1
vote
1answer
47 views

Passing on non refundable tax credits

I'm planning on doing some volunteer work and during this work, I'm going to amass a decent amount of non-refundable tax credits via charitable donations. I can't claim those this year, though, ...
1
vote
0answers
38 views

Can a Canadian student with US resident alien status receive the tax treaty benefit after 5 years? If so, how much?

I am a Canadian citizen who has studied in the U.S. with a J-1 visa since 5 years ago, which means that I have now become a resident alien. I am still studying (for an advanced degree) in the U.S. ...
1
vote
2answers
62 views

Dual Citizen considering tax implications of working in second country of citizenship

I am a resident of Canada, and am also an Irish citizen. Recently, I've been considering moving to Ireland (for ~6 months, not forever). During this time, I would either try to get hired on by a local ...
0
votes
0answers
25 views

Guaranteed Income Supplement (GIS) calculation involving Capital Gains and Unused Capital Losses?

Do I understand correctly that for calculating income tax payable, the use of unused capital losses of previous years will reduce the current year capital gains and also affect the calculation of the ...
5
votes
1answer
223 views

Do I need an official receipt to claim a charitable tax credit?

I made a charitable donation in December of last year, and have yet to receive the official tax receipt for tax-return purposes. Contacting the charity, I was told that the receipts had already been ...
1
vote
3answers
183 views

First time consultant, doubts on Taxation

I have seen various replies but I would just like to confirm about my case as its my first time. I have been offered a consultant position and the company said there is no tax deducted at source. So ...
2
votes
2answers
92 views

Is a Canadian student in the U.S. tax exempt for both W-2 and 1042-S?

I am a Canadian student at a U.S. university as a nonresident alien. I have about 4k of wages for my W-2 and about 5k of wages for my 1042-S income code 15 scholarship grant. So the total is less than ...
1
vote
1answer
149 views

How do I log a Canadian NR4 form to my income taxes

I have stock in a Canadian company whose US branch I used to work for. They mailed me an NR4 form for my interest last year. I'm trying to fill out my tax forms this year and the advice I keep seeing ...
1
vote
1answer
170 views

Do I pay taxes where I live, or where I work?

Why we need to pay taxes? Because society needs money for social service, police, education, roads, medicine and so on. Therefore we need to pay taxes where we live. For example we live in one ...
1
vote
1answer
47 views

How should a US resident who is a joint owner of a Canadian corporation file taxes?

I am a Canadian citizen living in the US. I am a joint owner (50%) of a Canadian federal corporation that I started when I lived in Canada. The company is online, and receives income from people all ...
0
votes
1answer
393 views

How does Ontario's income surtax differ from simply modifying tax brackets? [closed]

What are the costs and benefits of the income tax surtax in Ontario? Ontario charges a surtax on tax above a certain amount. An overview of the numbers is available at ...
3
votes
1answer
637 views

When claiming a moving expenses tax deduction in Canada, does order of events matter?

I know I can claim moving expenses if I move because of a new job. But does the sequence of events matter? While I'm doing interviews, I'd like to sell my house and buy my new house in the new city. ...
5
votes
1answer
396 views

Is it necessary for an employer to claim employee rental housing as a paid benefit?

A friend of mine pays to rent housing from her employer. This housing is owned and managed by the employer and rented only to employees. They agreed upon a rent of $X per month when she moved in and ...
2
votes
1answer
61 views

Canadian Scholarship in US

I am a graduate student at Cornell University in the US and I receive a scholarship (NSERC) from the government of Canada (~$20,000). Do I declare the scholarship to the US government, Canadian ...
1
vote
1answer
643 views

Calculating payroll taxes & take-home pay: Is provincial income tax deducted from gross salary, or after federal taxes salary?

