Questions tagged [ontario]

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

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15
votes
5answers
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'...
0
votes
0answers
27 views

If I can't prove my self-employment income, any harm in filing a claim with CRA?

Family member in Ontario earned around $5K in cash in income in 2019, but he can't prove any of it — no receipts or records or evidence. He wants to file a claim to commence building his RRSP ...
1
vote
1answer
54 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 ...
0
votes
1answer
246 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 ...
0
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0answers
24 views

Which can I “Request to reduce tax deductions at source” for? 1. EI, 2. CPP, 3. Union deductions, 4. TTC, 5. DCPP?

I am completing T1213 Request to Reduce Tax Deductions at Source, but which of the following can be reduced too? EI? CPP deductions? Union deductions? TTC 2-month Pass? employer's defined ...
5
votes
1answer
86 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 ...
1
vote
0answers
42 views

If your income unders Basic Personal Amount, pay tax on bond interest and stock dividends and distributions?

Suppose your HISA paid you interest and ETFs paid you dividends and ETFs like HMMJ paid you distributions. But your total income unders ON's Basic Personal Amount. It's $13,229 in 2020. Which 1 to ...
-1
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1answer
79 views

Maxed out RRSP, TFSA. How to invest single stocks without tax? [closed]

My bro bought his house that is principal residence, and doesn't want buy more houses. He doesn't qualify RDSP (no disability) or RESP (no kids). He heard of Swap ETF, but he wants pick single stocks ...
-1
votes
1answer
58 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 ...
1
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0answers
80 views

How can I fill Line 1 of T1213, when I can't know my annual salary and Union deductions in Dec yet?

My dad is paid hourly but sometimes he works over-time. His employer issues his T4 in Feb 2020. He has $50K in RRSP he never deducted. Let BPA mean Basic Personal Amount. Line 1 of T1213 = Optimal ...
1
vote
0answers
71 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. ...
0
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1answer
53 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-...
0
votes
1answer
60 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 ...
4
votes
1answer
65 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.
2
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0answers
2k 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 ...
2
votes
0answers
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? $...
1
vote
1answer
158 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 ...
-3
votes
1answer
159 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 ...
3
votes
1answer
60 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 ...
2
votes
1answer
52 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 ...
1
vote
1answer
186 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 ...
3
votes
2answers
260 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'...
1
vote
1answer
284 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 ...
2
votes
0answers
57 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? ...
1
vote
0answers
59 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?
4
votes
1answer
172 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 ...
0
votes
1answer
118 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 ...
3
votes
1answer
81 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 ...
2
votes
1answer
123 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 ...
1
vote
0answers
30 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 ...
3
votes
1answer
188 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 ...
1
vote
0answers
373 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 credit ...
1
vote
1answer
69 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 ...
6
votes
1answer
364 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 ...
2
votes
1answer
184 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 ...
4
votes
1answer
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 ...
0
votes
2answers
344 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 ...
1
vote
0answers
50 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 ...
0
votes
1answer
121 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 ...
2
votes
1answer
111 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 ...
2
votes
2answers
113 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 ?
31
votes
9answers
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 ...
1
vote
1answer
99 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 ...
4
votes
1answer
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 ...
2
votes
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 ...
7
votes
1answer
116 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 ...
2
votes
1answer
78 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 ...
2
votes
1answer
319 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 ...
1
vote
1answer
281 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 ...
1
vote
1answer
153 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?