All Questions
Tagged with canada tax-deduction
78
questions
3
votes
0
answers
127
views
Can construction Soft Costs be carried forward on Canadian rental income?
I built a home and am renting it out for profit. While building, I incurred soft costs (mainly interest costs on money borrowed during construction, and insurance costs). In the years that I had these ...
- 31
1
vote
1
answer
79
views
I need help understanding what 'net of required taxes' means
In this contract what does net of mean? is it the amount after or before taxes?
Award – Cash awarded to a Participant under the Program, net of all required federal and state withholding taxes, due ...
5
votes
2
answers
322
views
Is DIY car repair work deductible in any way when self-employed?
I am self-employed and I am proficient at repairing vehicles. I use my vehicle exclusively for work: my customers ask me to drive to one of their customer's location and I provide a service on site. I ...
- 51
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 ...
- 139
2
votes
1
answer
1k
views
Contribute to RRSP without deducting - how long can the deduction claim be deferred?
This question establishes that one can contribute to their RRSP without deducting for the year of the contribution.
Additionally, this link from CRA's site has the question
"What RRSP, PRPP, or SPP ...
- 247
1
vote
1
answer
447
views
Does the CRA reprieve those who have to commute for work?
Suppose that for some reason (family connections, unaffordability, ...) someone lives in a town a train ride away from one of Canada's expensive cities (Toronto, Vanvouver).
He makes most or all of ...
- 161
2
votes
1
answer
221
views
Can condo fees and special assessments for a vacant property be claimed as moving expenses?
I relocated to take a job in a different province, and during that time the condo (which I was the sole owner of) sat vacant on the market for three months before finally selling. The condo fees ...
- 23
1
vote
2
answers
148
views
Deciding on RRSP carryover amount
I'm trying to do a last minute lump-sum RRSP contribution. I have an idea of how much I'd like to contribute/carry forward, but this is my first time making a significant RRSP contribution, so I'd ...
- 121
3
votes
1
answer
470
views
Does it make sense to pay MSP through a small corporation / business in Canada?
In BC, Canada, one has a monthly medical plan premium (MSP) per adult in a household of at least $75.00 (CAD) per individual per month, and the amount cannot be deducted against one's personal taxes.
...
- 163
2
votes
1
answer
4k
views
Smartphone bought for business use - Canada
I (as my corporation) bought a high-end unlocked smartphone (not under any carrier contract). My question is how this should be reported under Canadian tax rules. Must it be treated as an asset to be ...
- 1,032
3
votes
1
answer
110
views
Can I write off (deduct) expenses in a period where my corporation makes no money?
Let us say I have a small corporation in Ontario, Canada and I am an IT contractor through the corporation.
There is a one month gap between contracts, which means I don't earn anything in that time....
- 16k
1
vote
1
answer
229
views
Beyond RRSP deductions, how does a high income earner save on taxes?
I am not talking of a business owner, I am talking of someone, that makes 150k $ in salary. In Ontario, the marginal tax rate is well over 30%.
After maxing out RRSP, what do these folks do? Do they ...
- 16k
2
votes
1
answer
89
views
Is my contribution to my company pension plan (not RRSP) considered tax deductible?
My employer (a big bank in Canada) has a pension plan where I am allowed to make optional contributions. There is no matching contribution from the employer, but they do already contribute a tiny ...
- 16k
1
vote
1
answer
93
views
Deducting home costs if I work from home on the side?
I have a question on how to claim deductions if I use my home as a home office.
See http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/cmmssn/hm-eng.html
Let us say ...
- 16k
1
vote
1
answer
256
views
Contribute to RRSP without deducting?
I am in a lower income bracket, however, like the idea of contributing to an RRSP because any earnings within the plan are tax-exempt.
Is it possible to contribute to my RRSP, but not have it deduct ...
- 15