Questions tagged [canada-revenue-agency]

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4
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1answer
82 views

Will CRA suspect, if you never filed and now retroactively files taxes?

Someone in family employed for past 15 years, but his income never outstripped ON's Basic Personal Amount. It's $13,229 in 2020 He just found today if even though he never had paid any tax, filing ...
2
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0answers
27 views

Revenue Recognition, Foriegn Currency, and Exchange Rates

I live in Canada, and run a small hobby website (under a sole proprietorship) which earns advertising revenue from various sources. Some of that is paid in CAD, some in USD, and some in EUR, etc. My ...
2
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1answer
48 views

Canada Tax work space in the home expenses with no income (T2200)

I'm trying to assess if I can claim on the work space in the home when I'm not getting income from my company. There's a line that makes it seem like I cannot, though I might be reading it wrong. ...
0
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1answer
55 views

Gift amount allowed for directors in a company in Canada

What is the maximum amount can a small business owner give a director in their corporation as a gift? We are in Canada.
1
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1answer
63 views

What does it mean to reduce tax on Lump Sum payments, rather than Salary?

See screenshot from the CRA T1213. In requesting to reduce the tax withholding from an employment payment, you can select either 'Lump sum' or 'Salary'. What does "Lump sum" mean? How is it different ...
0
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0answers
17 views

Ask CRA if recalculating the tax on your retiring allowance received one year after employment termination advantages, as if received in prior year?

Tax Planning for You and Your Family 2019 by KPMG. p 164. 10.6 Retiring allowances, wrongful dismissal payments and severance pay A “retiring allowance”, as defined for tax purposes, ...
0
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0answers
12 views

How to ask CRA to determine if recalculating the tax on lump-sum pension payment advantages you, as if you received it in those prior years?

Tax Planning for You and Your Family 2019 by KPMG. p 59. If you receive a lump-sum pension payment relating to prior years, you may ask the CRA to determine whether it is more advantageous to you ...
3
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0answers
154 views

Will I get trouble with CRA, if I withdraw yearly maximum Capital Gain without paying tax in ON for many years?

Assume I get 0 income and my Capital Gain doesn't fall. I live in ON. Call F the maximum federal ($12069 in 2019), and P the maximum provincial ($10582 in 2019) basic personal amounts. Retirement ...
3
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0answers
81 views

Does money spent from lawsuits get reported in tax?

I had the unfortunate experience of taking my landlord to court. We eventually reached a settlement where I got some money. I strongly believe I should have gotten more and have evidence to support ...
2
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0answers
38 views

Should CRA be paid as soon as tax return is submitted or should I wait for their response?

I just filled my tax return with the CRA. I know that I will owe some money as I worked as a contractor without tax taken off. Should I wait for the CRA to assess my return and tell me if I made any ...
2
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1answer
104 views

Can you legally increase your TFSA contribution room over the government's provided maximum ($63 500 in 2019)?

I saw this idea in Reddit comments by u/differing: I often wish I invested early in the weed stock bubble in my TFSA, not so much for the returns but more to supercharge my TFSA room and transition ...
1
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0answers
76 views

Is it possible to export GIFI from QuickBooks Online?

I use QuickBooks Online for my business transactions. Now I need to do corporation tax return and I want to use UFileT2 for this. So I need to import data to Ufile. For import I need to have GIFI ...
0
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1answer
141 views

Are friends and family discounts or employee discounts taxable?

I recently read this article which says in Canada: "barter transactions are only taxable when the goods or services you're giving up are of the kind generally provided by you in the course of ...
3
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0answers
109 views

Is there a way to transfer a cultural donation tax receipt? (Canada)

Canada specific question. My father is planning on making a cultural donation to a museum. He will receive a 100K tax receipt for the donation. My marginal tax rate is significantly higher than his, ...
4
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1answer
80 views

Employment travel expense tax deduction

I am currently located in Ontario, Canada. I work full time as a security guard and am required to regularly secure a client's building. According to the Canadian Revenue Agency link here, anyone ...
0
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1answer
63 views

How do I find out what are the min and max withholdings from each paycheque?

Gill, Madura. Personal Finance, 4th Canadian Edition 2019. p 86. Emboldenings are mine. Taxes Paid on Earned Income Your income is subject to personal income taxes, which are taxes imposed on ...
1
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0answers
252 views

Can GST tax input credits be claimed for Meals and Entertainment which are 100% deductible for income purposes?

