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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 Canadian Money Forum, I am self employed and I noticed I have an amount in my Turbo Tax for the Business-use-of-home-expenses available to carry forward. How can this value be used in my future Tax return(s)? Thank you
  3. Taxation
    The fact that I had self-employment income in Quebec and received some childcare advances, means that besides my Federal/BC tax return, I need to file a Quebec tax return. Let's say I received $60K in Quebec in freelance income, then I will end up paying $X (a few thousand) to Quebec. Now I am...
  4. Taxation
    My spouse and I have worked from home since the very start of the pandemic (March 16). We rent a house and pay a considerable amount of rent ($3500/month) so it may be better for us to use the detailed method to deduct home office expenses than the COVID flat rate method. We both have received...
  5. 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...
  6. 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...
  7. 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...
  8. 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...
  9. 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...
  10. 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...
  11. 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...
  12. 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...
  13. 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...
  14. 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.
  15. 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...
  16. 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...
  17. 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...
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