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taxes

  1. Using Leverage to Increase Investments

    Investing
    Hello all! First I will give a little bit of background: I work in the medical industry which makes my job an essential service which is extremely busy and secure during this pandemic. My spouse is in airspace so her career could be at a higher risk during this time. I am ~40 years old with...
  2. Is there a way I can view the notice of assessments of my family members from the CRA

    Taxation
    I'm trying to apply for ODSP and I need my family members notice of assessments but I don't want to ask them because I have SEVERE anxiety and I don't want them to know that I'm applying for ODSP. I'm kind of embarrassed. Is there a way I can contact the CRA and ask them to send me a copy of my...
  3. Private Corporate Pension Payments - After Death

    Taxation
    My father passed away in 2017. My mother continues to receive money from his private corporate pension plan (yes, they were notified of his death). I believe this is normal, however, the T4A she received is in my father's name. His final return was processed last year. What should I do...
  4. RRSP vs. Non-registered account for frugal people

    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...
  5. cryptocurrency tax filing question (day trading, business income)

    Taxation
    From what I've read, because I day trade my cryptocurrency (i.e. I don't buy and hold), my cryptocurrency profits would be considered business income (so I'll end up paying twice as much taxes as I would if I were a holder and able to call it capital gains). :sulkiness: Does anyone have any...
  6. Can I work in my Corporation for free while receiving Parental Employment Insurance

    Taxation
    Hello, Currently I am getting Parental Employment Insurance. There is a short term project I am interested to take. Based on EI rules if I start work - I will be loosing Parental Employment Insurance (and can't continue it after the end of the project). Is it possible to open a corporation (to...
  7. Independent Contractor Tax Filing?

    Taxation
    I'm having a bit of a problem knowing what to do for the upcoming tax season: Starting in May of this year, I've been working as contractor for an American LLC, I get paid twice a month by online money transfer via Paypal. For the first 5 months of my employment I was paid a fixed sum twice a...
  8. How to decide tax year for new corporation in Quebec

    Taxation
    Hello, I incorporated my company in Canada at Federal level and also registered it with Quebec government, because the company operates in Quebec. I did it in September 2016. As per the accountant I consultated casually at the time, I'm free to decide what's my fiscal year and file my tax...
  9. JTWROS and foreign ownership

    Taxation
    Mother M is retired, sold her primary residence, and invested the proceeds in a JTWROS with her adult daughter D. M is taking all the income from the investments, and paying all the taxes. Over $200,000 is invested in US$ securities, such as S&P index funds. Even though this is all through a...
  10. Most Tax Efficient way to withdraw during retirement

    Taxation
    I have just retired and have investments in RRSP/RRIF, TFSA and Non-registered accounts. What would be the most efficient way to withdraw funds during retirement? Thanks.
  11. Tax question RESP and TFSA

    Taxation
    I usually have H&R do my taxes, but this year I want to save bit and do it myself. A couple of questions: Do I claim TFSA investment trading gains/losses? I did a ton of trades A for "fun account". If so will each trade need to be entered, or totals for each? Also, do I claim RESP...
  12. Dual Canadian/USA been "Travelancing" in Asia for a year. Taxes

    Taxation
    Hello. I'm a dual Canadian/USA citizen and my last country of residence was Canada. For years I've submitted tax returns to both CRA and IRS because USA taxes on citizenship not residence. Since I was living and working in Canada I would use the USA "Foreign Earned Income Exclusion" (FEIE) and...
  13. Taxes: US vs. Canada Common Law

    Taxation
    In Canada, you are required to file taxes as common law if you're shacked up and you have a baby (otherwise I wouldn't). To end a Canadian common-law relationship, you just have to sign a letter and move out. In the US, it is much more difficult to become common law and you aren't ever forced...
  14. Adding wife to my tax return - She came in Feb 2016

    Taxation
    Hello, I am trying to do the taxes my self this time I have always done it at H&R block. Do I need to include my wife in my taxes? My wife came to Canada in 2016 Feb I take it she doesn't have to file since she wasn't here in 2014 but last year when I filed I had calmed her in my return even...
  15. Low income, two businesses - must I declare all business expenses?

    Taxation
    I am self-employed and have two businesses: one made a small profit last year, the other (a new one) made a loss. Elsewhere I read that it is not necessary to declare business expenses, although it is normally an advantage to do so. So, here's my question: Am I required to declare all business...
  16. Artificial Losses

    Taxation
    Superficial Losses Hello, I was wondering how to handle this as I have never experienced an artificial loss (never really had non-registered investments before). Last year I bought and sold two stocks in my non-registered account. I later moved one stock into my RRSP and the other into my...
  17. T1 Adjustment

    Taxation
    I need to file a T1 Adjustment for 2013 taxes. It has to do with a T2125, there was a mistake with total revenue and GST deducted, three invoices were missed. The form says I need to include what line I'm adjusting with supporting documents. What exactly does that mean for supporting documents...
  18. Incapacitated Mother and dealing with CRA

    Taxation
    My Mom started showing signs of dementia in 2006 at the age of 68 and was diagnosed as such two years later. Her condition worsened as happens with that horrible affliction and she became far too much of a burden for my Dad in 2012 so was placed in residential care. No complaints from us about...
  19. Should I change from using an accountant?

    Taxation
    Hello. I've been using the same accountant for years. Unfortunately this year he is retiring this year. So now I'm stuck without someone to do my taxes. My friend is using TurboTax and he says it's pretty easy. I'm not sure if I should try to find another accountant or go the software...
  20. Taxes: Self-employed vs small business

    Taxation
    Hi everyone, Just hoping you can help me decide whether it's best to be self-employed or a small business. I am a health professional working as an independent contractor (recently graduated so I still have tuition that can be carried over) - I fall under the exempt bracket for hst/GST My...
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