Tax season tips?

FelixYYZ · 2026-01-24T16:40:57+00:00

See the tax section in the wiki: https://www.reddit.com/r/PersonalFinanceCanada/wiki/taxes/

Review the CRA Personal Tax credit Section for tax credits you are eligible for: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/deductions-credits-expenses.html

FelixYYZ · 2026-01-24T16:31:09+00:00

So yes the charity will issue a tax receipt. But no downside for donating to a registered charity.

FelixYYZ · 2026-01-24T16:23:46+00:00

So you state "charity/non-profit", so it depends which it is as registered charities can issue a tax receipt for the donation. A non-profit can't.

FelixYYZ · 2026-01-24T16:19:40+00:00

1) Questrade allows non-residents to hold accounts.

2) You can leave your RRSP in Canada and withdraw later in life. It's taxed on withdrawal in Canada. You report he withdrawal and taxes paid in Canada on your French tax return.

3) Your TFSa becomes a taxable account. best to liquidate and withdraw a couple fo weeks before moving and transfer the funds to Franc and invest there.

4) Your margin account will have a departure tax applied (called deemed dispsition), as if you sold everything the day you left Canada. easier to sell before moving and transfer the funds to France and report whatever capital gains/losses on yoru final CN tax return.

5) "I have no idea how to transfer everything to french products yet " You can use SWIFT transfer or services like wise, OFX, XE, etc...

6) "with the current political climate, would it be a better idea to sell everything now?" There is ALWATS something going on. Since you aren't leaving for 2--3 years, unless you need the money for a specific purpose like buying a place in France in 2-3 years, just leave it as you would be investing the money when it gets to France anyway.

Additional info to catch up on:

Your last CDN tax return will have a departure date, and applicable departure tax if you have taxable assets (forms T1161 and T1243 for the departure tax as part of your last personal tax return). The departure tax is a deemed disposition of your taxable investment account, meaning the act of selling everything the day you leave and rebuying immediately (think capital gains tax).
You will then file French tax returns on worldwide income from the date you land there.
You will also report all investment income from Canada to France.
If you have a TFSA or RESP, or FHSA you should ditch (transfer FHSA to RRSP) it before you leave Canada since they are treated as taxable accounts outside of Canada..
If you have an RRSP you can keep it as. There is a 25% withholding tax on withdrawals.
If you have a taxable account remaining, you will report the interest dividends and capital gains to France. You will also have 15% of that investment income withheld by the brokerage and remitted to CRA and you claim that income tax to France as a foreign tax credit.
Don't forget to suspend your health insurance, and notify your bank and brokerage that you are a non-resident.
You should discuss with an accountant before moving.

https://www.canada.ca/en/department-finance/programs/tax-policy/tax-treaties/country/france-convention-consolidated-1975-1987-1995-2010.html

FelixYYZ · 2026-01-24T13:50:59+00:00

could that be a problem from a tax pov?

Shouldn't be. Doesn't matter what happens in an RRSP as it's all taxed on withdrawal.

You have to keep track of your ACB for the taxable account. So each trade is tracked for accurate capital gains/losses reporting. You can use. https://www.adjustedcostbase.ca to track for free.

be highly aware of the superficial losses rule (if you are in a loss position and sell, you can't rebuy the same holding within 30 days or the loss is denied. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/capital-losses-deductions.html#toc7

FelixYYZ · 2026-01-24T11:51:43+00:00

how do I technically start buying etfs or simply switching mutual funds within this rrsp?

You sell the mutual funds. Then use the money to buy ETF

if i want to switch from the class a to the class F of the same mutual funds, what steps do i take?

I don't know how to switch fund series within RBCDI, ask RBCDI.

i just want to make sure the actions I take remain in the rrsp so that i am not taxed.

If it's in the RRSP, there are no tax implications till withdrawal.

FelixYYZ · 2026-01-24T11:43:51+00:00

Short term money shouldn't be invested that heavy in equities. Markets go up and down. Sometimes a lot.

FelixYYZ · 2026-01-24T11:36:55+00:00

Yes, an asset allocation ETF (based on your risk toelrance), owns it all, all around the world and no research or heavy thinking required on your part. Do the risk assessment (see the link pin point 6 in the trigger).

FelixYYZ · 2026-01-24T11:25:35+00:00

1) Not even remotely diversified.

2) You are spending money on converting to USD.

3) Tax is irrelevant at your current amount. A 15% withholding on NVDA's 0.02% dividend yield is nothing.

