Questions tagged [ontario]

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

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25 views

What Ontario program pays for your private care?

Does the Ontario government's website bring up this program? smokinbbq comments on I count my blessings that I'm a Canadian If you want to hear about an amazing program, she just went through this ...
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26 views

Where does 113 hail from in 13/113, Ontario's GST/HST rebate rate for employees' auto expenses?

Tax Planning for You and Your Family 2019 by KPMG. p 198. Example Michelle buys a new car in Ontario in July 2013 for $35,000 plus 13% HST. She is required to drive 10,000 km for employment-...
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Why total corporate and personal income tax by using a corporation to income = personal tax if individual at the top marginal rate directly incame?

Tax Planning for You and Your Family 2019 by KPMG. p 189. 11.5 Should you incorporate your small business? If you have an unincorporated business, you may be considering incorporation to ...
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53 views

Why would you prefer employer to pay all non-taxable benefits and you pay for the benefits that are taxable if your employer pays them?

Tax Planning for You and Your Family 2019 by KPMG. p 153. 10.1.1 Non-taxable employment benefits Certain employment benefits are not taxable, even though many of them are deductible expenses ...
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In Ontario, Canada, how can I calculate when charitable donations lower my total payable tax?

I live in Toronto, Canada. I can control my income. I want to know how much of charitable donations will lower total tax payable for different incomes. Then I'll pick what income to aim for.
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How much can you have in TFSA without losing any OSAP?

Plz see beneath. Just $3600 for 2019-2020 school year!!?!!? This is too niggling and half-baked! What if student is living away from home? Accomodation and private rent cost way more! What if US or ...
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63 views

What's yearly maximum Capital Gain without paying tax in ON?

Assume I get 0 income except Capital Gain. I live in ON. I know just 50% capital gain is taxed. From Wealthbar screen-shot below, what's maximum Capital Gains that I can earn yearly and pay NO tax? $...
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157 views

Ontario debt is high, what does this mean for our future? [closed]

I keep hearing how Ontario is in a lot of debt. (around 350 BN in 2018). Can anyone explain the impact of this increasing debt for Ontario and Canada? Can we just keep taking on more debt to finance ...
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151 views

What are simplest examples of buying or spending money to reduce income taxes in Ontario?

What personal (not corporate) tax examples like the quote underneath appertain to Ontarians? Please focus on examples that can appertain to as many Ontarians as possible, thus don't focus on high ...
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52 views

Ontario Capital Gains,are profits also part of taxable income?

Say I Sell my investment property house for 500k and bought it for 250k. Leaving me 250k profit. I'd be taxed on 50% of that correct: 250/2 = 125k taxable. and 125k Profit. Now my 125k is taxed ...
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48 views

Is Pension income a part of my Personal Tax Income

My parents retired, and they will be receiving monthly payments from pension and those things. We live in Ontario. Do these count towards their income tax brackets? Are there other taxes they should ...
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174 views

At termination, can companies compensate vacation days with vacation pay at less than fair value?

Being let go, I have 15 days vacation accrued. They want to pay: salary × 15 days / 365 days = 4.1% of salary But suppose someone accrues 260 days of vacation, this corresponds to 52 weeks of 5 ...
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246 views

How much of my $5K/yr tuition tax credit ought I transfer to my mom who earned $40K/yr?

From 2009-2015, I was studying in universities, and earned no income. My parents paid all my tuition. We all live in ON. I filed my taxes, but didn't know about claiming tuition tax credits. I would'...
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100 views

Can I transfer, in 2019, my tuition tax credits from 2009-2015 to my parents who paid all tuition?

From 2009-2015, I was studying in Ontario universities, and made no income. My parents paid all my tuition. I filed my taxes, but didn't know that I could claim tuition tax credits. u/pfc-toss ...
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55 views

Canada Income Tax benefits if family is living outside of Canada

I am working in Toronto, Canada under Work permit. My family is living outside Canada. I am fully taking care of their expenses. Can I get any income tax benefits for the money I am sending to them? ...
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Income tax filing for married couple with separate addresses in Canada

I am a resident in Ontario and have just got married. Can I file joint taxes with my wife even though we live on separate properties?
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1answer
169 views

Tax implications of dividend vs salary

I'm recently self employed. My accountant advised the total amount of tax I'll pay (combined business and personal) is the same whether I pay myself 100% dividend or 100% salary and the only deciding ...
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112 views

Do I have to pay tax on Capital Gained on primary property?

I am a Canadian citizen. I have been worked for a company in Mississauga, Ontario since 2016. Around this time my dad was diagnosed with illness so in March 2016, he added my name to his property in ...
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77 views

Is there a list of financial assistance programs in Ontario, for the poor but not disabled?

As nobody in my family is disabled, we probably don't qualify for Ontario Disability Support Program. But we're indigent, and I'm downcast to find out only about OESP today! I know about the big ones ...
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1answer
55 views

Are Ontario credit unions charged, if customers complain (like UK banks are)?

Does Ontario (eg Financial Services Commission of Ontario) have something like the UK's Financial Ombudsman Service's case fee? Note: "This is paid regardless of who’s [sic] fault or the outcome of ...
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1answer
92 views

Looking to calculate expected profit from sale of house

I'm trying to calculate the money I will see as profit from the sale of my house. I'm tallying the various expenses associated with selling and would like input on any costs I'm missing. I'm in ...
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Corporate tax & GST/HST tax - Canada

I've started self incorporated small business in Canada, registered with Ontario province in 2017. As per corporate tax structure, both corporate tax return and GST/HST return is filed by end of ...
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1answer
183 views

Are the CEO's earnings different from the company's earnings?

