- April 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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Question re: USD daily rate for taxes (sole prop)
I know to use the Bank of Canada daily rate for when payment was received. But the wire transfer didn’t work, so they sent payment via cheque. Do I use the rate on date cheque was dated? Or date of postmark? Or date of my invoice? (Don’t really know when cheque was rec’d because don’t check community mailbox daily and it was during the holidays. Also didn’t cash it until 2024, but I know that it is still considered as 2023 taxes.) Or is this massive overthinking on my part? 😉 First year for business taxes, so just looking to do it correctly. Thanks!
What’s the conventional wisdom for someone doing the stereotypical **simple** all-VEQT-or-XEQT in their TFSA+RRSP but who’s maxed out these registered accounts? For retirement, marginal rate 36-41% depending on rrsp.
I was going to do the horizons funds that don’t pay dividends but that’s not a thing anymore. Same with HSAV.
Do I just stick with XEQT or would that be a bloodbath on taxes?
Can I withdraw my kids RESP contribution amount ($5k) on Jan 1, deposit it and get the government match? Even if I continue to contribute, I get the match up front for the year so more time for gains. Or maybe better (I have space) contribute into a TFSA instead and then I can just gift them the money later without it being declared as their income…. in theory.
I have never had a non-reg investment account before, just savings. I want to know what I’m getting into if I open one at WealthSimple (already have self-directed TFSA/FHSA/RRSP there). I’m very wary right now because I don’t know how to manage it come tax time, and I’m having trouble finding answers.
Context: my Tangerine 6% promo is expiring and I don’t want to HISA hop anymore. I’d like to keep this in CBIL. No available TFSA/FHSA room, and this money is for short-term use, so not wanting to put it in RRSP.
Will WealthSimple give me tax receipts and I just file them and it’s fairly straightforward? I know I need to track ACB. What else do I need to consider come tax time? Would it just be simpler to put it in WealthSimple Cash earning 4%?
Eventually I might start investing in XGRO in a non-reg account – anything different I should know?
Is CASH.TO still the thing if I want to park my FHSA somewhere safe for it to grow for the next year or so before I use it?
My TFSA is maxed and I put money into RRSP to reduce taxes owed. I also have a DB pension plan and was told RRSP may not be the best thing to put money in. I plan to withdraw from TFSA to pay down the mortgage in a few years. No other debt. Should I open a regular investment account now?
Does my TFSA and FTHB share the same contribution room for the year? let’s say i can put total 7.5k in my tfsa as the max this year, and 8 grand is my fthb max, can you contribute to both each year?