All Questions
Tagged with canada income-tax
216
questions
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59
views
Why was charged less than I was supposed to?
A Chinese company in Hong Kong called JLCPCB says I was charged a grand total of $146.64 USD. The Bank Of Canada says on 2024-03-15 (which is the date the payment was made) $146.64 USD was worth 198....
- 101
-1
votes
1
answer
66
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What double-entry bookkeeping and account structure lets me report taxable distributions from retirement savings plan (e.g. RRSP)?
I have tax-preferred retirement savings plans, and I track their activity using a double-entry bookkeeping app. I am at the age where I am starting to make withdrawals from the savings plans. The ...
- 439
4
votes
0
answers
43
views
Reduce income tax payable in Canada for an individual taxpayer
For the 2023 tax year, in Canada, how can I reduce my personal taxable income/taxes payable on my T1 tax return? I know I can use my RRSP and a spousal RRSP as a deduction against taxable income up to ...
- 141
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votes
1
answer
43
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Does Ontario cap the eligible amount of tax deductible donation to 75% of the net income for 2024?
I googled this for quite a while but I couldn't find anything from official Canadian government sources other than 5.05% on the 1st 200$ and 11.16% on the next ones... where am I supposed to look? I'm ...
- 159
3
votes
3
answers
309
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How do income taxes work with basic personal amount in Canada?
The tax brackets do not seem to include a 0% tax rate up to the basic personal amount (BPA), so how does this work with income taxes?
E.g. BPA is 15k, federal tax bracket is 15% for 50 197$ or less. ...
- 159
1
vote
1
answer
87
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If the highest federal tax rate is 33% and the highest provincial tax rate is 25.75%. why is the marginal tax rate 53% rather than 58.75% (Quebec)?
If I understand correctly, the total tax is basically the sum of federal taxes and provincial taxes, so for Quebec this should give a marginal tax rate of 58.75% (33% federal and 25.75% provincial). ...
- 159
1
vote
1
answer
105
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New US tax resident 2022 - from Canada. RRSP/bank-accounts/income questions
I moved from Canada to USA on May 30 2022 and work here as a full-time W2 employee. That makes me a US tax resident (alien) for 2022. Here's my detailed situation:
I earned a salary until May 26 2022 ...
- 111
0
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1
answer
68
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(Canada) How does a trust help with tax burden?
My company is offering me share options. I'm trying to understand what the tax implications are.
My understanding is that as soon as I convert the options into shares, I must pay tax because the ...
- 147
2
votes
0
answers
98
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Tax obligations for deemed non-residents in Canada
I live (and I'm resident) in a European country (Austria, that has a tax agreement with Canada) and spent 8 months in Canada last year (2022) due to a research stay (I worked on my Master Thesis in a ...
- 230
2
votes
1
answer
149
views
When must an employer issue a T4A?
I've worked for some companies as a contractor where they have given me no tax slips or pay stubs of any kind. Is this legal? When must a company issue a T4A? I've heard some do it if you earned more ...
- 53
3
votes
0
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45
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Tax deductible expenses in Canada when moving for work
My husband and I moved for work in Nov. 2022 from Ontario to BC. We own a home in Ontario which has been vacant since (could not be rented due to slow demand in winter time although we had been trying)...
- 175
3
votes
1
answer
198
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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 ...
3
votes
1
answer
167
views
Payments to CRA don't count toward your balance with CRA until you file your taxes?
I had a lot going on in the past year, so instead of filing my 2021 taxes on time, I paid what I thought was likely to be in excess of what I would owe. I did this before the filing deadline.
I just ...
- 173
0
votes
2
answers
480
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Can psychological services be deducted on Canadian income taxes?
When filing my yearly income taxes, is there a place where psychological services such as weekly therapy with a psychologist can be deducted?
- 103
1
vote
0
answers
177
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Are those with Open Work Permits considered Non-Residents of Canada for the TD1 form?
