All Questions
Tagged with canada tax-deduction
78
questions
-3
votes
1
answer
177
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 ...
user44213
1
vote
1
answer
583
views
How do Ontarians calculate optimal RRSP contribution?
Pls see my dad in Ontario's facts. He maxed out his TFSA, and his annual pre-tax income (henceforward "APTI") is $50K. CRA website shows his 2019 RRSP deduction limit is $100K.
If I ...
user40269
1
vote
1
answer
679
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 ...
user40269
1
vote
0
answers
405
views
Can GST tax input credits be claimed for Meals and Entertainment which are 100% deductible for income purposes?
Typical meals-and-entertainment operating expenses for business are limited to a 50% deductible towards income calculation. There are exceptions. The rules listed by the CRA allow higher percentage to ...
- 511
1
vote
1
answer
68
views
Can I withdraw Small Overcontribution from RRSP?
My contribution room for my RRSP is 23.5k, I accidentally contributed 25k though. I realize my over-contribution is within the 2k that CRA allows, but I would prefer to keep the extra $1,500 outside ...
- 111
3
votes
1
answer
245
views
Expenses deducted on tax return with no proof. What should I do if I get audited?
I just filed my tax return for the 2018 tax year (NETFILE, with StudioTax). I work 100% at home, and I rent the place from a landlord. According to an agent of the Canada Revenue Agency, I am allowed ...
- 417
2
votes
0
answers
180
views
Can you claim past unclaimed expenses from previous years on a rental property?
My question is the following:
Let's say I have some repair renovations that were performed in 2016 that I never claimed in the 2017 tax year (because I had enough expenses to fully balance out the ...
- 21
5
votes
1
answer
392
views
Write off accrued interest from interest income
My mother purchased a US government bond maturing 2019/04/15. The purchase date was 2018/04/13, so there were 2 interest payments attributed to 2018 (2018/04/15 and 2018/10/15), but the interest ...
- 417
1
vote
1
answer
245
views
Self-employed: claim CPP for self on Line 9060 of T2125?
In Canada, self-employed individuals have to contribute more to the Canada Pension Plan (CPP): we have to pay both the employee and employer amount. Whereas employees just pay their employee amount ...
- 316
1
vote
0
answers
75
views
Is the principal on student loans tax deductible in Canada?
A friend was suggesting to me that it would be wiser for me not to spend money that I am currently earning, since as a student, I am in a very low tax bracket / below the lowest tax bracket. Their ...
- 111
1
vote
0
answers
55
views
Tax deduction for work-space-in-the-home expenses
For reference, I am in Ontario, Canada, I am an hourly non-exempt employee (T4 is issued every year, entitled to overtime pay if working more than 8h a day, 1.5X pay + statutory holiday pay [such as ...
- 417
1
vote
0
answers
94
views
Avoid wasting Canadian tuition credit with double taxation on Canadian Income in US
I live in US with income in Canada and have a large amount of unused tuition tax credits in Canada.
My understanding is that when doing US Tax I should report my full Canadian income and the amount ...
- 143
3
votes
3
answers
4k
views
Can donations to Canadian charities be claimed on US taxes?
This seems like it would be easily Google-able, but because I am located in Canada, all results are along the lines of "how to claim a US donation on your canadian taxes".
My question is, if someone ...
- 45
1
vote
1
answer
193
views
Are dual US-Canadian citizens in Canada required to pay US taxes on their donations to Canadian charities?
Suppose Gordon is a Canadian citizen resident who is also a US citizen.
Gordon earns $1,000,000 a year in net income from his Canadian executive job. He pays an overall rate of 40% in taxes.
Gordon ...
- 23
3
votes
2
answers
4k
views
Can I withdraw from an RRSP for home renovation using the Home Buyer's Plan?
I have withdrawn $15,000 using Canada Home Buyer's Plan from my spouse's RRSP account in the year 2016. The withdrawal was only from spouse's RRSP account, not my account.
Now we are planning to do a ...
- 187