Typical meals-and-entertainment operating expenses for business are limited to a 50% deductible towards income calculation. There are exceptions. The rules listed by the CRA allow higher percentage to ...
0
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1answer
166 views

Deducting your own rent you incurred while renting out your own place

Person X wants to earn some extra cash They rent out their condo for $1400 a month. They need somewhere to live now, so they rent a basement suite for $1000 a month Now they make $400 a month profit ...
1
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0answers
40 views

Made a mistake reporting total income on T1 tax forms

This is a bit embarrassing but apparently, I made a mistake on my income tax return. In particular, the "total income field". In my first tax return(2017), I thought this was "monthly income", but ...
2
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1answer
201 views

Can the CRA peek into the amount of a Canadian bank account forthwith?

I mean without any search warrants or court orders. I ask because for the 2018 tax year, my brother in Grade 12 earned a total income of $500 CAD from only interest. The bank issued a T5 statement ...
2
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0answers
53 views

What type of trading is taxable in a TFSA investment acount?

I always assumed that capital gains in TFSA is non-taxable until I read that people who use TFSA investment account for day trading are starting to being audited by the CRA. So, what types of ...
2
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0answers
55 views

CRA showing installments payable for 2019 even if I am getting a refund

When I filed my 2018 tax returns in Ontario, it shows that I am getting a refund; but then it hows Total instalment payable in 2019: XXX $. If I don't owe any taxes in 2018, why does it show ...
2
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0answers
50 views

How can I notify the CRA of intent to contribute to an RRSP?

I currently have an RRSP through work that I contribute to. However, the amount is significantly smaller than my annual limit. I have a self-managed RRSP separately and contribute sizable amounts. ...
3
votes
1answer
94 views

Is it just for the CRA to charge interest on a notice of collection dated one month ago, but that they never mailed?

My dad is old, computer-illiterate, and needs a wheelchair. On Feb. 20 2019, he received by mail the CRA's Notice of collection that "calculated additional arrears interest of $30" on "your notice of ...
1
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1answer
68 views

Self-employed: claim CPP for self on Line 9060 of T2125?

In Canada, self-employed individuals have to contribute more to the Canada Pension Plan (CPP): we have to pay both the employee and employer amount. Whereas employees just pay their employee amount ...
2
votes
1answer
95 views

How can portion of cellphone bill be estimated for work?

First off I'm very new to this so some of my questions may be silly. I worked for several companies that issued me a T4A which means I need to fill out a T2125 with business expenses. To my ...
3
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1answer
102 views

Deposit shares in TFSA before capital gain that exceeds contribution limit

I find myself in an interesting position right now. I bought into a private placement and my escrow will be ending in a couple weeks. The kicker is that, if I were to deposit the shares into my TFSA (...
7
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1answer
438 views

Moved to Canada for Grad School, Getting Heavily Taxed in U.S

I'm about to file my U.S. tax return for 2017. In August of 2017, I moved to Canada from the U.S. for graduate school (I am a U.S. citizen). I was on a vacation during April 15th, 2018 and quickly ...
0
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2answers
185 views

Can I get a full-time job in Germany but ask the German company to sign contract with my own corporate in Canada instead of myself?

I found a full-time job and I am moving to Germany. I've established a corporate in Canada and did some consultant job through it. Is it possible for the Germany company to sign the contract with my ...
0
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1answer
50 views

Canada - Is a business or website a depreciable property

I'm considering buying a small online business. Is it a depreciable asset, and what class of asset?
3
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0answers
84 views

Setting up a personal loan, how do I report to CRA?

I am about to make a simple loan to a family member. I have a contract written up, and a payment schedule that we will both sign as well, along with a witness. While the interest rate I am charging ...
2
votes
1answer
107 views

Canada: Taxes for income generated from pre-immigration work

I called the CRA many times regarding my question but I wasn't able to get an answer and they kept redirecting me to different people and departments. I am now a PR in Canada, Before coming to this ...
2
votes
1answer
66 views

Accumulated NRE balance before acquiring Canadian Permanent Residence

I am an Indian national working in Singapore for past 15 years as Permanent Resident. Recently got Canadian PR. I have a huge amount of S$ in my Singapore CPF account and as Fixed deposits in India ...
3
votes
1answer
57 views

How are dividends on US stocks treated by the CRA?

