Tagged Questions
1
vote
1answer
57 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
348 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 ...
1
vote
1answer
308 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 ...
2
votes
1answer
548 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Can tuition fees be claimed on the tax return if the money was withdrawn from an RESP we've been contributing to?
2
votes
3answers
682 views
What's the best secure tax deductible investment?
I will receive a lump sum amount as a voluntary departure pkg. I live in Ontario, Canada and want to know what I should invest this amount in (GIC/Mutual Fund) that will get a high return and be tax ...
4
votes
4answers
1k views
Donating books to charity & claiming a deduction on my income tax: How to value the goods?
I have a large number of books. I tried selling them on Amazon, but they don't cost enough to make up for the shipping. I tried selling them at local book stores, but they barely took any of them ...
5
votes
1answer
378 views
Can I get a tax deduction for giving towards my grandchildren's education?
I have 4 Canadian grandchildren. Can I get a charitable tax deduction if I give towards their education?
4
votes
1answer
616 views
Can I claim a UK or foreign charity donation as tax deductible in Canada?
Can I claim a UK charity donation as tax deductible in Canada?
More generally, are charitable donations to foreign charities tax deductible in Canada?
2
votes
1answer
320 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
315 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?
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?
3
votes
1answer
382 views
How long do I have to make an adjustment to my income tax filing?
For instance, if one were to find receipts between 2-3 years old, are they still useable? Is there a fee for a re-assessment?
3
votes
1answer
587 views
In Canada, can I deduct my mortgage if running a business from my home?
If I run a home business and a portion of the home is used as an office for the business can I deduct a percentage of the mortgage?
3
votes
2answers
405 views
Is it financially-beneficial (tax-wise) for couples to be married, or to remain common-law, in Canada?
Which is more beneficial to your bottom-line (disregarding the cost associated with actually getting married, and assuming no children are involved).