I arrived in Canada on July 11, 2022, and I have an open work permit that is valid until December 31, 2022. My company has requested that I complete TD1 and TD1ON forms because my employment will ...
1
vote
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117
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Should I exercise my stock options (NSO's) before or after moving from Canada to U.S.?
I'm planning on changing my residency in a coming year from Canada to U.S. (Canadian citizen). I have NSO's of a private US corporation and have the option to exercise my vested options. I'm going to ...
- 111
2
votes
0
answers
37
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I get a pension from having been a Federal Employee; I also work part-time for my family's business. Do I need to pay into EI?
So, I worked for the Federal government most of my life, I retired 2 years ago and I get my pension. In addition, I work about 30 hrs/week in the office of my family's business, do I have to pay EI? ...
- 21
7
votes
1
answer
3k
views
Can I pay my partner’s income tax (Canada)
I net approx. twice what my spouse does. At income tax time can I pay her income tax for her so she has more money to invest in her retirement savings account (RRSP)?
I know that if I were to give her ...
- 2,592
1
vote
1
answer
204
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How do I report interest income whose non-resident tax was not withheld?
I'm a former resident of Canada who kept their Canadian bank account upon leaving Canada several years ago. It seems that my bank either did not receive or did not act upon my change of address ...
- 238
1
vote
1
answer
139
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How much must one pay tax in Canada if received income from Switzerland?
I am a Canadian Citizen, who lived and worked in Switzerland for a full year. During that time, my only source of income was the company I was working for there. Swiss government deducted a particular ...
user68310
3
votes
1
answer
154
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Reduce income tax deduction after being unemployed
The previous month was the first month I have worked this year. I received gross pay of around $3400. However, approximately $500 was deducted for income tax. If I were to continue working for the ...
- 174
3
votes
0
answers
70
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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 ...
- 183
8
votes
1
answer
418
views
Does Canada respect the tax-free status of National Savings certificates for residents who left the UK?
I know Canada and the UK have a tax treaty that is designed to prevent double-taxation. But I don't know if it extends to honouring the tax-free status of government-issued savings certificates.
...
- 181
2
votes
1
answer
436
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Canada/ON: Can one of the co-owner (Joint Tenancy) of a rental property claim all the income/expenses/taxes, without it affecting ownership basis
All I can find is the following, but it is for USA.
https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/no-is-the-brief-answer-generally-each-of-you-would-rep/01/159513/...
- 21
1
vote
2
answers
91
views
How is GST/HST treated when you file corporate tax?
FOR CANADA:
Let's assume I make $100,000 in sales with a 13% HST tax = $113,000 in a year. Also let's assume zero expenses for the year. I pay $13,000 in HST.
Are my corporate income taxes on $100,000?...
- 129
1
vote
0
answers
75
views
Incorporating a Canadian business with a US founder
I'm a Canadian citizen who is a American permanent resident residing in the USA. My cofounder is a Canadian citizen residing in Canada. We are incorporating a business that will be operating in Canada ...
- 165
1
vote
1
answer
120
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Canadian tax calculation for a sample income
Is the tax calculation below for a hypothetical Canadian resident living in Ontario correct?
Gross income - CAD 100K
Foreign capital gains - USD 20K
Dividends - USD 2K
Assume 18% (CAD 18000) is ...
- 1,084
1
vote
0
answers
71
views
Paying tax on rental property in UK as a Canadian resident
We left the UK in 2013 and have rented our apartment to friends and family ever since.
We make almost no money from the rental, it barely covers costs and have had to pay out for repairs since we have ...
- 11
1
vote
0
answers
48
views
Opening an RESP for myself
I am located in Canada. I was wondering if instead of contributing directly into an RRSP, why people don't instead open up an RESP for themselves, contribute as much as they can afford (up to 50k) and ...
- 171
3
votes
0
answers
88
views
Client is offering to withhold tax from my payment
I recently started working in an arrangement neither me nor the person who hired me has done before. Someone who works as a contractor for a company got a budget to hire me as a (sub)contractor. He ...
