Search results

There are many other people who are in the same shoes. I believe the 225% fine is a myth. You will have to pay back any excess benefits and CRA is currently trying to figure out how to make that happen for those who were paid via direct deposit. If you received a cheque, simply return it to...

That's an interesting one. Not sure if that affects your 2012 contribution room. In this case, you would be best served to check what your CRA MyAccount shows or contact them to confirm for 2012. You will have room for 2013 though.

You will be required to file a tax return for the 2019 tax year even if your income is $0.

To answer your question "F", yes there a few options for opening your account while abroad, however, you may still be needed to show up in one of the branches after you land. Here are some useful info on the best bank accounts for newcomers to Canada...

Bsed on when you landed, you will have been accumulating contribution room since 2012. As per the other response above, you can also find your total limit from your CRA My Account dashboard. For more info on TFSA contribution limits and penalties...

I have used Simplii since 2015, starting when I signed up for the PC financial MasterCard when they were still affiliated with Superstore (Loblaws). My experience has been generally okay and I reviewed their service here...

Credit reports from the two credit bureaus in Canada (Transunion and Equifax) may differ because: - Some lenders only report to one lender while some report to both - Lenders may report on different dates to the credit bureaus A closed account not showing up may not matter much. Is the free RBC...

Minor correction: Over $30,000 and you will need to register for GST/HST.

I agree with BC4life about trialling out one of the traditional banks for a bit before moving on to an online-only bank. That being said, monthly account fees and almost zero interest rates on the savings account that are being offered by the big banks suck!! If you are looking to compare the...

You should both file your taxes as it will help to determine things like child benefits, HST/GST rebates, etc. The deadline to file income tax returns for 2019 (to avoid penalties) is April 30, 2019. Self-employed individuals have until June 30th, however, they also must have paid any...

As others have said, I believe you will need to file a tax return.

Yes, whichever is lower.

Yes. In addition, for the 2019 RRSP contribution limit that is based on the 2018 tax year, the maximum amount you can contribute for the year is $26,500. This is applicable if your earned income is in excess of $147,222 or so. You can find your exact figure on your CRA Notice of Assessment.

I disagree. I filed my first time using UFile online - free version in 2011. Unless there are now specific new rules stating that you need to make a paper application.

You can open a TFSA from the time you received your SIN number (I assume in 2017). However, it is advisable to start from 2019 when you became a "resident" because as a non-resident (you in 2017 and 2018), your TFSA account is subject to a 1% tax per month and this is not worth it. That being...

If you earn interest on your chequing, it is included. Big banks don't pay interest on chequing accounts, however, online banks like Tangerine and Simplii Financial do pay interest. If the interest you earn is very little i.e. a few bucks, the banks will not send you a T5 and there's no need to...

Your bank will send you a T5 form for investment income. Use that for your tax return filing. You can find a sample tax return checklist here: https://www.savvynewcanadians.com/filing-my-2016-income-tax-return/

I used UFile to submit my tax return online during my first two years as a postgrad student in Canada.

No need to file for 2016.

The CRA will start accepting electronic tax returns by February 18, 2019. The tax-filing deadline for most Canadians (for the 2018 tax year) is on April 30, 2019. For those who are self-employed, or who have a spouse/partner who is self-employed, the deadline extends until June 15, 2019. As a...