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Questions tagged [canada-revenue-agency]

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3
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0answers
76 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
34 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
84 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 ...
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0answers
22 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
127 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
106 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
75 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
58 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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1answer
38 views

What's 'Provincial or territorial amount' on TL11A, for an Ontarian studying in England?

My brother Ivan studies at Oxford. His income is $0. We live in Toronto. We're not EU or UK citizens. For 2019-2020, his Course Fee is £26,235, and College Fee £7570. Total is £33,805 — to simplify ...
1
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0answers
158 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
161 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 ...
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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
146 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 ...
1
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0answers
48 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 ...
1
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0answers
52 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 ...
0
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0answers
22 views

Which tax credits are calculated in proportion of time of residence in Canada and which are not?

I became a Canadian resident in 2018, having spent 260 in Canada in the tax year. I've read some official guides, and examples there instruct to prorate federal credits to time of residence in Canada. ...
2
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0answers
48 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
85 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 ...
0
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1answer
41 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
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1answer
94 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
99 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
419 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
83 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
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1answer
106 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
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1answer
57 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
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1answer
52 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
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2answers
247 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
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1answer
290 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
577 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
42 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
96 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
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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
672 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
444 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
75 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
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1answer
402 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
260 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
196 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
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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
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1answer
123 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
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1answer
446 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 ...
1
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1answer
4k views

Does the CRA charge any penalty if you file a wrong tax return?

If you misreport a number on your tax return, will the CRA just charge you the extra money that you owe them? Or will they actually 'punish' you by charging hefty fines and penalty , and slap charges ...
1
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1answer
62 views

For how many years after I file my tax do I need to retain my documents

I have copies of t4 and rrsp slips sitting in my tiny condo and eating up valuable storage space since 2009. Can I throw them away? How many years after you file a return are you required to keep ...
3
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1answer
1k views

Including 401(k) contributions on Canadian tax return

I am a Canadian resident who made US income, and contributed to a 401k. I know I must include my 401k contributions on my foreign income, but what about my employer's contributions? Also, what are ...
1
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1answer
83 views

Deducting home costs if I work from home on the side?

I have a question on how to claim deductions if I use my home as a home office. See http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/cmmssn/hm-eng.html Let us say ...
2
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3answers
3k views

When filing taxes in Canada, in what cases does box 39 on the T4 get reported as half of box 38?

When filing taxes in Canada, when does box 39 get reported as half of box 38? In my case, I got ESPP amount reported in box 38, with box 39 missing in my T4 altogether. According to my accountant, the ...
1
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1answer
186 views

Contribute to RRSP without deducting?

I am in a lower income bracket, however, like the idea of contributing to an RRSP because any earnings within the plan are tax-exempt. Is it possible to contribute to my RRSP, but not have it deduct ...