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Questions tagged [income-tax]

This tag is to be used for any question pertaining to an individual's income taxes. If this tag is used, ideally a country-specific tag should also be specified, to indicate which region a question belongs to, as the answer may differ based on the country.

5
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2answers
3k views

UK income tax & charitable donations: How much is income tax reduced by donations?

To continue the theme... In the UK, how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
5
votes
2answers
543 views

U.S. income tax & charitable donations: How much is income tax reduced by donations?

In the U.S., how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
4
votes
1answer
2k 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
2answers
383 views

How is the Home Renovation Tax Credit (HRTC) supposed to be claimed? How does the credit work?

We built a new deck this year and we're expecting to take advantage of the Home Renovation Tax Credit (HRTC). How is it supposed to be claimed? How does the credit work? Would it be claimed on the ...
6
votes
1answer
906 views

Are insurance payouts taxable in Canada?

This is in reference to this question about life insurance but can apply to other insurance payouts. This would definitely affect how much to plan for.
5
votes
1answer
1k 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?
4
votes
2answers
588 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).
4
votes
2answers
711 views

If I buy a property in an underage dependent's name am I exempt from capital gains (losses) on my income tax?

If I purchase a property in an underage dependent's name (son or daughter), and then sell it before they reach the age of majority, do I need to claim the capital gains (losses) on income tax if I ...
5
votes
1answer
466 views

We get receipts from our child care provider. Can we still claim a tax benefit even though they're not licensed?

We get receipts from our child care provider. Can we still claim a tax benefit even though they're not licensed? [Note: This is my paraphrased version of a similar question I answered at moms4mom.com....
9
votes
6answers
4k views

If I have no exemptions or deductions, just a simple paycheck, do I HAVE to file taxes?

My company holds back tax from each of my pay checks. I have no other sources of income. I don't expect I owe anything more on my pay. Do I really need to file an income tax return? I live in ...