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  1. Bank of Canada does not list my currrency. How do I report my foreign income?

    Hi all. Situation: Last year I received some income from a foreign country that I was planning on reporting as "Other income" (federal line 130). On CRA's website, they suggest that I convert it into Canadian dollars using the Bank of Canada's annual rate (I'd post the link, but I can't do...
  2. How many % of income to put aside for taxes as "independent contractor"?

    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...
  3. Foreign Exchange Tax Implications

    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...
  4. Canadian Listed Casino & Gaming Companies

    Individual Stocks/Equities
    Hello Everyone, I would love to hear some comments in here about Canadian casino & gaming listed companies. The reason for this is because this sector as a whole on the TSX/Venture/CSE is absolutely tiny compared to all other sectors and it's a major revenue generator which seems like a...
  5. Trading profits for full-time investor cannot be consider capital gains anymore???

    Sorry, I wasn't sure if this belongs to the investing or taxation forum, but it seems most relevant to taxation. The Situation: Let's say I decided to quit my day job since i'm nearing retirement anyways. And I plan to just live off my investments profits (mostly growth and dividend stocks) in...

    Money Diaries
    Basic Info Age: 37 Net Income (after taxes): $118,000 (Single income family of 5) Status: Married Assets House $700,000.00 TFSA $63,163.89 RRSP $74,402.00 Savings $26,950.89 Pension $165,205.00 Vehicles $30,000.00 Silver and Cash...
  7. When is a car insurance payout taxable income?

    My wife is in a sticky situation. She was leasing a vehicle for her self-employed work and writing off all of the lease payments. Then at the end of the lease, she bought out the vehicle (didn't write off the purchase). At that point she is the owner of the vehicle and claimed a business portion...
  8. Values ...the key to financial security for all ages

    General Personal Finance Talk
    This community shares everything about money, yet an oft-missed theme is our personal VALUES that lie beneath it all. I believe personal values shape our experience of money, fears, worries, and the success we gain (or not) through working, retirement, and senior years. Each generation has...
  9. If I rent and sublease to make my rental payment is this income?

    General Personal Finance Talk
    I have had some real financial difficulties in the last couple of years. I have children to support and have looked beyond my full time job for extra income but in this climate - nothing! I pay my ex alot of support based on an income I no longer have - I have a court hearing pending on that...