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tagesschau posted:Are the responses to your previous requests outputs from TECS, or from some other system? The ones I requested in 2014 had border-crossing activity (in TECS) from 2003. I think it’s TECS. It has me entering Canada, but not my departures.
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Dec 20, 2020 19:40
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Making any investment while you have debt outstanding is isomorphic to leveraged investment, except for the tax consequences, after all.
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Jan 11, 2021 22:23
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Nofeed posted:Purchasing a company's stock on the market does not in any way support or contribute to said company. Given that companies often buy other companies using their stock, a stock price and higher market can be to a company’s advantage. It’s true that the more direct impact is on the seller of the shares, though, and on any employees who are compensated with stock.
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Feb 28, 2021 00:56
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I’m with RBCDS, but have recently been told that RBC isn’t accepting paper certs due to COVID risk (?!?)
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Apr 5, 2021 02:37
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Mantle posted:Is this an American thing? I've never paid fees to deposit a foreign bank cheque or currency exchange (the payor pays those). Same here. You get a lovely exchange rate, generally, but I’ve never been charged a fee in ~50 such occasions.
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Jul 20, 2021 23:26
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I had the CRA deny the deduction of some US withholding because I didn’t file a US return, but they reversed that opinion and permitted the deduction on appeal so other than the cost of a few hours of accountant time it all turned out OK. For US income you can file a W8-BEN as a foreign beneficiary to avoid the withholding at all and then it’s all taxed in your hands in Canada like anything else.
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Aug 27, 2021 12:03
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Does anyone have a recommendation for a good fee-for-service financial advisor in Toronto? A friend of mine is looking for some guidance after a divorce.
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Jan 5, 2022 18:50
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Yeah that’s 100% bullshit. Flee.
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Feb 26, 2022 05:41
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Oxyclean posted:Hi I'm a dum dum who has not been filing taxes because I assume I don't really need to cause my employer takes my taxes out of my pay & ran into some problems trying to file online a few years back and never really bothered to sort it out. I remember filing physically at least once, but then I think I had some problems when I tried to do it digitally after? File your taxes, it’s how you accumulate RRSP and TSFA room for later if nothing else. There’s a Voluntary Disclosure Program if you’re way behind—it’s annoying, but you come out the other end clean and without a huge debt. (I found my “CRA departure filing” paperwork in a desk drawer, unmailed, as we were packing up to move back to Canada after 5 years in the US. Complicated!)
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Apr 15, 2022 02:52
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pokeyman posted:The above replies are solid and I will add: feel free to call CRA and ask them things. They are surprisingly helpful, and you are not the weirdest situation they've dealt with. CRA people are so helpful it’s almost alarming. And yeah, even when I’ve presented them with what seemed like really bizarre stuff, they’ve always said “oh yeah, that works like this” and helped me through it.
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Apr 15, 2022 02:54
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qhat posted:If they don’t have you employed at a Canadian subsidiary then you need to be a private contractor and have filled out a W-8BEN and given it to the company, and then I think they withhold taxes on your behalf for the US federal government. The good thing is though that it doesn’t matter since you can claim a tax credit for that on your Canadian tax return. But someone can correct me if I’m wrong. W-8BEN is to avoid US federal withholding because you aren’t subject to federal tax if you aren’t either a resident or a citizen. If you are in Canada you can contract for a US company without a US work visa. If you are in Canada then working for a US company as contractor still requires a Canadian work permit if you aren’t otherwise (citizen, PR, etc) permitted to work in Canada. (I did the “Canadian contracting to US company from Canada” thing many times.) Edit: if you have US taxes withheld, perhaps because your W-8BEN went missing or was misprocessed, you can claim those taxes paid as credit toward your Canadian federal taxes. Sometimes CRA will say that you need to have a US NOA-equivalent from having filed US taxes in order to claim that credit, in which case you or your accountant should tell them that they’re wrong and they will relent. Subjunctive fucked around with this message at 20:56 on May 15, 2022 |
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May 15, 2022 20:49
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If it’s not in the NOA and you’re not already audit bait for other reasons, just lose the T5 again and save yourself the hassle, IMO.
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Jul 20, 2022 02:47
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A reverse split, like a regular split, is mathematically neutral. The value of the company doesn’t change, just the number of pieces that it’s split into, and existing shares are converted to make the numbers work out. They’re not uncommon; my previous company did a reverse split while I was there and my current one just did a regular split. It’s just some paperwork, and nobody gains or loses money in the process. It’s also not a sign of any particular good or bad element of a company.
