Questions tagged [ontario]

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

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Does Ontario government fund OTC medications "prescribed" by a M.D. not covered by employer's drug plan?

My Doctor of Medicine insists on a prohibitively expensive OTC (Over the Counter) medication for me, as it can't be substituted with anything whether prescription or OTC. But I can't afford it! To ...
user46157's user avatar
0 votes
1 answer
38 views

Does Ontario cap the eligible amount of tax deductible donation to 75% of the net income for 2024?

I googled this for quite a while but I couldn't find anything from official Canadian government sources other than 5.05% on the 1st 200$ and 11.16% on the next ones... where am I supposed to look? I'm ...
qwerty_99's user avatar
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5 votes
1 answer
314 views

Canada/Ontario Principal residence exemption

I bought my house in 2013 and have been renting it to present time. I never lived in it. I am thinking of starting to live in the house in 2025 and 2026 and then sell it in 2027. What do I have to do ...
user122866's user avatar
1 vote
1 answer
27 views

FSRA insurance on foreign currency GICs (Ontario/Canada)

It seems clear that FDIC insurance covers foreign currency GICs as of April 2020, but I can find nothing clear-cut on FSRA (provincial insurance for credit unions) for similar investments. The FSRA ...
Spehro Pefhany's user avatar
4 votes
1 answer
185 views

Capital gains when selling my boat and HST in Ontario Canada

Someone gifted me a boat and provided me with the original receipt that shows what they paid for it. I can see they paid $47000 + HST (=$53110). If I sold the boat to a friend for $50000, do I need ...
learningtech's user avatar
2 votes
1 answer
143 views

If the highest federal marginal tax rate is 33% and the highest Ontario provincial marginal tax rate is 13.16%, why can marginal rate by 53.36%?

The highest marginal federal tax rate in Canada is 33% and the highest marginal provincial tax rate in Ontario is 13.16% (source: Government of Canada tax rates webpage) Adding these together, the ...
AlliterativeAlice's user avatar
3 votes
0 answers
61 views

Can I deduct expenses from rental income on my principal residence without making it not a principal residence?

TLDR: can I still claim 40% of all of these expenses (screenshot from simpletax) on my taxes when renting a portion of my Principal Residence and it still be considered principal residence? and ...
tsdexter's user avatar
  • 183
4 votes
1 answer
237 views

Are there any avenues for hedging against the risk of a broke landlord?

My family rents our primary residence in a major city and we pay significant monthly rent, enough to cover two or three mortgage payments in a cheap juridisction. One of the key reasons I have been a ...
Cameron Roberts's user avatar
15 votes
5 answers
5k views

Why would my tenant want me, landlord, to buy his leasehold interest in my own property? [closed]

My lessee asked if I'm interested in buying his leasehold interest. He wants to sell his lease to the landlord, me. He's renting my detached house in Toronto until Jun 1 2024. He pays $9 000/month. I'...
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1 vote
1 answer
71 views

1) Paying auto insurance premium yearly vs monthly 2) Paying auto finance loan

I've recently purchased a vehicle and was planning on prepaying my auto insurance for the year up front rather than divided into monthly payments. Should I rather put some of that money to paying ...
OntarioCanadaF30's user avatar
0 votes
1 answer
406 views

I am starting a new job on Monday. Can they screw me over somehow with the information I need to provide? Does this look sketchy to anyone else? [duplicate]

Congratulations! You have accepted for a trial period on the Remote Executive Manager position. blahblahblah During the work you use bitcoins for working with customers. It is necessary for ...
JFR's user avatar
  • 1
6 votes
1 answer
99 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 ...
user avatar
-1 votes
1 answer
65 views

When ought your taxable income < min{Ontario, Federal Basic Personal Allowance}?

Assume I have no tax deductions except RRSP, and I have $90K in my RRSP that I never deducted. Let "BPA" mean "Basic Personal Amount". Optimal taxable income ≥ min{2020 Ontario BPA ($10,783), Federal ...
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1 vote
0 answers
75 views

Ontario, Canada rules for tax rates for services

In Canada, various provincial and federal taxes are applied to goods and services. In the event that a tax rate changes, there can often be confusion as to which tax rate to use for services rendered. ...
user avatar
0 votes
1 answer
306 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-...
user avatar
0 votes
1 answer
80 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 ...
user avatar
4 votes
1 answer
78 views

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.
user avatar
3 votes
0 answers
9k views

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 ...
user avatar
1 vote
1 answer
162 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 ...
Jonathan's user avatar
  • 353
-3 votes
1 answer
175 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 ...
user avatar
3 votes
1 answer
80 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 ...
Jonathan's user avatar
  • 353
2 votes
1 answer
60 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 ...
Jonathan's user avatar
  • 353
2 votes
1 answer
229 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 ...
user avatar
4 votes
2 answers
320 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'...
user avatar
1 vote
1 answer
600 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 ...
user avatar
2 votes
0 answers
63 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? ...
NiceGuy's user avatar
  • 141
1 vote
0 answers
112 views

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?
Hutoxi's user avatar
  • 11
4 votes
1 answer
183 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 ...
AfterWorkGuinness's user avatar
0 votes
1 answer
151 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 ...
Virushan's user avatar
  • 101
3 votes
1 answer
94 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 ...
user avatar
3 votes
1 answer
175 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 ...
AdamC's user avatar
  • 39
1 vote
0 answers
43 views

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 ...
overexchange's user avatar
3 votes
1 answer
204 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 ...
Dante's user avatar
  • 133
1 vote
1 answer
125 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 ...
Fshafique's user avatar
6 votes
1 answer
378 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 time ...
StackOverflowed's user avatar
2 votes
1 answer
240 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 ...
user avatar
4 votes
1 answer
2k 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 ...
Spongebob Squarepants's user avatar
0 votes
2 answers
462 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 ...
StackOverflowed's user avatar
1 vote
0 answers
53 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 ...
StackOverflowed's user avatar
0 votes
1 answer
131 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 ...
Hlick's user avatar
  • 631
2 votes
1 answer
169 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 ...
Victor123's user avatar
  • 16k
2 votes
2 answers
129 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 ?
Wizard Programming's user avatar
32 votes
9 answers
13k 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 ...
Hlick's user avatar
  • 631
1 vote
1 answer
113 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 ...
Jules's user avatar
  • 191
4 votes
1 answer
5k 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 ...
Jonnyboi's user avatar
  • 301
2 votes
2 answers
4k 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 ...
unforgettableidSupportsMonica's user avatar
7 votes
1 answer
128 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 ...
linstar's user avatar
  • 231
2 votes
1 answer
93 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 ...
Jake's user avatar
  • 129
2 votes
1 answer
329 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 ...
gmail user's user avatar
1 vote
1 answer
398 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 ...
GoldenBunny's user avatar