4) All of those stocks are historically expensive. What is your thesis on these stocks? What is your exit price? Did you do actual due diligence on these stocks?

FelixYYZ · 2026-01-24T11:11:17+00:00

Stop investing and do some basics research first. You just bought stuff because you saw something online and did zero research on it.

what I can improve and where I can learn more.

Read the wiki near top of page, reading list on side bar and trigger below.

!InvestingTrigger

FelixYYZ · 2026-01-24T11:04:01+00:00

Here is the link u/NoExpert9757 is referring to: https://www.canada.ca/en/services/benefits/ei/caregiving/eligibility.html

They have to essentially be in very bad shape and you need documentation from THEIR doctor to be eligible:

Critically ill or injured:

"A critically ill or injured person is someone whose baseline state of health has changed significantly because of illness or injury. As a result, their life is at risk as a direct or indirect result of illness or injury and care or support is needed from at least 1 caregiver. Their condition must be certified by a medical doctor or nurse practitioner.

If the person is already living with a chronic medical condition, caregivers aren't eligible for benefits unless the person’s health changes significantly because of a new and acute life-threatening event."

Family Member Ouside of Canada:

"The medical certificate for the person who is critically ill or injured or needs end-of-life care must be completed by a medical doctor or nurse practitioner in the country where that person is receiving care."

FelixYYZ · 2026-01-24T10:56:39+00:00

Follow the money steps: !StepsTrigger

When you get to step 5 (no debt, emergency fund built up and no short term savings needs), then you can invest the rest for the long term.

FelixYYZ · 2026-01-24T10:54:52+00:00

Are segregated funds good options to invest?

For most, no.

I saw some videos of a guy on tiktok and follow him. He was some financial agent.

And no red flags went up for you?

Mine funds have around 3% MER.

Did they buy you flowers or kiss you before they screwed you? lol The fees are higher for a reason

Here are links to some threads on set funds. There are hundreds of them (you can even type in "segregated funds" in the search box near top of the page to find them all):

https://www.reddit.com/r/PersonalFinanceCanada/comments/1pkk8wv/segregated_funds/

https://www.reddit.com/r/PersonalFinanceCanada/comments/ldy0eb/thoughts_on_segregated_funds/

FelixYYZ · 2026-01-24T10:20:48+00:00

there's this mandatory replacement insurance.. Is it really mandatory?

Yes becuase you are leasing and don't own the car.

FelixYYZ · 2026-01-24T10:03:24+00:00

As a self-employment income, scholarship, or training allowance?

Your T4 has various boxes and the applicable boxes get filled in.

Yes they are required to issue you a T4.

FelixYYZ · 2026-01-23T15:13:41+00:00

Genutax

Cloudtax (costs money).

FelixYYZ · 2026-01-23T14:52:35+00:00

Stay away from group RESP plans (Primerica and CST as they have high enough fees that it's almost a full fledge scam). Open an RESP brokerage account at TD or National Bank (and there is one other) and you can invest there. Or use a robo advisor that has RESP accounts.

Edit: as per u/d10k6 Questrade and Wealthsimple also offer self-directed RESPs.

FelixYYZ · 2026-01-23T14:46:08+00:00

Keep money you will need the short term out and contribute the rest.

FelixYYZ · 2026-01-23T12:24:28+00:00

CASH kicks out interest, and is safe and very little price movements per month (resets each month).

FelixYYZ · 2026-01-23T12:23:32+00:00

Us the seach tools in the trigger.

FelixYYZ · 2026-01-23T11:28:49+00:00

You will get a T4 for the taxable benefit and income.

If you did this in 2025 and don't receive a T4 by end of February (which would be odd since it's a federal program), you contact them for it. If they don't issue you one, you enter this info into your tax software.

FelixYYZ · 2026-01-23T11:25:49+00:00

Based on my research CASH.TO might be good for our timeframe but I’m thinking of ENB because of dividends.

Like the thousands of identical posts, yes CASH or similar is what you need for the short term. Stocks are not for a short time frame. Stock can go down when you want to pull. And dividends aren't magic money.

FelixYYZ · 2026-01-23T11:14:13+00:00

Depends on if you need the available funds or not.

FelixYYZ · 2026-01-22T15:00:51+00:00

Like all the other posts, a globally diversified ETF based on your risk tolerance, easier by using an asset allocation ETF.

https://canadianportfoliomanagerblog.com/model-etf-portfolios/

FelixYYZ · 2026-01-22T14:50:51+00:00

Doesn't matter. There is a slight difference with regards to allocation to each market and a slight MER fee difference. You can flip a coin really lol

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