As an American living in Canada I have some stocks in a US account and they paid dividends this year. On the 1099DIV there are values for boxes: 1a. Total Ordinary Dividends 1b. Qualified Dividends ...
6
votes
2answers
266 views

Are you required to pay the full tax on income if your employer doesn't pay what they claim to?

About 6-7 months ago, a friend of mine got a job with the Canadian Government at an hourly rate. However, due to the Phoenix system debacle, he wasn't being paid for his work. This problem has ...
1
vote
1answer
368 views

Does the CRA reprieve those who have to commute for work?

Suppose that for some reason (family connections, unaffordability, ...) someone lives in a town a train ride away from one of Canada's expensive cities (Toronto, Vanvouver). He makes most or all of ...
1
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0answers
35 views

Canadian income tax for foreign worker who moved back home during 2016

I'm an Australian who lived in Canada (specifically Saskatchewan) for two years, working at a university. I moved back to Australia on December 13th 2016 (when my contract ended). For my 2015 tax ...
1
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0answers
657 views

Is forex spread betting legal and/or taxed in Canada?

I have some questions regarding forex spread betting in Canada. 1) Is spread betting legal in Canada? I have found a few unofficial sources that say spread betting is legal in Canada, however I was ...
1
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0answers
43 views

Do part-time courses count as tuition for tax purposes for a work permit holder?

My wife is not a Canadian citizen. As her permanent residence application is in process, she has been given a 2-year open work permit, and she used it to work during the 2016 tax year. Her conditions ...
0
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1answer
99 views

Paying taxes on an inherited Canadian TFSA? (Successor holder case)

I read this interesting article about Questions about TFSA and I contrasted the information with CRA's website about successor holder. As far as I understood, when the original holder's TFSA pass ...
2
votes
1answer
4k views

In a Canadian TFSA, does interest earned within the account count toward the contribution limit?

I know that there is a limit in the contribution per year in a TSFA. At the moment (2016), if you have never made a contribution then you can contribute around $ 46 500. BUT, even though all ...
1
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0answers
739 views

Capital Gain or Loss Calculation for Mergers & Acquisitions (Canada)

I have a question about calculating capital gains/losses for mergers and acquisitions in which fractional shares and cash are provided as part of the transaction. What part should be listed as capital ...
0
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2answers
468 views

Can I withdraw money from my rrsp if I made excess contribution by mistake?

If by mistake, I exceed the contribution limit to my RRSP, can I withdraw it from my RRSP, to avoid paying penalty? e.g Let us say my RRSP room is 18k, but I contributed 22k, so any contribution in ...
1
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1answer
76 views

To know if you have filed taxes before in Canada?

I am in Canada, I recently filed my taxes with HR block I was supposed to get close to $3500 back accord to HR Block because I hadn't filed for two years(at least I am 95% sure I have). I just got a ...
1
vote
1answer
415 views

Can you combine multiple rental incomes and expenses for tax purposes in Canada?

I have been reporting my rental properties income and expenses separately using tax filling program called GenuTax. It's rather time involved, to simplify things I am wondering if it is possible to ...
2
votes
1answer
264 views

Finding Return Of Capital distributions on BlackRock's site

Why is it impossible to discover the Return of Capital for iShares on BlackRock's own site? What am I not understanding? For example, BlackRock's XSP Page shows every possible statistic and ...
1
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0answers
201 views

Return of Capital and Non-Cash (Phantom) Distributions for U.S. ETFs

I think I finally have a understanding on how to calculate the Adjusted Cost Base (ACB) for my taxable Canadian securities. (Keep track of all buys and sells, use CDS Innovations to determine if there ...
2
votes
1answer
94 views

Canadian citizen working for a year in scandinavia

I am a Canadian citizen. I am toying with the idea of living and working in Scandinavia as a contractor for about a year. What are the tax implications? Will I be taxed once in Denmark and then again ...
1
vote
1answer
125 views

Written off sales in Canada GST/HST Return

I've made sales to my customer but i couldn't collect the payment so i made it as a bad debt. Now i'm preparing GS/HST return to CRA. I'm sure i do not need to report the written off tax amount to ...
2
votes
1answer
555 views

At what point do recurring small business losses become a problem with Canada Revenue Agency?

How many times can a small business owner claim an overall yearly loss, when filing income taxes, before the Canadian Revenue Agency (CRA) will consider it a problem? A friend who runs her own small ...