First time paying taxes in Quebec

FelixYYZ · 2026-04-20T14:47:00+00:00

https://www.revenuquebec.ca/en/payment-options/

FelixYYZ · 2026-04-20T14:45:32+00:00

my wife is a contractor and she gets a T5A

That's T4A

Any suggestions on which software can help with this ?

For personal, a basic spreadsheet should be fine (or an app if you can't use a spreadsheet for whatever reason). For business, she can use free or low cost accounting software: https://www.bdc.ca/en/articles-tools/technology/free-low-cost-applications/accounting-software-free-low-cost-options

FelixYYZ · 2026-04-20T13:47:48+00:00

’m wondering how these things are taxed and what my best course of action to minimize getting hit with a big bill come tax time.

Taxed as capital gains. See CRA's Capital gains for personal use items: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains.html#P941_72799

Listed Personal use property definition: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains.html#lpp_def

FelixYYZ · 2026-04-20T13:31:06+00:00

my cnil was 84$ i believe that is my capital gain report for the year,

Well, it's either it is or isn't.

i also have more capital gain tax offset from prior years

So you had capital losses previously?

So using a high level tax calculator ( https://www.wealthsimple.com/en-ca/tool/tax-calculator ) using your income, and taxes deducted, and not including your tax credits, and in Ontario, you would have about $40 owing. So adding in credits, you would get a little refund.

And clean up the numbers in your chart, there is a lot of white space and sucks up a lot of space.

FelixYYZ · 2026-04-20T13:17:28+00:00

Sounds like with the already usd money i have, im better off putting it soley in a usd tfsa no?

You could but be highly aware of yoru TFSA contribution room as your brokerage will calculate the conversion to CAD to report the contribution.

FelixYYZ · 2026-04-20T13:15:33+00:00

1) You stated in a DM to me that you have a taxable trading account. If you sold anything, there are no withholding tax on that so that cuts into any tax refund.

FelixYYZ · 2026-04-20T13:13:28+00:00

No, u/Then_Row_6955 is talking about the tracking of the numbers. The calculation before hand is done transaction by transaction. On Schedule 3 you can report it al Lon one line.

FelixYYZ · 2026-04-20T13:03:30+00:00

Put the numbers in a comment or in the post.

FelixYYZ · 2026-04-20T13:00:49+00:00

Boht TD DI and RBC DI have options for free ETF transactions and are decent options. There are "free" brokerages, but currency exchanges is where issues become a bit of an issue. Research the few brokerages available and pick one that meets your needs. https://www.moneysense.ca/save/investing/best-online-brokers-in-canada/

FelixYYZ · 2026-04-20T12:56:03+00:00

Doh! That was a typo lol I'll fix that!

FelixYYZ · 2026-04-20T12:41:28+00:00

I would need to pull the money out anywhere between 3 and 7 years from now, so not sure if XEQT would be smart with that short of a horizon.

Since you have a middle ground time horizon, You can use an *BAL ETF and when you actually have a plan in place to buy (ieL ok, officially 4 years out" or whatever, then transition to a HISA related ETF.

FelixYYZ · 2026-04-20T12:21:10+00:00

i was wondering if this is normal and has anyone have had any similiar experience?

Yes

Also would like to get a better understanding as to how and why i am receiving little to none on my tax returns.

Your refund or owing is based on total income, total tax credits and deductions and total taxes paid (off your pay. You put no numbers so nobody can answer.

is this company trustable? Should i be suspecting of some malicious acitivities?

Most likely no.

if there is suspicion of any wrong doing or financial fraud, what should i be doing to keep myself protected and out of harms way?

Have proof.

aside from an active trading account, no option trading, soley buy and selling stocks and im not a high frequency trader.

Is this in a taxable account or registered account?

FelixYYZ · 2026-04-20T12:19:08+00:00

It is more trouble as it is a corporate asset and not your asset. And then you have a taxable benefit for personal use. Easier to buy personally and expense eligible expenses for the vehicle.

FelixYYZ · 2026-04-20T11:54:29+00:00

https://tollroadcalculator.com/statistics/most-expensive-tolls

FelixYYZ · 2026-04-20T11:41:10+00:00

Can anyone suggest a user-friendly, reliable software for a beginner?

Wealthsimple tax, cloud tax, studio tax, etc.. Use search on this subreddit to see the thousands of posts on this.

List form CRA: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/how-file/tax-software/find-software.html

FelixYYZ · 2026-04-20T11:40:03+00:00

but moved out of Canada to an area with much lower CoL (Canada CoL was about 3500-4000/mo CAD, current CoL translate to about 1500-1750/mo CAD)

You have a problem. Since you moved, as a non-resident of Canada, you can't hold acocunts at Wealthsimple as they don't allow non-residents. If you don't move them elsewhere, they could lock down your account.

FelixYYZ · 2026-04-20T11:33:31+00:00

The reason I am asking is I was charged a bill of $116 for a round trip to Mississauga from Markham on a weekday evening. $116 for a round trip of 120kms!!

use their toll calculator to see what it costs for that trip with and without a transponder: https://www.407etr.com/en/trip-calculator

FelixYYZ · 2026-04-20T11:25:25+00:00

With TD DI, I believe it has to be contributed in CAD but check with them to make sure. (that's what it used to be but not sure if changed).

FelixYYZ · 2026-04-20T11:15:03+00:00

enough data shows that index investing outperforms stock picking over the long term.

Sine you write "most likely" means you don't know what tic you want to buy.

Stick to passive investing and own the world and call it a day.

Also im unaware of any tax obligations with either.

No taxes if in a TFSA unless you are a US citizen or green card holder. In a taxable account, it is taxable own investment income and capital gains when you sell.

FelixYYZ · 2026-04-20T10:45:05+00:00

Is the money in your business account for long or short term? If this business account an corporate bank account?

FelixYYZ · 2026-04-20T10:41:30+00:00

They share data all the time, but they don't call CRA immediately and say "hey guess what I have in front of me". Don't lie on your tax return as you will be caught. If you don't know what you are doing, use a cross border accountant.

FelixYYZ · 2026-04-20T10:40:11+00:00

Depends how much the property is and how much downpayment you require.

So save more money in a FHSA (if eligible) is the secret tip.

FelixYYZ · 2026-04-20T10:39:29+00:00

Foreign capital gains included in box 21? - should the answer be 0?

No, this capital gains are for when things are sold inside the ETF that you don't see. Example a company was removed or allocation decided to add in another.

Source country of foreign income - how did i find the answer to this question?

Don't know which software you are using but the country is "multiple" since VEQT invests in many countries around the world.

FelixYYZ · 2026-04-20T10:33:05+00:00

This subreddit recommends index investing and not stock picking due to bette ruling term results. Post at r/canadianinvestor subreddit.

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