We’ve done as much free research as we could and read up on CRA rules as best we could. Reaching out to see if anyone can help! TIA. Through a settlement, kids got an amount of money that is being kept in trust. We received two T5 forms in the mail for the Investment Income earned on their funds sitting in Trust. It’s not super clear to us whether we have to file taxes for each child as a result of this income. It’s a very small amount, well below the basic personal amount. Any suggestions? submitted by /u/bizzybeat [visit reddit] [comments ..read more

Hello, I sent an e-transfer to a someone for some house work (it’s been one day) and they haven’t accepted it yet (house work is half done). When I texted them, they said, they’ll be taking cash instead when they are around next instead of the e-transfer. The e-transfer was sent with a password they don’t know. The amount is $500. Bank is Tangerine, if that matters. Can I just let the etransfer expire and not incur fees and have the funds return to my account? Thanks submitted by /u/DesignerArmy9495 [visit reddit] [comments ..read more

I am a sole proprietor of a business. I am now wrapping up my business. Since I have made CCA deductions for tools that were purchased to make income, in order to transfer the asset from my business to personal use, I thought I had to obtain a FMV and buy back the asset from my company. And then finally, report this as income to CRA. However, an accountant told me that I am mistaken. Once I wrap up the business, all of the inventory and tools are my own. Could someone kindly help me with understanding this? submitted by /u/ExoticMaintenance576 [visit reddit] [comments ..read more

There was some miscommunication and in Feb 2024 we ended up contributing to her personal RRSP instead of Spousal RRSP. Realized when I was filing taxes that the slip issued by the bank said that she was the contributor and annuitant. I asked if this could be amended and they said no. My wife has no income so her contribution room is $0. I understand that I need to withdraw the funds ASAP and possibly pay the fees/submit the appropriate forms to CRA. What I'm confused about is, how do I file this correctly on my 2023 tax returns which are due in a few days? Do I just say that she had 0 contrib ..read more

Hi all! I'm very new to investing and the company I work for has given the following options. I'm not sure which one is better? Sharesave Plan: Save a fixed amount from my net pay each month for 3 years. I can then buy shares at a fixed price (option price) and a fixed exchange rate (converted to GBP) at the end of the 3 years or take my savings back. Cost of the stock is fixed at 5.30 GBP, and exchange rate is abut 0.52. Incentive Plan: Save a fixed amount from my net pay each month for 10 months. At the end of the 10 months, shares will be bought for the price of the stock on that day (curr ..read more

After provincial and federal lending, what's the best loan or line of credit? Or is the best option just a professional line of credit with the bank you have your credit card with? submitted by /u/Braydar_Binks [visit reddit] [comments ..read more

I recently opened an RBC US cross border account and have been transferring USD I had here in Canada. With that money, I've bought positions on IBKR and don't expect to bring that money back for many years. How Canada taxes could be applied in this scenario? The income earned couldn't be tracked because it'll be just a transfer between RBC accounts once I want to bring the money back. Any idea how that works? Thanks ​ submitted by /u/Miserable-Bee-4929 [visit reddit] [comments ..read more

This is a pretty stupid question, but here goes. If your money goes into an rrsp pre-tax, would you still get a return? I get that it lowers your taxable income and you get the difference back in taxes, but if it’s going in pretax does that make a difference? submitted by /u/mandrews03 [visit reddit] [comments ..read more

My partner keeps USD on hand “just in case” because he grew up in a country that often used USD. Basically it’s just $5,000 sitting in a US Tangerine account. Would it be better to move it to WS, in a US TFSA, and invest it in US ETF? Would he have to fill out an annual W8BEN form if so? What’s the US equivalent of XEQT? He doesn’t want to convert it to CAD. submitted by /u/709416 [visit reddit] [comments ..read more

I would like to transfer my annual tuition tax credit to my parents to help lower their tax, that they have to pay. I started school when I was 26. I just finished turning 29 this year. Is there an age limit? Would I no longer be able to transfer the credit to them since I am old? I already filed my taxes and received a refund. submitted by /u/Psychological_Yam88 [visit reddit] [comments ..read more