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Jul 20, 2022 08:37
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mojo1701a posted:You might be able to get away without additional interest or penalties if you apply under the Voluntary Disclosure Program, but I'm not versed enough in it to talk about its successes. I did a VDP submission in 2016 because I had messed up my exit event CRA paperwork when I moved to the US. A few months ago I got notice that they had approved it (no other interaction had occurred). 3 weeks ago they finally released six figures of owed refunds accumulated since 2016; they had been holding back my refunds until the VDP had been approved and the relevant years reassessed. They did however waive penalties and interest related to my departure going! All that to say that the VDP is a massive, painful tool (and expensive—it cost us thousands to get our application package prepared and we were told ours was a simple case) that should not be used lightly.
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Jul 21, 2022 22:13
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“Forever” is uninteresting to reason about, and conveniently unprovable. The link between local income of various cohorts and residential real estate can remain strained for a long time, because money exists that isn’t from local individual current incomes. I bought my house with money that didn’t come from a Canadian income, for example. Subjunctive fucked around with this message at 20:51 on Jul 22, 2022 |
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Jul 22, 2022 20:48
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kaom posted:contribute to my RRSP enough to lower one tax bracket What exactly do you mean by this?
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Sep 13, 2022 23:08
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MrAmazing posted:This isn’t targeting dual income families (though they’re still captured by it). This is targeting high net worth/very high income individuals who loan large sums to their low income/stay at home spouse. I got an incredible lecture about this from my accountant, and I don’t remember any of it.
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Sep 15, 2022 00:45
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kaom posted:I’ve always heard this but since filing common law I literally don’t understand what these advantages are. Spousal RRSP is basically income-splitting at retirement time, which is nice.
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Sep 15, 2022 01:09
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quote:A qualified advisor can help separate the sleeping giants from the dogs. That’s why qualified advisors always beat the market!
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Nov 24, 2022 09:28
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I also just discovered that you can deduct qualified US-recipient donations against US-sourced income, up to 75% of said US-sourced income. Wish I'd known that for the last several years, though most of my giving is in Canada. (I was just never submitting US donation receipts to my accountant, and they never asked about them. I bet they knew all along!)
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Nov 24, 2022 16:27
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AegisP posted:So then it comes down to whether or not you would running afoul of 146.2(6) of the ITA, which is the carrying on a business exception (and holding non-qualifying investments). Which, as mentioned, is vague, likely due to the fact-specific nature of the determination (on an individual by individual basis). Closest reference is probably IT-479R - Transactions in Securities, as starting at section 9 it discusses whether to treat securities income as on account of income or capital, and what factors would be looked at to determine if a taxpayer is carrying on a business: It makes sense that non-dividend stocks are considered more speculative, but surely it’s a small minority of investors who are primarily investing in order to earn dividends rather than looking for capital appreciation. I guess it’s the totality of the circumstances, like how just being knowledgeable about securities isn’t an automatic flag, but it was a little weird to read. Similarly, it would be sort of funny to read a tax court judgment that hinged on “this looked a lot like trading for income, but he turns out to be really ignorant, so we’ll let it go”.
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Jan 2, 2023 15:14
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pokeyman posted:My understanding is there’s no long term benefit to chasing dividends aside from possibly lower taxes. But the possible downsides aren’t unique to dividends (e.g. you can have a too-concentrated portfolio either way) so whatever works! Dividend-earning shares also let you write off the interest if you’re leveraged to buy them, whereas without dividends they are “speculative” and not eligible for the tax deduction which honestly has never made sense to me beyond “rich people make the laws”.
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Jan 2, 2023 21:43
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RBC just emailed me about a 4.05% savings account.
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Feb 7, 2023 03:09
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qhat posted:Guarantee you that’s a bonus rate and it drops to like 1.5% after a few months. Nah, they’re real indefinite rates, but you have to trade them through a dealer so they aren’t quite just standard savings accounts. (There are trailer fees as well, I’m sure.) https://www.rbcroyalbank.com/products/isa/index.html
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Feb 7, 2023 08:16
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I just tried to open up RESPs for my nieces and nephews and they really don’t make it easy if you aren’t the primary caregiver. Going to just do savings accounts and give the money to the parents every year.
