5
votes
2answers
140 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 ...
3
votes
1answer
402 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
421 views

If I take a loss when I sell my car, can I claim a capital loss deduction on my income tax return?

If I sell my car off at a loss, can I write that loss off against my income to save on tax? Does it matter if the car was used just for personal leisure use, or if I used the car to generate business ...
0
votes
1answer
34 views

How to fill tax return for income received to paid the health insurance premiums that my spouse pays for me?

My health insurance is provided by the employer of my spouse, but my employer wanted to provide the benefit of insurance so he paid me the money that my spouse was paying, so if my spouse pays $40 for ...
-2
votes
1answer
67 views

Is the interest on money borrowed on margin in/for an RRSP considered tax deductible?

If I borrow cash in my margin trading account which happens to be an RRSP account, does the interest on that money become tax deductible from my income? I know if I put money in my RRSP from my salary ...
4
votes
2answers
143 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 ...
2
votes
1answer
211 views

Should the cost of using public transit get deducted from my personal income or my corporations' income?

As a full time employee, certain costs are deductible from personal income. (e.g cost of public transit pass.) When the full time employee becomes an independent contractor, do these expenses ...
-2
votes
2answers
230 views

Why are mortgage interest and taxes considered tax deductible?

I have trouble understanding the rationale behind why certain things are tax deductible while other things are not. For example, I understand that RRSP contributions are tax deductible because I am ...
0
votes
1answer
189 views

Can my own corporation deduct my expenses even if I am a full time employee?

Say I decide to become a software developer contractor and open a corporation. So, I am allowed to write certain things off as corporation expenses (e.g restaurant bills, gasoline bills, etc.) Then, ...
5
votes
2answers
56 views

Does an RRSP loan provide any benefit, vs. simply making monthly RRSP contributions?

While evaluating a short term RRSP loan like this one, the numbers seem good on paper. But: If I need to save $1,000 in tax deductions, I need to put the entire borrowed money into the RRSP before I ...
1
vote
1answer
65 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
540 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 ...
2
votes
1answer
469 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
621 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
798 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
2k 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
400 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
726 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
332 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 ...
7
votes
3answers
347 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
469 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
632 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
464 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).