All Questions
Tagged with canada tax-deduction
78
questions
4
votes
1
answer
4k
views
Unused Education Tax Credit carryover amounts in ON Canada
I am filing taxes in Ontario, Canada, using simpletax.ca which has been a super useful platform. I am struggling to understand how it is calculating my refund, however.
From 2013, I have $16,473 in ...
- 143
4
votes
0
answers
429
views
Donating to US versus Canadian charities to maximizing tax benefits
I am a US citizen and I have the option to make my charitable donations in either the US or Canada for the next few years. How do I maximize my tax benefit for a fixed donation size?
My ...
- 191
2
votes
1
answer
4k
views
If my rental property income and mortgage payment are equal, do I need to pay income tax on any rent revenue?
Let's say I have a monthly mortgage payment of $1600 on a condo I own, and the condo is rented out for $1600. Then, I'm breaking even. Hence, I would not need to pay any tax on my rental income. Would ...
- 16k
2
votes
1
answer
2k
views
How are Canada Universal Child Care Benefit (UCCB) & related tax measures changing in 2015?
Significant changes to Canada's Universal Child Care Benefit (UCCB) and related income tax measures were announced on October 30, 2014 by the Prime Minister.
What exactly is changing w.r.t. UCCB and ...
- 31.7k
1
vote
1
answer
73
views
Passing on non refundable tax credits
I'm planning on doing some volunteer work and during this work, I'm going to amass a decent amount of non-refundable tax credits via charitable donations. I can't claim those this year, though, ...
- 113
3
votes
1
answer
319
views
How do donation tax receipts work when I have no taxable income?
I currently refurbish computers as a side volunteering thing, and all refurbished computers go to charity. I will receive tax receipts for these donations. The thing is though, I am still <18 and ...
- 33
5
votes
1
answer
604
views
Do I need an official receipt to claim a charitable tax credit?
I made a charitable donation in December of last year, and have yet to receive the official tax receipt for tax-return purposes.
Contacting the charity, I was told that the receipts had already been ...
- 155
3
votes
1
answer
1k
views
When claiming a moving expenses tax deduction in Canada, does order of events matter?
I know I can claim moving expenses if I move because of a new job. But does the sequence of events matter?
While I'm doing interviews, I'd like to sell my house and buy my new house in the new city. ...
- 165
3
votes
1
answer
36k
views
If I take a loss when I sell my car, can I claim a capital loss deduction on my income tax return?
If I sell my car off at a loss, can I write that loss off against my income to save on tax? Does it matter if the car was used just for personal leisure use, or if I used the car to generate business ...
- 16k
0
votes
1
answer
68
views
How to fill tax return for income received to paid the health insurance premiums that my spouse pays for me?
My health insurance is provided by the employer of my spouse, but my employer wanted to provide the benefit of insurance so he paid me the money that my spouse was paying, so if my spouse pays $40 for ...
- 109
-2
votes
1
answer
949
views
Is the interest on money borrowed on margin in/for an RRSP considered tax deductible?
If I borrow cash in my margin trading account which happens to be an RRSP account, does the interest on that money become tax deductible from my income? I know if I put money in my RRSP from my salary ...
- 16k
5
votes
2
answers
323
views
Usage of non refundable tax credits
I have spent 5 years in Canada. The first four were as an international student whereby even though I did not have any significant or no income, I filed my taxes so that I could accumulate non-...
- 1,293
2
votes
1
answer
361
views
Should the cost of using public transit get deducted from my personal income or my corporations' income?
As a full time employee, certain costs are deductible from personal income. (e.g cost of public transit pass.)
When the full time employee becomes an independent contractor, do these expenses ...
- 16k
-2
votes
2
answers
880
views
Why are mortgage interest and taxes considered tax deductible?
I have trouble understanding the rationale behind why certain things are tax deductible while other things are not. For example, I understand that RRSP contributions are tax deductible because I am ...
- 16k
0
votes
1
answer
422
views
Can my own corporation deduct my expenses even if I am a full time employee?
Say I decide to become a software developer contractor and open a corporation. So, I am allowed to write certain things off as corporation expenses (e.g restaurant bills, gasoline bills, etc.)
Then, ...
- 16k