I am a resident of Ontario and I am planning to go to University in September. Upon applying for OSAP I was asked what my monthly salary while in school will be (excluding time away from school). I ...
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319 views

Is Deposit Insurance Corporation of Ontario (DICO) less trustworthy than CDIC?

This website hints that DICO is: Credit unions have deposit insurance, but it's probably weaker Credit unions across the country generally have deposit insurance, too. For instance Ontario ...
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59 views

Do I need to be a shareholder in a single person corporation (in Ontario)?

I am researching various options as I self incorporate my business. As the incorporator, I am also the only director. Do I need to assign shares to myself immediately? I haven't yet decided between ...
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360 views

As a contractor, if my business makes no net profits, do I owe taxes?

Have been working full time, switching to at least part time contract work. I'm looking at starting a company and having all my contract pay go through it. Assuming I'm also working at least part ...
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1answer
164 views

Even after 7 years of discharge, can a Bankruptcy and Consumer Proposal in Canada still be discovered?

My aunt in Ontario suffered serious psychiatric illnesses, but has now recovered. Her Bankruptcy was discharged in 2004 and Consumer Proposal in 2015. My aunt's Equifax and TransUnion credit reports ...
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1answer
958 views

First time homebuyer, want to buy an old house tear down and rebuild

My spouse and I have never had a mortgage. We're pre-approved for about a $600k mortgage, which we want to use to buy an older house to tear down and completely rebuild. The initial price on these ...
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2answers
266 views

Buying portion of house

If I buy a portion of a house (let's say $200k for 50% of the home ownership) from a mortgaged owner, and he stops paying the mortgage and the bank forecloses, what happens to my 50%? Edit -- more ...
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49 views

Buying a Tax Sale property

If I buy an automobile or land in a tax sale (or tax deed sale) and the previous owner had financed or mortgaged the item, who is responsible to the lender for completing the payments/transaction? I ...
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1answer
114 views

What are the risks involved with a Bridge Loan? [duplicate]

We are buying and selling a house. Our new house closes one day before our current house closes, therefore we require a bridge loan to make the down payment. I would like to understand the risks ...
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1answer
100 views

How does depreciation affect real estate capital gains tax in Ontario?

I recently sold a rental property (condo) for a profit. I owned it for 6 years, lived for the first two, then rented it out for next 4 years. I never claimed depreciation allowance—stupid me. Am I ...
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110 views

What is your effective tax rate if you work from home in Montreal for a company in Toronto?

What is your effective tax rate if you work from home in Montreal for a company in Toronto ? Does Quebec Tax abatement of 16.5% apply ?
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12k views

Can I buy a new house before selling my current house?

I am looking to sell and buy a house. But with the current market being as crazy as it is (houses are selling fast for sometimes 150,000 over asking), I'm afraid if we sell first, we could be stuck ...
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1answer
97 views

How should I file my taxes as a contractor?

For background, I'm an Ontario, Canada resident, and I've worked here during all of FY2016. For the first time, in addition to mostly doing full-time work as an employee of a company, I did just over ...
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1answer
4k views

Calculating capital gains tax on sale of second home in Ontario

I have a few questions on capital gains tax on a 2nd property in Ontario, Canada. 1) Is capital gains calculated based on Sale price - Current Mortgage, or Sale price - purchase price? Im assuming ...
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2answers
3k views

You're in Ontario and are setting up Autoload on your Presto fare card. Credit or debit? Which threshold and Autoload values should you pick? And why?

The Presto fare card is a contactless public-transit fare-payment smart card issued in various big cities in Ontario, Canada. These cities include Toronto, Ottawa, and others. You wave the card in ...
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114 views

In a 2 income family, is it more tax beneficial for the lower income spouse be the Primary Caregiver (Ontario)?

My wife and I just had a new daughter. My wife applied for the 4 in 1 newborn package and she was designated as the primary caregiver and applied for the child care benefits. Since she makes more ...
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1answer
77 views

Can I still charge and keep money from my small business, listed under HST?

This question relates to the province of Ontario in Canada. As a small business owner, there is an exemption where you are not required to charge HST on goods and services if you make under thirty ...
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1answer
299 views

Initial investment in sole proprietorship

I've sole proprietorship business in Ontario. So far I've been doing web site and custom software development. Then I open up an account for stock trading under same business name. And put some ...
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246 views

Buying a house to partially rent out - what to consider?

I'm considering buying a house in the next year or so, and my plan is to rent out room(s) to help pay off my mortgage. I have no debt and will have a 20% down payment on the house, and intend on ...
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1answer
151 views

Taxes on sale of principal residence in Ontario

Is it correct that in Ontario, if you sell the home which is your primary residence, you pay absolutely no taxes at all on the sale? Are there any terms and conditions to this?
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198 views

Employer added health insurance premium to my T4 Income statement

Lat year when my company gave me a T4, I saw that in my total Income, it had added the money it spent on my health and life insurance. This amounted to ~15K, so I ended up paying tax on this amount. ...
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1answer
441 views

What amount of money can a corporation spend on entertainment

In Ontario, Canada, what is the amount of money that a small business corporation can spend on travel/leisure/entertainment expenses? Imagine a one person software developer running his own ...
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How to choose a year end date for your Ontario small business corporation?

While opening a small business corporation in Ontario, how do you select a proper year end date? Is it a random date ? Or are there guidelines to it?
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How much of your base salary does this pension plan pay out upon early retirement

Does anyone know how the OMERS pension plan work in Canada? If you are a plan member for 20 years and retire early at age 55, what percent of your salary do you get as pension payout?
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187 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 ...
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1answer
276 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 ...
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2answers
869 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? http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/...
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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 ...