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

5 votes

Will CRA suspect, if you never filed and now retroactively files taxes?

There is no penalty for filing a tax form late in Canada if you do not owe any taxes. The penalties are all in terms of percentages of the taxes you owe. So if he genuinely never earned more than the …
DJClayworth's user avatar
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1 vote

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

It is true that it's never worth reducing your taxable income below the Ontario Personal Allowance. … However if you were to claim less that the Ontario Personal Allowance, so your taxable income was the Federal PA (which is only slightly higher) you would only be getting back 5.05% tax credit on the difference …
DJClayworth's user avatar
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13 votes
Accepted

Defer bonus pay to next year

This option is useful if for any reason you think you will have a lower taxable income in 2015 than 2014, or you can arrange for that to happen. Retirement is an obvious case, but others might include …
DJClayworth's user avatar
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1 vote

Ontario New Home Tax Rebate

I think your builder is referring to the "GST New Housing Rebate". Here is a page that talks about it. Here are a few salient points: New home buyers can apply for a rebate of the 5% GST ... to a ma …
DJClayworth's user avatar
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5 votes
Accepted

Should the cost of using public transit get deducted from my personal income or my corporati...

Firstly, the cost of getting to or from your normal place of work is NOT a deductible expense in Ontario. …
DJClayworth's user avatar
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3 votes
Accepted

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. So far so good. I'd be taxed on 50% of that correct: 250/2 = 125k taxed. and 125k Profit. …
DJClayworth's user avatar
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3 votes

Calculating capital gains tax on sale of second home in Ontario

The capital gain is based on sale price minus purchase price. The amount of mortgage is irrelevant. In your example the gain is $300k. You would pay that times the appropriate rate. You can claim de …
DJClayworth's user avatar
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