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  1. Taxation
    Hi, I started investing in Crypto this year mainly with the intention of long term holding. I know if I would hold 100% of the position long-term I would pay Capital gains on selling. What would happen if I split one position into two - long term and short term For example: (Made up numbers)...
  2. Taxation
    Hello, What if a person bought a 2nd home (cottage) in 1972 for personal use and then sold their principle home in 1993 and moved to the cottage fulltime as the principle home until it was sold in 2020. Would Capital Gains on the 2nd home (cottage) only apply from 1972-1993 and remaining years...
  3. Investing
    Hello, Thanks to Covid-19 I have really amped up my savings rate and have almost maxed out both my RRSP and TFSA accounts. I am just curious as to how things change once dividend investors begin to invest in their non-registered account? Do they generally move towards a more capital gains...
  4. 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
  5. 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...
  6. Taxation
    Hi forum, I have the following T5008 forms: - For 2018, showing $1500 loss; - For 2019, sowing $1000 gain. I did not declare my T5008 last year, because it was showing a loss. My main question is, can I declare both T5008 now (for tax declaration of 2019) so that in total a loss of $500 is...
  7. 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...
  8. Taxation
    I have a rental property with a friend who decided to take money out of the house (me and him on the title). So I decided to buy him out. We signed a mutual release that for 80K he is transferring his interest of the property to me and my spouse (now we are on the title as joint tenants)...
  9. Taxation
    If I own a rental property with my wife and we put 80% shares of ownership to my wife in the title (tenant in common), can we get income tax and/or capital gain tax benefit providing she has low or no yearly income. If i show 20% of the rental income under me, can I put all cost related to the...
  10. Taxation
    Hi All, I sold some bank stocks back in October and realized some capital gains. I then repurchased the same stocks shortly afterwards (early November), but the prices have dropped since then. Is it possible to sell them at a loss now (late December) to reduce the capital gains realized earlier...
  11. Taxation
    I am wondering how to account for foreign exchange fluctuations when converting USD to CAD. I have money in a USD from when I worked in the US several years ago. At the time, the USD was not as strong and I paid Canadian and US income taxes on the income. Since then, the money has sat in a...
  12. Taxation
    I want to know, out of curiosity, is it true that, unless one plans to retire less than 20 years after entering the job market, it is always a bad idea to have an RRSP for tax purposes if you save the vast majority of after tax income? That is, it is bad even if your income is > $220, 000? Let...
  13. Taxation
    Hi can someone please help me with the below. My friend purchased some stock for me under her investment account. I.e. X number of Shares of ABC. I now have my own investment account and would like to transfer those shares to me. I know the obvious way to do that is for her to sell it and for...
  14. Taxation
    Hi everyone, I currently have some savings in my Swiss bank account that I`d like to invest with a robo-advisor (like wealthsimple). I figured that this would be a good investing option for now, because I: a.) will get a better return on my investment with wealthsimple than with my bank, and...
  15. Taxation
    Newcomer to the community looking for some guidance. Just realized that over last few years I have not been counting my foreign exchange gains / losses. I was previously unaware that >$200 gain/loss has to be reported to CRA. Have submitted all tax returns without ever mentioning this. Would...
  16. Taxation
    I currently own a condo in the states, I bought it in an area where prices were depressed in 2011, for a sum in the low $100k range. I conservatively value it at double what I paid for it. I also currently own a home in 'joint tennancy' with a family member in eastern Canada. Which is in the...
  17. Taxation
    I was hoping to get some clarification on what my Accountant considers a “grey area” with Canada Revenue Agency (CRA), with respect to CRA's application of Capital Gains treatment for people buying and selling stocks with some frequency. After reading articles and bulletins online explaining...
  18. Taxation
    Hi everyone, Last summer my family and I moved into a new bigger house but just couldn't sell our old house! We used 2 realtors, hired a professional photographer and had the house for sale for about 8 months. (We were also trying to rent the house at this time) After paying 2 mortgages for...
  19. Taxation
    My google chi is failing me tonight. Maybe someone out there can help me on this one. I'm trying to determine the book value for shares distributed out of an estate to a beneficiary. When a person dies, any shares held in a cash account, are considered sold as of the date of death (deemed...
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