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Want to leave big bank | Considering local Alterna | any advice?

April 20, 2017, 2:41 pm
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Hello,

Live near the Canada government building at Yonge and Sheppard in Toronto.
Went the other day to run an errand and saw the Alterna Credit Union.
Been considering leaving my regular big bank (TD) for a while.
Reading up on things about credit unions and they do sound appealing.
Any thoughts? I don't have a mortgage and I don't have a car.

Just looking at some regular banking.....

Statistics: Posted by yyztoronto416 — Apr 20th, 2017 5:41 pm

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InFormal Trust - Child

April 20, 2017, 3:24 pm
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Hello all

I have received conflicting information from cra so I wanted to see what the RFD communuty has to say regarding this situation.

Background

Want to setup a trading account in my newborns name. The purpose would be for me to invest all of her monetary gifts in this account instead of having the money sit in a youth account.

Current plan
Td offers an informal trust that I can set up in her name and invest proceeds in direct investing account. Once she is 18 the money would legally become hers so it will never be mine. The objective is to use this product so the income on the investments are taxed at her rate which would be 0 until its above 10000.

Question
1. Is this assumption correct or will the investments be taxed at my tax rate?
2. Can I add additional funds from my account to this accounts or can it only be strictly gifts or income from her?
3. What type of mutual funds or stocks would be best for this type of account. Would swap based etf like horizons be best since capital gains are taxed least?

Thanks everyone for your help.

Statistics: Posted by hoost — Apr 20th, 2017 6:24 pm

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I have a question about creating CRA online account

April 20, 2017, 6:51 pm
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I am on the CRA website and I am trying to create a CRA online account: cra.gc.ca/myaccount

There is a question: "Tax information - amount entered on line 120 of your 2016 return (required)".

There is a text box field and I can input a number. But, I cannot enter anything for the .00 portion. Lets say it is 123.99. I can't enter .99 for some reason. Anyone know how to get through this step?

Thanks.

Statistics: Posted by Shark828 — Apr 20th, 2017 9:51 pm

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Place your bets - is the sky falling?Toronto RE.

April 20, 2017, 8:15 pm
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Is Toronto going to splode?

Statistics: Posted by daivey — Apr 20th, 2017 11:15 pm

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tax question: capital gains on eventual house sale?

April 21, 2017, 7:02 am
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Hi, quick tax question.

From 2007 until October 2015, my wife and I lived in a condo in Nova Scotia that was our principal residence. We then moved to Alberta, lived in my sister-in-law's condo for six months, then bought our own house in Alberta in March 2016. We have been trying to sell our Nova Scotia condo since October 2015, with no luck so far--the RE market is horrible in Nova Scotia. We aren't renting out the NS condo; it's just dormant waiting for a sale.

For our 2016 taxes due this month, do we have to report a "change in status" of our NS condo from "principal residence" to "non-principal residence" (or whatever the tax term for that is)? And when we eventually do manage to sell our condo, will we get dinged with capital gains tax on the sale proceeds?

Statistics: Posted by canadave — Apr 21st, 2017 10:02 am

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New Credit Scoring Method Coming?

April 21, 2017, 7:48 am
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scotiabank switching credit card product

April 21, 2017, 11:01 am
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Hi All,

I wonder if any of you have ever switched from one card to another at Scotiabank (I want to move from the Amex Gold to a free visa card)? Were they able to set you up while maintaining your credit history? Or do they set up completely new and the old card is effectively "cancelled?" Thank you!

Statistics: Posted by wickkedd — Apr 21st, 2017 2:01 pm

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Oaken Financial / Home Capital Group Bankruptcy Concerns

April 21, 2017, 5:11 pm
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Filed tax return for the first time, but no assessment

April 22, 2017, 1:08 pm
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My son filed his first tax return, and sent it by ordinary mail on March 10. Up to now, he hasn't received an assessment. I forgot to tell him to send it by registered mail. His half year part time income is only above $2000.

I've read someone's post here about mailing it in, calling and was told to wait 4-6 weeks for an assessment.

I'm wondering if my son should resend his return, this time by registered mail (or I drop it off at the tax office) since the last date to file is soon. Hubby was saying son did his duty, it's $2000 is not even taxable income so he doesn't need to worry about it.
But if the first return was lost, and there's no assessment, my son can't registered online for netfile.

Statistics: Posted by yogilo — Apr 22nd, 2017 4:08 pm

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TD1 form

April 22, 2017, 3:51 pm
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Hi,

I have a question about the TD1 form. I have recently relocated to Nunavut from Alberta for a job and see myself being here from at least 6 months to a year before heading back home. I'm wondering if It's​ ok to put my Alberta address on the form or do I have to put my Nunavut address?

Thanks for the help

Statistics: Posted by redwing2017 — Apr 22nd, 2017 6:51 pm

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Moved OUT of QUEBEC to ON - Tax ISSUES

April 23, 2017, 2:59 am
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I moved from Quebec (was doing freelance consulting there) for a fellowship in Ontario. I earned around 5k in Quebec via consulting. I had the RAMQ prescription plan. I am worried how to pay the Quebec tax?

