How to go about securing the best savings strategy in Canada.
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This tech worker makes $60,000 and has no savings. He wants to travel to see his sick grandmother. What can he do? + MORE Mar 13th
Peter had $5,000 saved up for a trip to Colombia and a vacation to Asia later on, but after his car broke down his savings disappeared..... More »
“Which reverse mortgage is right for me?” Sep 12th
When Vancouver condo owners Maggie and Rob found out they were on the hook for $400,000 in improvement costs to their building and unit as required by an assessment from their Strata Council, they weren’t sure what to do. (We’ve changed their names and some details to protect their privacy.)
.... More »
What to do if you haven’t filed an income tax return + MORE Jan 11th
Millions of Canadians file their tax returns late—and if you’re one of them, you may figure that with so many others in the same boat, surely the transgression can’t be too terrible.… Right? Well, no.
Assuming you have a refund coming, it’s not a great financial plan to let Canada Revenue .... More »
What is the RESP contribution deadline? + MORE Oct 30th
Between the gifts and the gatherings, the month of December can be an expensive time of the year. It’s a tough month to think about saving for your child’s future education on top of everything else. (We get it!) But there’s good reason to plan ahead and put some extra cash aside before the en.... More »
What is an ETF? + MORE Jul 11th
If you want to think about it in really simple terms, an ETF is like a meal kit. How’s that? Well, if you’re someone who enjoys good food, but doesn’t necessarily consider yourself a good cook, you might pick up a meal kit, because it contains all of the pre-selected elements you need to prepa.... More »
Filing taxes while holding U.S. investments in Canada
– moneysense.ca
Q: I have investment money that originated with a U.S. management company, but I moved it to a Canadian management company, keeping it in U.S. dollars.
Is this investment still considered U.S. dollars taxed by U.S. tax laws or are they considered under Canadian investments and must follow Canada’s tax laws?
—Peter
A: Canadian residents are taxable on their worldwide income, Peter. So it doesn’t matter where your investments are located. It doesn’t matter what currency you’re holding. All that matters is that you reside in Canada, so the Canada Revenue Agency (CRA) wants their fair share of income tax on any income earned anywhere in the world.
In fact, there is even a special form called a Form T1135 – Foreign Income Verification Statement that is meant for reporting foreign assets and income to the CRA. It is used to report “specified foreign property” if your cost for certain foreign assets exceeded $100,000 Canadian (based on the exchange rates at the time of purchase) at any time during the year…
The government of Brazil on Wednesday launched a formal complaint against Canada over aerospace sector subsidies, just a day after the Canadian government said it would make interest-free loans of $372.5 million to Bombardier.
Quebec opposition parties critical of Ottawa’s aid response to Bombardier
– canadianbusiness.com
The federal response to Bombardier’s request for financial assistance is yet another sign of Ottawa giving short shrift to Quebec, Parti Quebecois Leader Jean-Francois Lisee said Wednesday.
In a familiar refrain, Lisee bemoaned that the $372.5 million Ottawa has offered the Quebec-based aerospace giant in interest-free loans is chump change when compared to the money the federal government has given Ontario’s automobile industry.
Lisee’s conclusion: that Quebec is always the big loser in the federal system and that its interests would be better served by independence.
“What’s the point of being in this country?” he asked. “We’re not in the right country.”
The federal money for Bombardier (TSX:BBD.B) will be handed out in instalments over four years to support the Global 7000 and CSeries aircraft projects.
Federal Innovation Minister Navdeep Bains said the money will preserve thousands of high-paying technology jobs in Ontario where the Global will be assembled and in Quebec where it is completed and the CSeries is built…
In a familiar refrain, Lisee bemoaned that the $372.5 million Ottawa has offered the Quebec-based aerospace giant in interest-free loans is chump change when compared to the money the federal government has given Ontario’s automobile industry.
Lisee’s conclusion: that Quebec is always the big loser in the federal system and that its interests would be better served by independence.
“What’s the point of being in this country?” he asked. “We’re not in the right country.”
The federal money for Bombardier (TSX:BBD.B) will be handed out in instalments over four years to support the Global 7000 and CSeries aircraft projects.
Federal Innovation Minister Navdeep Bains said the money will preserve thousands of high-paying technology jobs in Ontario where the Global will be assembled and in Quebec where it is completed and the CSeries is built…
