1. Superfly_FR's Avatar
    Looks like the tax questioning season is here
    I thought it could be useful to grab some knowledge, how-to, advices here.

    P.S: stating your country / State in clear may be wise.
    peter9477 and lcjr like this.
    04-30-13 03:02 PM
  2. Andrew4life's Avatar
    I don't know about the rest of the world, but if you're in CANADA, your taxes are due TODAY!
    04-30-13 03:10 PM
  3. jsmall999's Avatar
    Mine are in a TFSA

    Posted via CB10
    04-30-13 03:18 PM
  4. Acumenight's Avatar
    I don't know about the rest of the world, but if you're in CANADA, your taxes are due TODAY!
    Just handed my shoebox to the accountant life is good, BBRY up AND my taxes are in on time!

    Posted via Z10
    Shanerredflag likes this.
    04-30-13 03:23 PM
  5. drrobert_Taco's Avatar
    Jsmall has the right idea, my investments are all in TFSA and the reporting requirements are nada. Otherwise in Canada you have to pay capital gains tax of half your income tax rate against your gains. I think you can get credit for capital losses as well but there are limits.

    Posted via CB10
    04-30-13 04:41 PM
  6. matthewriedle's Avatar
    Jsmall has the right idea, my investments are all in TFSA and the reporting requirements are nada. Otherwise in Canada you have to pay capital gains tax of half your income tax rate against your gains. I think you can get credit for capital losses as well but there are limits.

    Posted via CB10
    CDN advice:.

    Capital gains and dividend taxes are also waived on investments in your RRSP as well but are due on withdrawl. So an RRSP is good for contributing to when you hink you are making more than you would in retirement, tax wise. But however, you save for retirement, the important thing. Is to save for retirement. TFSA is my favourite but 25,500 is a low limit, albeit it goes up every year. No matter what income level you are I can recommend investing through your TFSA. But there are exceptions about what you hold in it. Ie: do not have USA dividend paying stocks in your TFSA. Put them in your RRSP or as an unregistered investment.
    04-30-13 09:27 PM
  7. drrobert_Taco's Avatar
    do not have USA dividend paying stocks in your TFSA. Put them in your RRSP or as an unregistered investment.
    This I good advice, as the dividends will still get taxed by the US if they are held in a TFSA.

    Posted via CB10
    05-01-13 07:10 AM
  8. matthewriedle's Avatar
    This I good advice, as the dividends will still get taxed by the US if they are held in a TFSA.

    Posted via CB10
    The IRS will withhold 15% of your dividends in your TFSA or in an unregistered account. The difference being in an unregistered account you will get a corresponding dividend tax credit from Revenue Canada. Not so in a TFSA.
    05-01-13 10:12 AM
  9. Bugmapper's Avatar
    The IRS will withhold 15% of your dividends in your TFSA or in an unregistered account. The difference being in an unregistered account you will get a corresponding dividend tax credit from Revenue Canada. Not so in a TFSA.
    I don't have to worry about that problem, because I am Canadian and I only invest in Canadian corporations. Some of you may think that is foolish investing, and I understand your position.
    05-04-13 08:18 AM

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