For questions that relate to the laws, practices, and products of the Canadian province Ontario.

learn more… | top users | synonyms

2
votes
1answer
81 views

How do dividends affect your average cost (both re-invested and non re-invested)

I have read that re-invested dividends lower your taxes by increasing your average cost of the security so that when you sell your security, the difference between the sales price minus the book value ...
0
votes
1answer
71 views

Claim rental expenses as a tax credit

If I am renting the apartment I live in, can I claim part of the rent I pay as a tax credit? I am looking at this can-you-claim-rent-in-ontario But it does not mention if you need to be below a ...
2
votes
2answers
75 views

How much tax credit I get for monthly metropass in toronto

I pay for my own public transit monthly pass in Toronto. I am not sure how much of the amount I pay is tax deductible? ...
2
votes
0answers
32 views

Understanding the Home renovation tax credit in ontario

I am trying to figure out the home renovation tax credit Does it only apply to the home I live in? If I currently live in a rental property but am allowed to do renovations, can I apply for the ...
0
votes
1answer
32 views

Tax exemptions for US stocks held in a Candian account

As a Canadian, if I buy US stocks and receive dividends in a non tax sheltered account, then those dividends are not suited for dividend tax credit. Also, if I sell and incur a gain(within 1 yr), do I ...
-1
votes
1answer
90 views

If I join a prop trading firm, will I enjoy low commissions

I often hear that professional traders pay negligible (<1 cent ) commission per trade. Is this true? Does this mean that if I open up an account with a prop trading firm in Toronto and put up ...
0
votes
1answer
135 views

What is the pitfall of using the Smith maneuver

What are the pitfalls of the Smith maneuver? It seems too good to be true and almost makes a case against fully paying down your mortgage :) What is the catch?
0
votes
0answers
22 views

Is the average cost considered while calculating capital gain [duplicate]

If I buy 100 shares of XYZ at 1 $/share and another 100 shares at 2 $/share and sell all 100 at 3$/share, do I pay tax on: 100*3 - 100*1.5 = 150 $ (i.e is the buy price taken to be the average of my ...
1
vote
0answers
42 views

Do I have to file two tax returns if I am employed and self-employed?

I am employed full-time by an employer that does tax deductions but I also work freelance on the side which I do have a business number for and collect HST. I know I have to fill out the HST forms ...
3
votes
1answer
294 views

Unused Education Tax Credit carryover amounts in ON Canada

I am filing taxes in Ontario, Canada, using simpletax.ca which has been a super useful platform. I am struggling to understand how it is calculating my refund, however. From 2013, I have $16,473 in ...
0
votes
2answers
79 views

What is meant by pensionable earnings

On my T4 from my employer, it says : CPP/QPP pensionable earnings. And there is an amount for this field. What does this mean? Is it the pension I am going to get when I turn 65? I dont think so. ...
1
vote
1answer
101 views

Tax implications for receiving a car as compensation for work

For a few months in 2014, I was working with an early stage start up and they weren't able to compensate me in any way except the promise of equity when we started. A month in to my tenure with them, ...
0
votes
1answer
74 views

Are bonds taxed every year or only at maturity

If I buy a bond that matures in 2 years, do i pay taxes only when i get my principal and interest back at maturity? Or do i pay some taxes on year1 and rest on year2?
0
votes
1answer
19 views

How do I claim HST compensation on my personal Ontario income taxes?

I have a couple thousand dollars of HST compensation to declare on my Ontario Income Tax for a sole proprietor business, but I am not sure specifically how to declare the amount on my taxes as income ...
0
votes
1answer
54 views

Is the interest earned on a TFSA account tax deductible if it is moved to an RRSP

Let us say at the beginning of the year I put 5000 dollars in a TFSA account. I invest that money, get 5% and in December, I move the principal + interest = 5250 $ in my RRSP. Now, RRSP contributions ...
1
vote
1answer
94 views

Are the tax rates same for income from salary, rental, and odd jobs?