I am trying to calculate my paycheck for 2014. I used to use an online calculator but the one I used seems to be disabled now. So, I found the tax slabs for 2014 but its been a few years since I ...
2
votes
1answer
113 views

T2200 when you own your house

I work from home in Canada. My workplace issues a T2200 acknowledging this fact. I am an employee, not a contractor. If I rented my place, I could write off an appropriate fraction of my rent. That ...
0
votes
0answers
39 views

Financial aid and tax returns in Canada

I'm applying for financial aid for American universities and I'm confused by the concept of tax returns. I live in Canada and we usually file our tax returns in April. However, American universities ...
4
votes
2answers
159 views

Usage of non refundable tax credits

I have spent 5 years in Canada. The first four were as an international student whereby even though I did not have any significant or no income, I filed my taxes so that I could accumulate ...
3
votes
1answer
96 views

Canada - tax for non-resident from sources outside Canada

I'm not a Canadian citizen or resident. If I have a bank account in Canada, which I use to receive payments for a software product/service from people outside Canada, am I eligible to pay Canadian ...
1
vote
1answer
51 views

Is financial assistance of CAD 3000 to an international student visiting Canada for research for less than 3 months considered taxable?

My son received an invitation from a university in Canada to do an internship for a period less than 3 months. He will be paid financial assistance of CAD 3000.00. Kindly clarify the following ...
2
votes
1answer
190 views

Does the Canada Revenue Agency (CRA) tax other income at the marginal tax rate?

I am employed full time as a software developer. If I wish to earn money on the side doing Wordpress websites through Odesk, Elance, etc., I will report that to the CRA under other income. Is this ...
1
vote
1answer
2k views

Do employer RRSP contributions show up as income on my T4?

When I get my T4, I see a certain amount quoted as my income. My employer gives me matching RRSP, which means if I put 1000 dollars, my employer puts in 500 dollars and then buys me the company stock ...
1
vote
1answer
338 views

Do I need to claim the sale of a used car on my taxes if I received the car as a gift?

I sold a used car that I received as a gift; do I need to claim that on my taxes in Canada?
-1
votes
1answer
243 views

Does a corporation pay same capital gains tax as an individual?

If I open up a corporation in Canada and the sole purpose of the corporation is to trade stocks, does the corporation pay the same kind of taxes on investment gains as if I were trading those stocks ...
4
votes
1answer
998 views

How to report my revenue from Apple iAds and App Store sales, without an invoice?

For accounting purposes, we need an invoice for accounts receivables, but when you get a payment from Apple for iAd revenue and app sales, how do you issue an invoice ? Are there any specific ...
7
votes
1answer
76 views

How much penalty will I have to pay for paying my tax installment late?

I had a tax installment of $7956.00 due on March 15th which I missed and paid on April 30th. I can make an extra installment now to cover the penalty, but I don't know how much it should be. The ...
2
votes
1answer
229 views

As a Canadian citizen living as a legal resident in the United States, with no income: do I need to file in Canada?

I am a Canadian citizen but I married an American and live as a legal resident in the US. My husband supports us and I did not bring in any taxable income in 2012. Do I need to file a Canadian ...
2
votes
0answers
181 views

Canada: Filing multiple years income tax (carry-forward)

I've been a bit irresponsible with my taxes as a student, and now it is time for me to make up for the years of neglect, and file my taxes for the 2007-2012 periods. I've not filed taxes starting in ...
0
votes
1answer
274 views

Box 56 - PPIP insurable earnings (RL

Another question about Quebec tax return: I have field: Box 56 - PPIP insurable earnings (RL-1 Box I) in T4 Slip Income (RL-1) and in T4 box 56 is empty, but in RL-1 Box I has value equals to all ...
1
vote
1answer
479 views

T4 and RL-1 (Employment Income)

I'm filling my tax return using ufile. For T4 and Employment Income they have two options: T4 and RL-1 (Relevé 1) income earned in Quebec T4 and RL-1 (Relevé 1) with CPP contributions What is ...
0
votes
1answer
238 views

Does an out of court settlements have to be declared as income?

Last year I was contacted by a company that wanted me to take down an open-source software project I was working on. The generally tone was that they wanted to give me 10k CAD to take down the project ...
6
votes
2answers
1k views

How do I claim investment income that was earned in a jointly held account?

My spouse and I now have a jointly held investment account. I have received a T5 "Statement of Investment Income" for the account for the tax year, addressed to Mr James Foobar or Mrs Jenny Foobar. ...
0
votes
1answer
104 views

Canada: No taxes filed since 2003 while living in another country

My sister has been living in Central America since late 2002. She worked at small jobs to stay afloat, but didn't file taxes from 2003 onward. Now she is starting to pull in some proper writing jobs ...
1
vote
1answer
455 views

How to determine mutual fund or ETF capital gains taxes in Canada?

