " [removed]

best

I submitted my 2017 taxes but I need to edit them too incorporate my online business income numbers, as well as get my 2018 taxes done as soon as 2018 rolls around so I can lock in a mortgage. My current tax guy is a little slow so ...

cibc

Any comments on this new Rewards on top of any other rewards with CIBC Debit / Credit https://www.cibc.com/en/special-offers/paymi.html https://www.iphoneincanada.ca/news/cibc-new-credit-debit-card-features/ CIBC has today announced the launch of new debit and credit card features for its clients, t...

money

https://www.foxnews.com/us/woolsey-fire-destroys-australian-directors-home-burns-savings-kept-in-fire-proof-safe An Australian director has been left with only a few dollars and the clothes on his back after a wildfire in southern California burned down his home and the safe where he kept his life s...

how

Is there some sort of set-up where my paycheque goes directly into paying down the mortgage, instead of into a chequing account and then me paying the mortgage at the end of the month? And when I need to to pay bills, I will draw from that account as well? Kind of like a HELOC setup?

rbc

... me. It seems to be legit, it is one of the number displayed on this page: https://www.rbc.com/privacysecurity/ca/alert-automated-call-faq.html#a1 1-877-216-5015 from the list. However, the named person is not me, so I cannot enter any of the verification info the automated machine is asking ...

what

My dad is buying out a car from a lease and is gifting it to me. I am pretty sure that I’d have to pay tax on the price of the car, but how can this transfer o property be done without tax implications? I heard something like I will need to buy it on paper or something. Living in Ontario

credit score

Long story short...i had a koodo account which I closed down during the summer after transferring to someone else...was told would get a final bill in the mail (over the phone as part of the closure process) That did not happen...in August I realized there was a balance, so I set about paying it (pa...

debt

Hey All, I'm looking for some debt reduction tools that might help me focus on reducing some debt. I moved here from the UK where I have some debt on credit cards that I want to reduce. I've got a spreadsheet but its really not all helpful, i was wondering if people have any tips on how they manage ...