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taxation

  1. Tax burden on foreign ETFs (accumulating/distributing) in Canada

    Investing
    Hi everyone, I am moving soon from Europe to Canada and had a question concerning the tax treatment of my ETF portfolio. I am currently holding several ETFs (all based in Luxemburg/Ireland) and my broker is based in Germany. When in Canada, I will pay all my taxes there. As far as I have...
  2. Help Me Help My Mom - The Story

    Retirement
    So I've joined this forum with the primary purpose of obtaining advice on what has become my enjoyable but complex responsibility of managing my mom's wealth. I hope that this will be an enjoyable exercise that may be of great benefit to my mom who deserves the best as she has and continues to...
  3. Inheritance from UK

    General Personal Finance Talk
    Hi I have some inheritance money in the UK which I wish to transfer to my account in Canada. I understand that I don't have to pay tax on inheritance but there was no probate made as property was not involved and it was under the UK inheritance tax limit. I don't want to bring it over all at...
  4. Cancellation of Debt Income (CODI) for US MLP

    Taxation
    Hi, Did anyone have to deal with Cancellation of Debt Income (CODI) as a result of insolvency issues with an US MLP ? Thank you.
  5. Gift from overseas

    Taxation
    I had a quick question and was hoping for some guidance. My sister has received a cash gift (~8K) from her father-in-law. Think of it as a belated baby shower gift. Father-in-law lives in Asia (not a Canadian Citizen / Resident) and hand carried the cash to Canada during his visit. My sister is...
  6. Forgotten foreign exchange gain / loss over last few years

    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...
  7. Which method yields lowest taxes for 2 partners?

    Taxation
    I have a friend who wants to help me with my contracts. We live in BC and are trying to setup a configuration that works best when it comes to taxes. What we have in front of us are the following options: Each of us forms a Sole Proprietorship and get paid directly by clients Each of us forms...
  8. Line 303 - Spouse or common-law partner amount

    Taxation
    I want to know if I can ask this credit in 2015. At the beginning of the 2015 after new year's eve, my employer made me fill out a form from Revenu Québec called "SOURCE DEDUCTIONS RETURN 2015" (Déclaration pour la retenue d''impôt 2015) where I indicated that I supported economically my...
  9. What's different for Canadians?

    Investing
    I'm a beginner at investing and all the books I've read are for Americans. I'm confused because I don't know what applies to me as a Canadian investor and what I need to reinterpret. For example, do we buy stocks from the NYSE & NASDAQ or will I be losing money due to currency conversion or...
  10. Daytrading inside a TFSA for a living

    Taxation
    Can anyone provide evidence that would support the claim that the CRA can tax you for earning $120K per year inside your TFSA and making a monthly withdrawal of $10K to live on? I only trade NASDAQ and NYSE stocks. My broker is Questrade, so I can day trade inside my TFSA is US$. I have looked...
  11. Investment Portfolio - Moving to the US

    Taxation
    Does anyone have experience with tax exposure unregistered investments on moving to the U.S.? As far I as understand, you're pay capital gains tax in Canada as if you had sold all your investments, and the price when you move is your new basis. Does the same thing happen when you move back to...
  12. RRSP or TFSA

    Taxation
    I have read about RRSP and TFSA but want to ensure I am choosing the right option. I was a student so have ~40K of unused tution credit. My annual taxable income this year will be ~60K. I want to make ESOP contributions. So my (limited) knowledge tells me I should do this through TFSA and not...
  13. How and where to enter T5008 securities transactions or Stock sales

    Taxation
    I have received T5008 from TD waterhouse with list of stock sales When I enter transactions with trubotax in the window for T5008 transactions they are placed on schedule 3, point 3 “Publicly traded shares...” on the line “From T5008 slips” Right above it there is a print “see schedule on...
  14. How to calculate ACB Adjusted Cost Base for Stocks transaction below

    Taxation
    I did the following transactions: BUY 26 August 2010 300 HZU 30.23/share (after split 900 shares at 10.07/share) Net Total $9,078.99 SELL 06 January 2011 900 HZU Net Total $22,172.01 BUY 14 January 2011 1,000 HZU Net Total $22,289.99 BUY 19 January 2011 2,000 HZU Net Total...
  15. Selling Toronto condo - hidden costs and taxation

    Real Estate
    Hello all, I would really appreciate expert advise before a big decision and here is my situation: August 2009 I bought a 1 bedroom condo (first time buyer). I lived in it until Feb 2011 when I moved in with my fiancee. At that time I got a tenant to rent it out. Today I would like to sell it to...
  16. TFSA contribution for new resident

    Taxation
    Hello, I landed in Canada in Dec 27th, 2010 as temporary worker, and got my SIN on Dec 29th, 2010. Apparently, I did not file taxes for 2010. My question is, what would be my TFSA contribution on Jan1st, 2012. Thanks
  17. TFSA & U.S. residence

    Taxation
    Here is my situation: Canadian citizen $15,000 contributed to TFSA to date Plan to contribute $5,000 (max allowance) to TFSA in 2012 Plan to move to U.S. as an American Permanent Resident in 2012 (have a green card) With aim to one day return to Canada (to retire in 10-20 years), what should I...
  18. Taxation on sales made from the internet

    Taxation
    Hi, Could you please give me some advice on how to report any sales made off of new items that are sold on sites like eBay? I am not registered with a business number and I do not collect sales tax. I handmake items and sell online. I don't sell a lot but by end of year, I may make approx...
  19. Investing in USA Business. Corp structure and Tax issues both sides?

    Taxation
    I am looking at a Motel investment in NY or MI... with a US based partner. Anyone has any advice on how to structure my set up in USA with an eye on taxation both sides and repatriation of funds. Done extensive research and find it very complicated, any suggestions that will help me to wrap my...
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