I live in Canada. I invest with TD Waterhouse, but I believe my question is unrelated to my specific broker. Over the course of 2011 and 2012, I invested in a mutual fund indexed to the S&P/TSX ...
2
votes
1answer
101 views

Any savings vehicle which is sheltered from both US and Canadian income taxes?

I'm a US citizen living in Canada as a permanent resident. I earn income and receive interest/dividends from both countries. I file income tax returns in both countries. Every year I hear ...
2
votes
1answer
174 views

Foreign national moving from US to Canada, how to file tax return (340 days in US)

I recently started a new job in Canada in mid-December, which means I am only on Canadian payroll for 3 weeks, and for most of the year I was on US payroll with my previous employer. I am a citizen of ...
7
votes
1answer
250 views

Can I apply prior years' capital losses against my employee stock option exercise?

I'm Canadian, and I executed a "same-day-buy-and-sell" on options granted to me by my employer. My T4 slip has the appropriate taxable benefit called out, but my question is, can I apply my previous ...
15
votes
2answers
11k views

Canada: Girlfriend did not file tax return since 2006. What to do?

I was just starting my girlfriend's tax return when I realized I didn't have her notice of assessment from 2009. I wanted her tuition carry forward so I decided to call revenue Canada to see what the ...
4
votes
1answer
294 views

Avoiding double taxation on US income in Canada with tuition credits

I am a Canadian with some foreign income from US, for which I have paid taxes in the US. So I would be eligible for foreign tax credit in Canada. However, Canadian tax system uses my tuition tax ...
1
vote
1answer
67 views

Should I contribute to my RRSP or wait?

I am Canadian and I have a large amount of RRSP contribution room. I do have money to contribute, but I will have no taxable income this year. Should I make my RRSP contributions now, or save the ...
2
votes
1answer
577 views

Taxes and childcare expenses deduction for a dual-income couple in Alberta?

We live in Alberta and need to know if we should obtain a receipt for childcare. We paid $2400 last year. My common law husband made $49000 last year and I made $28500. Is this worth it? Will our ...
5
votes
1answer
687 views

What evidence do I need to declare tutoring income on my income tax?

What evidence do I need to declare tutoring income on the Canadian federal income tax form? I am doing tutoring with students and want to declare it. Can I make copies of the checks I receive?
2
votes
1answer
508 views

Can BC university tuition tax credits only be applied to income earned in BC?

I completed my undergrad in BC, and I have since moved to Ontario. I have collected tuition tax credits in both provinces, so regardless of where I end up working, I will have tax credits from a ...
5
votes
1answer
413 views

What are the tax guidelines for a Canadian freelancer working for a US company?

What taxation guidelines does a Canadian freelancer have to follow when performing work (web developing from home) for a company in the United States? What taxation guidelines does the company in the ...
2
votes
2answers
171 views

Which type of investments to keep inside RRSP?

Keeping investments inside an RRSP lets them grow tax-free. That makes it more suitable for some investment types. If a person was to buy a number of different types of investments but only has room ...
5
votes
1answer
5k views

By when must an employer send out final payroll tax documents (T4) for a deceased person in Canada?

My wife died in April, 2011, and I am the administrator of her estate. She worked until the day she died. I have had to submit a tax return for 2010 and will have to do so again for 2011. The ...
2
votes
1answer
236 views

I'm Canadian. Do I need to pay tax twice on my U.K.-based savings or claim as income?

I am a Canadian citizen and have money in an account for a friend in the United Kingdom. I have been taxed on this portion. My question is: will I be taxed when money is wired to my bank account in ...
3
votes
2answers
183 views

Deferring claim of significant purchase of RRSPs

If I purchase $50,000 of RRSPs this year, I believe that I can defer some of this purchase over the next several years. I could, for example, claim $16,667 on each of my next three tax returns. ...
6
votes
2answers
304 views

I may earn a lot of cash soon through self-employment on a lucrative project. How to handle the tax?

I'm in Canada, and am young and don't know anything about finance. I've been working part-time as a software consultant for a friend who's starting a marketing company. He recently landed a job with ...
5
votes
1answer
1k views

Can capital gains from employee stock options be transfered to a TFSA to avoid taxes?

In a scenario where, for example: An employee exercised a "same-day-buy-and-sell" operation on his employee stock options. He ends up making a profit / gain of $10K. He already has a yearly salary of ...