As per this link, the tax rates in Ontario are divided into Other Income, Canadian Dividends, and Capital Gains. Do all kinds of Income (rental, salary, odd jobs, etc.) come under Other Income? And ...
10
votes
1answer
579 views

Defer bonus pay to next year

My employer offers the option of deferring my bonus payment to 2015 i.e instead of taking it in December, I have the option of taking it in 2015. Now, I understand if I was planning to retire/quit in ...
1
vote
0answers
156 views

Should I encourage my spouse to jointly sign our rental lease?

Looking for the advantages/disadvantages for us as a couple. We have been common-law for 9 years and are moving into a new place. My spouse recently lost her job so I will potentially taking most of ...
2
votes
1answer
1k views

If my rental property income and mortgage payment are equal, do I need to pay income tax on any rent revenue?

Let's say I have a monthly mortgage payment of $1600 on a condo I own, and the condo is rented out for $1600. Then, I'm breaking even. Hence, I would not need to pay any tax on my rental income. Would ...
3
votes
1answer
148 views

Do I need to register as self employed in Ontario, Canada?

I am moving from UK, where I am registered as self employed under my own name, to Ontario, Canada. In Canada I will be both employed in a full time job and self employed, making a small amount of ...
2
votes
1answer
59 views

Can Ontario university students apply for the “30% off Tuition” or any other significant grant offered by OSAP if they attend school outside Ontario?

My daughter is on her way to Dalhousie this fall. I'm almost certain I read (a few months back) that she was eligible for the Ontario 30% but now it appears as if she is not (maybe I originally ...
1
vote
1answer
72 views

Is there any way to split income between the partnering corporations, legitimately, so the HST charged matches what is charged to the customer?

I have an unusual case I was hoping someone could shed some light on. I have an Ontario based Corporation which sells a piece of software and some computer based services. The buyers are from various ...
0
votes
1answer
1k 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 ...
2
votes
1answer
3k views

What income bracket(s) are eligible for the GST/HST credit in Ontario?

As per the information on CRA website, the eligibility for GST/HST credit is met if any one of the below are true: You are 19 years of age or older before the month in which we make a ...
2
votes
1answer
290 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
1k views

Do I need to file taxes jointly with my girlfriend if we live together?

Before I met my girlfriend, I lived in a condo. Now I rented it out and I live with her and pay her rent. Now we are not legally married or signed common law agreement or anything like that, but I ...
1
vote
1answer
99 views

Common-law separation, splitting savings/debt

Scenario: Two people join enter into a common-law living arrangement. One person has a savings account, the other person has a debt. If anything goes wrong, is there any way the person with the ...
6
votes
1answer
2k views

How to pay myself as a single person corporation in Ontario? Should I get an accountant?

I'm an IT contractor and required in some of my contracts to have a corporation. I created my corporation, opened a corporate account and have been collecting income for about 6 months now... ... I ...
6
votes
1answer
515 views

Family/divorce lawyer wants large retainer before taking on case. Is this normal?

My friend needs to get a separation agreement and divorce. The law firm she called asked for a retainer of several thousands of dollars up front before doing any work. Is a large retainer normal for ...
2
votes
0answers
84 views

HST for a new home in Ontario, a first time home buyer

I am planning to buy a new home for 830,000, what is the HST calculation? Can HST be paid together with the mortgage? Thanks.
0
votes
1answer
2k views

Ontario new home/condo HST rebate: What is the price without HST if the price is $400,000 including HST?

What is the actual purchase price of a new condo without HST, if price is $400,000 including HST? The condo is in Mississauga, Ontario and the buyer is not a first time home buyer.
2
votes
0answers
464 views

HST rebate when buying a vacant piece of land / lot and building one's own new home on it?

I am looking at buying a vacant piece of land from a developer and building a house on it. I realize I must pay HST on the purchase of the land. If I act as the contractor/builder of my new home, ...
4
votes
1answer
206 views

Ontario HST Rebate: What was the mailing date of the June, 2011 HST rebate cheque?

What was the date that the June, 2011 HST rebate cheques were mailed? I have my bank statement that covers up to June 17th and the HST cheque was not deposited by that time.
1
vote
1answer
234 views

Ontario HST Rebate: Filed taxes, but haven't received HST payment for December 2010?

