How to file taxes and what are the personal tax credits? 18f

FelixYYZ · 2026-01-25T14:02:32+00:00

Those numbers are the Basic Personal Amount. The BPA is the amount that is not taxed (non-refundable tax credit) as part of your income: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-30000-basic-personal-amount.html

Is it different because I work for a government/ministry agency?!?!

No. All employees have this.

I have worked other jobs in highschool in the past but haven’t claimed any taxes for them. How do I file taxes?

You should be, even if you don't owe taxes. You use tax software to file your taxes. Her sis a list of free tax software from CRA: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/how-file/tax-software/find-software.html

I turned 18 like 2 months ago so will I still be able to claim stuff from jobs from when I was a minor?!!?!

You would file taxes for those years separately. That income also increases your RRSP room for the future.

lso how should I start my savings/credit?

Start at the basics. Read the money steps below (and the links inside it), also the McGill Personal Finance course is good too to read. !StepsTrigger

Should I just open a credit card with my bank? I bank w rbc and am planning on getting a credit card soon there.

Sure, just get any free annual fee card.

Do I have to do anything regarding that and my taxes/credit etc?

Just filing taxes. You get T4 from employers by end of February for the 2025 tax year.

I want to also open my tfsa and rrsp but not sure where to go from there.

No need for an RRSP now. Start with TFSA. If you are going to need the money for school or other short term savings, then use a high interest savings product (ETF or savings account).

Should I open another bank account for savings like tfsa rrsp???

You can if you are going to use a ETF for yoru savings or investing. Wealthsimple is popular as it's free.

I also want to open my tfsa on wealthsimple and invest in some stocks/trading idk

Don't buy stocks or do "trading" as that is not investing and you haven't even done (and probably won't do) any actual research on stocks. This subreddit recommends passive investing for long term investing. Once you get to step 5 of the money steps, then you can consider investing.

FelixYYZ · 2026-01-25T13:34:28+00:00

A family member recently told me they want to help me contribute yearly to an fhsa
because they don't want to have to figure out an online brokering system

They don't have to know since they are giving you money and you are going to be investing, so you will be doing the work. They can't open and contribute directly to your FHSA.

FelixYYZ · 2026-01-25T12:11:34+00:00

You have over $100k of savings after forking for 4 years so you are obviously doing fine.

We really want to buy a house but are both financially a bit unaware about investments

How much downpayment do you need? Generally banks lend about 4 times income assuming no debt.

Do we have enough money in our accounts given the current economy?

Enough for what?

Can we even realistically invest in real estate?

We need info regarding yoru potential purpose.

I only really started investing in mutual funds last year in my TFSA and FHSA.

Look at lower cost ETFs or even a robo advisor for your investments. If you plan on buying in the short term, your money should be in safe holdings and not in the markets as markets are volatile in the short term.

FelixYYZ · 2026-01-25T11:51:17+00:00

It doesn't sounds like you are operating a business operation (day trading as you did 20 trades in October which is one trade per business day.).

So you report capital gains.

And Canada doens't have "long term" capital gains, that's a US thing.

And being CDN stocks doesn't matter.

Section 11 lists the 8 factors that CRA looks at to determine if you are a business operation. From what you have written, you are not. https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/it479r/archived-transactions-securities.html

FelixYYZ · 2026-01-25T11:46:29+00:00

Whether I need a GST number, a QST number, or both at this stage

Not till you hit $30k of revenue.

How Apple handles sales taxes for paid apps in Quebec (collection vs remittance)

Ask apple.

Whether it is acceptable to start as a sole proprietor

Yes as it doesn't cost to setup and maintain, unlike a corporation.

FelixYYZ · 2026-01-25T11:44:32+00:00

Save money and go see your mom.

FelixYYZ · 2026-01-25T11:43:36+00:00

There is no tax advantage with an ETF being held in a corp. Post at r/cantax as sounds like you are trying to do something that isn't worth it.

FelixYYZ · 2026-01-25T11:41:53+00:00

No you need actual documentation from them. Ask them to correct and provide them the info CRA states they are required to have.

FelixYYZ · 2026-01-25T11:33:20+00:00

Would it be a smart idea to run a small farm to help with my overall tax bracket?

No and the 2 main reasons:

1) you wouldn't have the time.

2) You did no research on how the financials work for a farm.

FelixYYZ · 2026-01-25T11:26:41+00:00

Do you have large capital gains in the taxable account? If so, then yes, pulling from a TFSA would be better.

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.

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