Tagged Questions
-2
votes
1answer
58 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
95 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
50 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
105 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
56 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
94 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
124 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
89 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 ...
4
votes
0answers
55 views
Investment Income - Who can claim?
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
0answers
42 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
190 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
75 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
84 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
214 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 ...
12
votes
2answers
3k 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 ...
3
votes
0answers
202 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
58 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
359 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
483 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?
1
vote
1answer
319 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
258 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
142 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 ...
3
votes
1answer
2k 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
163 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
148 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
227 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 ...
4
votes
1answer
708 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 ...
4
votes
2answers
122 views
How can I determine if leaving a lower paying, tax advantaged, job for a higher paying one makes sense financially?
I'm not exactly sure how to go about calculating this problem.
I'm a Canadian (Alberta) working in a ministry position at a church. My credentials qualify me for clergy housing, and I make just shy ...
3
votes
2answers
409 views
The Canadian dividend tax credit: Why is it that someone can earn a lot in dividends but pay no/little tax?
from this link: http://www.taxtips.ca/glossary.htm#Dividend
For an individual with no income other
than taxable Canadian dividends which
are eligible for the enhanced dividend
tax credit, ...
3
votes
1answer
72 views
When spending parts of a year working in the US, and other parts working in Canada, where do I file my taxes?
I worked both in the US and Canada last year, while being resident in only one country. Am I required to report all of my income from both countries to both governments, or is there some rule or ...
2
votes
2answers
284 views
What is the real tax benefit of Tax Free Savings Accounts (TFSA) vs normal (unregistered) savings or investment accounts?
From an investor's point of view, are investment options that are allowed to grow 'tax free' a beneficial choice? The investor is anyway going to pay tax once he withdraws the money*.
What I am ...
0
votes
1answer
326 views
Can I claim child care expenses as a deduction on my federal return in Quebec?
My friend want to claim Child Care expense for Federal Tax, but as she lived in Quebec, a large part of her children's day care fees are already returned by Quebec government. So could she still ...
2
votes
1answer
122 views
Can you claim being a care giver against income tax in Canada?
My brother is on ODSP in a wheel chair. He lives with mom, she is care giver. Last year I ran across something where she can claim that on income tax. I gave it to her, she lost it, and I don't ...
2
votes
1answer
421 views
Self-employed: Is the HST portion of my invoice to be included in my taxable income?
I am self-employed and charge and receive HST. I file an HST return so any monies are returned to the government. Is the HST portion of my invoice to be included in my taxable income?
2
votes
1answer
555 views
In Canada, can tuition paid by an RESP withdrawal be claimed on the income tax return?
Can tuition fees be claimed on the tax return if the money was withdrawn from an RESP we've been contributing to?
4
votes
1answer
268 views
USA to Canada emigration and income tax
From January to August 2010 I worked in the USA and then I moved to Canada where I'm a student. Do I file an income tax return in Canada, USA or both? (If Canada, how do I get all of the deductions ...
8
votes
2answers
2k views
Does the sale of personal items need to be declared as income on my income taxes?
I have been selling some books that I own. I am selling them at a loss (less than I bought them for and less than market rate). However, I have gotten about $1,400 in income minus $400 for shipping ...
3
votes
1answer
322 views
What is the Canadian Income Tax Day?
In the US, Tax day is April 15th meaning income tax for 2010 must be filed by April 15 2011. Is there an equivalent date for Canadian taxes?
3
votes
1answer
1k views
In Canada, can a limited corporation be used as an income tax shelter?
I've heard this old chestnut from various people over the years but have never been able to find any solid information on the process and thus, never put it to the test.
The claim is that if you plan ...
1
vote
2answers
386 views
Can I retroactively contribute to an RRSP for a previous tax year?
I missed the RRSP contribution deadline (March 2010) for the 2009 tax year. Consequently, my tax owing was much higher than it could have been. Is it possible to contribute to an RRSP and apply that ...
3
votes
1answer
1k views
Ontario HST Rebate: Is the HST rebate taxable / to be included in one's income?
Is the HST rebate taxable?
2
votes
1answer
322 views
Which investment option provides the best income tax benefit? [Canada]
If I have $100 to invest and I have the ability to choose from the following:
GIC at 3% interest
Shares that I might later sell at $105
Shares that pay a dividend of $3
Assuming that the period is ...
6
votes
3answers
382 views
Is it true that Income Tax was created to finance troops for World War I?
I remember hearing that income tax was specifically created to finance the war effort during World War I. Is this true? If so was it originally intended to be a temporary measure?
6
votes
3answers
319 views
If I volunteer to give back to my community, is there a monetary amount assigned to my time, to act as an Income Tax Deduction?
Is there a value that can be assigned to my time, i.e. an hourly rate, so that I can be given a receipt to remit to CRA come Income Tax Filing time? I live in Canada.
2
votes
3answers
3k views
Can vet / veterinary bills be considered deductions (tax-deductible) for Income Tax purposes [Canada]?
When I gathered all my 2009 receipts in preparation for my Income Tax filing, I came across a large number of expenses incurred for my pets. Are these expenses tax-deductible?
1
vote
1answer
5k views
Child care expenses: How much deduction can be claimed on tax return? [Canada]
How much deduction can be claimed for child care expenses on a Canadian income tax return, for 2009?
Does it vary by province?
Are receipts required to claim a child care expenses deduction?
3
votes
2answers
2k views
What's the maximum income one can have and not have to file a tax return? [Canada]
I'm starting a home-based business and make very little. Do I have to worry about income tax?
3
votes
1answer
186 views
Home Renovation Tax Credit (HRTC) - Can I still claim it even if I pay cash?
Can I still claim the Home Renovation Tax Credit even if I pay cash?
4
votes
1answer
1k views
Canadian income tax & charitable donations: How much is income tax reduced by donations?
In Canada, how much is income tax reduced by charitable donations?
When filing, are there any special requirements to qualify for the deduction or credit?
2
votes
2answers
323 views
How is the Home Renovation Tax Credit (HRTC) supposed to be claimed? How does the credit work?
We built a new deck this year and we're expecting to take advantage of the Home Renovation Tax Credit (HRTC). How is it supposed to be claimed? How does the credit work? Would it be claimed on the ...