I have still not received my HST refund payment for December 2010. When can I expect to receive my refund? I filed my taxes and have just paid my balance of taxes owing, but still have not received ...
2
votes
2answers
187 views

Ontario HST rebate: I am now 18. Do I get the last rebate cheque?

I turned 18 in September 2010. I filed my income tax for 2010. Will I receive an HST rebate cheque for June 2011? How much could I expect?
1
vote
1answer
79 views

Best sources of real estate information for Toronto, Ontario, Canada?

When I want info about stocks/funds/bonds, I can turn to many sources of information. But, for real estate investments, what is the most reliable source of information? e.g. Prices, whether to rent ...
3
votes
1answer
145 views

Ontario HST rebate: Would my child's dependent status change when he/she turns 18?

My daughter turned 18 in January 2011. She is still in school and still living at home. I am a single parent. Is she considered a dependent for the family rebate or would we each be classified for the ...
3
votes
3answers
315 views

Ontario New Home Tax Rebate

I've been doing a lot of research on the new home tax rebate. There is a house we want to buy, listed with a realtor - the seller who owns both the land and the house is a builder (he bought the land ...
3
votes
3answers
2k views

What are the consequences of not respecting a notice period when leaving a job?

In Canada, is there a federal law of how much notice period an employer can demand? I thought the standard was 2 weeks, but then re-reading the fine print in the offer letter, I see it says : You ...
2
votes
1answer
715 views

How is the adjusted family net income calculated for the Ontario Sales Tax Transition Benefit (OSTTB)? What is included in that adjustment?

How is the adjusted family net income calculated for the Ontario Sales Tax Transition Benefit (OSTTB)? What is included in that adjustment?
2
votes
2answers
5k views

Ontario HST rebate: When in December 2010 will we receive our HST cheque?

Does anybody know when in December 2010 we will be receiving our HST cheques?
2
votes
2answers
534 views

We received the first HST payment but we got a notice of an error. Will we still get our next HST payment?

We received the first HST payment. However, something was wrong on our taxes. We got a notice a week or so ago saying that we now owe, because our rent receipts -- that we handed in -- got lost. ...
3
votes
1answer
877 views

Will 5 years on OSAP's Interest Relief result in a one-time, permanent loan reduction on the order of 50%?

I was told by a friend that if you qualify for OSAP's Interest Relief for 5 consecutive years, then OSAP will offer to perform a one-time permanent Loan Reduction. This Loan Reduction, as I'm told, is ...
2
votes
2answers
625 views

What should I consider when buying land as an Investment in Ontario, Canada?

I was bored the other day so I was looking through the real estate listings up in Cottage Country. I noticed a plot of 4 acres of land for sale for $30,000. I was wondering what one should consider ...
1
vote
1answer
5k views

Ontario HST: How to calculate new homebuyer's HST housing rebate?

I'm buying a home from a develpoer, and I qualify for the first time homebuyer rebate. I'm wondering how Ontario's HST rebate for first time homebuyers is calculated. The paragraph below is taken ...
2
votes
1answer
699 views

Ontario HST rebate: I live in Quebec. Are the rebate cheques for Ontario residents only?

HST cheques are for Ontario residents only? Thought it was Canada. I live in Quebec. So we don't receive a cheque? But will have to pay the HST on all items purchased?
1
vote
1answer
451 views

Ontario HST rebate: My husband is moving to Canada and does not yet file Canadian taxes. Will we still qualify for the HST rebate?

I was just married this past October, but my husband is from the US and would obviously not have filed for income tax in Canada. As he is trying to immigrate here, I am currently the sole support for ...
1
vote
1answer
274 views

Ontario HST rebate: Do common-law couples qualify for the couples (family) rebate?

Do common-law couples qualify for the couples rebate?
2
votes
1answer
1k views

Ontario HST rebate: Newly married. Can I change to married status for HST rebate?

I recently was married in April 2010. I received my HST rebate of $100 as a single individual, and my husband didn't receive any. As a couple we would qualify for the $330. Can I change to the ...
3
votes
1answer
314 views

Ontario HST rebate: Canada Student Loan debt in default. Can they take my transition rebate?

I don't owe the Ontario government anything - not even student loans - but I do have a defaulted Canada Student Loan in default. Can they take my transition rebate?