As per rules, I am a resident of Ontario on Dec. 31st. Do I need to still pay the RAMQ premium, etc. to RevenuQubec through a separate return, or a single return to CRA is sufficient

Statistics: Posted by AnubhavS424987 — Apr 23rd, 2017 5:59 am

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Pay off debt.

April 23, 2017, 5:31 am
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I have never really posted to this forum before but am looking for some advice as I have gained so much understanding of personal finance over the past few years from following this forum.

I am currently in a situation where I have about 15k in student loan debt with interest at prime + 2%, 4k in line of credit debt with interest at 6.2% that I used for my first home purchase. I have no other debt. I have about 8k that I am wanting to put down on these loans but have no idea which direction I should go in terms of paying them off? My student loan is about 70.00 a month in interest, while my LOC is about 25.00.

I also have recently applied and got a 12 month interest free credit card with a 12k limit on it that I have no idea how I might use this to help me with both of these debts above.

Any advice would be greatly appreciated!

Statistics: Posted by tdaniels — Apr 23rd, 2017 8:31 am

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Does 401k contribution reduce Canadian taxable income

April 23, 2017, 10:11 am
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I currently work in Usa and live in Canada.

In order to reduce my taxable income in Usa I max out my 401k contributions (18k). When doing Canadian income tax I know you need to convert that sum to average currency rate and subtract from rrsp limit but wondering if the 18k converted to Cdn reduces my taxable income directly in canada thus reducing the amount of rrsp I need to put neutralize tax.

Basically wondering if this is the best method since if its true that it reduces income tax in both countries it would be the best way of reducing realized taxes.

Statistics: Posted by hoost — Apr 23rd, 2017 1:11 pm

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CRA Payee Options - TD Bank Online

April 23, 2017, 7:34 pm
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I owe a small amount for my 2016 Tax Return. I would like to pay online, however I am having trouble differentiating between two options:

1) CRA Peronsal Income Tax - 2016 Tax Return Remittance Voucher
or
2) CRA Peronsal Income Tax - Amount Owing Remittance Voucher

Anyone who has already paid their income taxes via TD Bank Online have an idea?

Thanks!

Statistics: Posted by bizzyseller — Apr 23rd, 2017 10:34 pm

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Carrying costs write off

April 23, 2017, 8:48 pm
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Can you write off management fees for RSP and non registered plans?
And can the interest paid to cra be written off?

Statistics: Posted by airmail — Apr 23rd, 2017 11:48 pm

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$50,000.00

April 24, 2017, 8:28 am
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Where is the best place to put $50,000.00 to gain the most interest?

Statistics: Posted by Anxious — Apr 24th, 2017 11:28 am

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CRA Child Benefits Questionnaire

April 24, 2017, 8:34 am
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I received a questionnaire from the CRA requesting validation of my marital status (separated) for the purpose of Child Benefits. It asks all kinds of questions and requests documents and two letters from "persons of authority" confirming my marital situation. Problem is, I (the father) do not receive any child benefits as my child does not live with me. My ex (the mother) receives them. I don't want to bother two "persons of authority" to write letters, nor do I even think I can find two that would do that.

So, my questions is, why is the CRA threatening ME to cut off or claw back child benefits, and what exactly can they do to ME? I haven't received anything. I believe my ex may have neglected to inform the CRA of a change in marital status, but why are they bugging me for that?

Statistics: Posted by _dc_ — Apr 24th, 2017 11:34 am

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Ontario to roll out basic income in three cities - Hamilton, Thunder Bay and Lindsay

April 24, 2017, 9:39 am
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Interesting. Hopefully, the free money is given to really deserving households.


http://www.theglobeandmail.com/news/nat ... e34795127/

Ontario will provide 4,000 residents in Hamilton, Thunder Bay and Lindsay with free income, part of the government’s plan to test whether the extra funds will help improve their job prospects and quality of life.

The idea is to give the province’s working poor, unemployed and homeless residents a so-called basic income to pay for their basic needs of food and housing.

The recipients will be randomly chosen from the three regions and will start receiving the cash as soon as this summer. A single person could receive up to $16,989 per year, and a couple could get up to $24,027 annually.

Statistics: Posted by alanbrenton — Apr 24th, 2017 12:39 pm

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CRA- anyone deduct private school tuition as a medica expense?

April 24, 2017, 11:53 am
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My daughter has ADHD and goes to a private school for kids with learning disabilities. I had her pediatrician write a doctor's note saying she required the school services for her physiologic condition. I think this is enough to be able to claim the tuition fees as a medical expense deduction. My husband disagrees and we can't really find anything in the CRA documents validating my opinion! What do you recommend? It's $20K in tuition so the 15% tax credit would be significant.

Does anyone have experience with this?
Thanks!

Statistics: Posted by gingersb — Apr 24th, 2017 2:53 pm

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Anyone heard about the book "The Tax Collectors' Bible"?

April 24, 2017, 1:27 pm
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Seems someone who used to work for CRA wrote it. His website was down or suspended?
Anyone knows a place to download it or borrow it?

Statistics: Posted by maskdoll — Apr 24th, 2017 4:27 pm

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