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Questions tagged [canada-revenue-agency]

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2
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1answer
89 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
votes
0answers
47 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
votes
1answer
308 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
votes
2answers
172 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
47 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
79 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 ...
0
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0answers
27 views

How to calculate a typical worker's and his/her employer's Canadian pension plan (CPP) contribution over a biweekly pay-period?

Forgive me if I sound naive, but I'm a software developer who just joined a Canadian Software firm in Toronto that deals with payroll software. Lets say John Doe makes CAD$87,500 annually. He is ...
3
votes
1answer
43 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 ...
0
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0answers
16 views

Can the interest on a HELOC used to fund rental repairs be claimed as an expense to the CRA?

I have a rental property which is a single unit in a strata/condo association. Currently there is a very large special assessment to replace the envelope with a new cladding. I have paid the special ...
0
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0answers
44 views

Canadian Tax on NRE FD for Residents

Do i need to declare my already existing NRE Fixed deposits as income in my first Canadian Returns though these funds were earned through employment from other countries before assuming Canadian ...
2
votes
1answer
28 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 ...
2
votes
1answer
36 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
235 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
170 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
34 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
487 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
41 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
86 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 ...
3
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1answer
3k 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
vote
0answers
499 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
392 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
vote
1answer
74 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
313 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
249 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
vote
0answers
179 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
89 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
119 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
323 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
vote
1answer
3k 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
vote
1answer
61 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
votes
1answer
967 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
vote
1answer
82 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
vote
1answer
172 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 ...
0
votes
2answers
719 views

Withdrawing from RRSP to pay income tax owed to CRA?

While filing my tax return, if I find that I owe taxes to CRA, but I don't have any cash on hand to pay the taxes, then I can withdraw from my RRSP. Now, if I withdraw money from RRSP, do I first ...
0
votes
1answer
101 views

Can I avoid an audit by submitting documents early?

I make a lot of charitable donations every year (I donate 10% of my net income to my church), lots of people in my church get audited every year. Is there a way I can avoid getting audited by just ...
4
votes
1answer
747 views

CRA made a mistake in our favour

This was in a review of a previous tax return. The error is high four figures which translates into a low four figures refund. Do they keep copies of the documentation? What are the chances they ...
0
votes
1answer
53 views

Is income earned in the Carribbean considered taxable for a Canadian resident?

If in winter time, I go to Caribbean and make some money as a sailboat instructor, is that money tax free? I am Canadian resident. I am asking this because I hear that a lot of these Caribbean ...
4
votes
2answers
231 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 non-...
4
votes
1answer
3k views

Do I pay tax if I convert INR to CAD to use in Canada

If as a Canadian resident, I hold an NRE account with an Indian bank and i transfer money earned in CAD to this account. The I earn interest in rupees and want to transfer back to CAD. The interest is ...
5
votes
2answers
471 views

Canada - tax for non-resident from sources outside Canada

I'm not a Canadian citizen or resident. If I have a bank account in Canada, which I use to receive payments for a software product/service from people outside Canada, am I eligible to pay Canadian tax?...
3
votes
1answer
6k views

Does one need to pay income tax on pension income in Canada?

When a person starts getting a pension from an employer or from the government after retirement, is he supposed to pay income tax on that pension? Will he pay tax at his marginal tax rate? I would be ...
1
vote
1answer
2k views

How is the Canada Employment Amount tax credit calculated?

To calculate the Canada Employment Amount as a non refundable tax credit, this link explains: Canada employment amount is a non-refundable credit for work-related expenses, such as home ...
2
votes
2answers
2k 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 ...
-2
votes
1answer
278 views

What corporation tax am I required to pay as an independent contractor?

Refer to this link at Canada Revenue Agency. I am unsure that for an Ontario resident who opens up a corporation, what corporation tax would I pay? Let's say I charge 60$/hr + 13% HST to my client. ...
2
votes
1answer
456 views

Does the Canada Revenue Agency (CRA) tax other income at the marginal tax rate?

I am employed full time as a software developer. If I wish to earn money on the side doing Wordpress websites through Odesk, Elance, etc., I will report that to the CRA under other income. Is this ...
2
votes
1answer
23k views

Do employer RRSP contributions show up as income on my T4?

When I get my T4, I see a certain amount quoted as my income. My employer gives me matching RRSP, which means if I put 1000 dollars, my employer puts in 500 dollars and then buys me the company stock ...
7
votes
1answer
1k views

How do I tell the Canada Revenue Agency that they're sending someone else's documents to my address?

A business acquaintance used my address for mail correspondence, with my permission. Actually, he even didn't stay in my place and I don't have any of his personal belongings here. Later, I asked him ...