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Jun 30, 2023 19:07
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I had an advisor mess up and cost me some TFSA over contribution penalties, it sucked.
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Jul 26, 2023 22:22
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McGavin posted:Next time you should probably just do a chargeback instead of waiting for Paypal to pull its head out of its rear end. doesn't a chargeback to PayPal mean that they kill your account entirely?
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Sep 12, 2023 19:03
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Boy, the government and/or banks really make it hard to set up RESPs for anyone but your own kids. The parent has to be there in the room to sign the paperwork at the same time as the account owner, which can be sort of annoying to arrange! I get that there are tax consequences for over-contribution across all accounts registered for a given beneficiary, but they could just send the parents a yearly statement to help them avoid the awful problem of having more than $50K in a kid’s RESP total. We wanted to set up RESPs for our niblings but instead we’re just writing annual cheques to the parents and leaving them to do the work. Luckily I trust our siblings to actually put the money into RESPs—I hope that continues to be the case!
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Oct 21, 2023 22:20
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I just got a pile of TFSA NORs that reversed a bunch of overcontribution penalties that came out of CRA disputing my Canadian resident status a decade ago. I didn’t do anything to trigger it, and my accountant says he didn’t do anything after we reached the (embittering) compromise with CRA, so…it Just Happened?
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Oct 25, 2023 20:07
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Yeah I’m a little worried they will re-re-consider it at some point, but I guess that would be harder for them to just arbitrarily do.
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Oct 25, 2023 20:58
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if you have the beneficiary’s SIN and the parent is in the same physical room as you at the bank, you can open an RESP in for someone. I presume that this is so that the parent doesn’t get surprised by overcontribution or something, but it was so baroque that I just ended up giving cheques to the kids’ parents (who, happily, I trust) they make this pretty hard
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Dec 8, 2023 05:30
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exactly my problem I had My Banker try and twist RBC into doing it, but no dice
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Dec 8, 2023 21:20
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because one trust had to wait for another trust had to wait for another PE fund had to wait for the different companies it takes dividends from, etc. when I was a VC I at one point counted a 5-deep chain of tax document dependencies
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Feb 2, 2024 03:07
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If people want to support the mom-and-pop precious metal traders, they can still go give them a few bucks per ounce they purchased at Costco. That’d even be an untaxed gift, everyone wins!
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Mar 3, 2024 18:18
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Buy first aid supplies and learn to teach first aid.
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Mar 3, 2024 19:10
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you can sometimes negotiate the fines down if you tell them you got late paperwork or made an error migrating accounts or similar. the people on the CRA hotlines are incredibly helpful, I’ve found
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Mar 22, 2024 18:55
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yeah they want you to take the employer-subsidized group plan whenever possible because it reduces the financial load on the provincial system. I think it makes some sense, and afaik companies don’t really game it?
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Mar 27, 2024 21:01
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priznat posted:Any good ways to find accountants in the area? I think I should get one. What area? I'm in Toronto and have a good one who handles all my weird poo poo (spousal support, weird investments, medical expenses, equity in various forms, US investments I can't get rid of). He's not especially cheap, about a grand a year depending on how much I need him to argue with CRA, but he and his staff are quite good. I don't think I've ever met him in person, so even if you're outside the GTA (but probably in Ontario) he might work out. https://www.cgc-cpa.ca/ My RSUs just show up as income in my T4, though, so they're pretty easy. ninja: it's definitely too late to get him for this year's taxes though, we had to have our stuff in by March 31
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Apr 25, 2024 20:28
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Lone Goat posted:Oh lol that's absolutely not going to work. She is very irresponsible with money (there's a REASON why she doesn't have a credit or debit card) and there's no loving chance I'm going to let her on my accounts. Secondary cards often let you set spending limits on them (per month, typically). You could probably have her limit set to a few hundred dollars or whatever you'd like. It's quite common for people who get a card for their child.
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Apr 25, 2024 20:52
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Arc Hammer posted:I pay my rent via e-transfers and today when I was checking my balance i saw that daily e-transfer limits have been upped to 10,000 CAD. Two years ago I actually had to up my daily transfer limit so I could pay rent in one go and RBC told me the hard cap was something like 2800 CAD. I had the same thing happen in the last year or two, also at RBC. I saw something saying that it might ask for my card PIN for larger transactions, but I sent one for $6500 a few days ago and it didn’t ask (from the mobile app).
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Apr 28, 2024 04:48
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