All Questions
Tagged with canada tax-deduction
78
questions
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
2
votes
0
answers
42
views
Can you withdraw capital gains from a stock sale and still deduct interest on the original cost basis?
Say you borrow 50k and buy 100k of shares.
Then the stock rises to 100k
You sell half and cancel out the loan, but also have 50k of capital gains.
If you withdraw the 50k gain to maintain the original ...
- 21
0
votes
0
answers
41
views
Where can I find charitable donation tax credit rates for each provinces and territories in Canada?
The only official source I found was this one and it's from 2017...
https://www.canada.ca/en/revenue-agency/services/charities-giving/giving-charity-information-donors/claiming-charitable-tax-credits/...
- 159
1
vote
1
answer
310
views
When is interest incurred while trading on margin deductible in Canada?
To clarify my understanding of margin loans in Canada: the interest expense incurred while trading on margin is deductible, as long as the stock pays dividends, right? Also, if it is deductible, would ...
- 1,570
0
votes
2
answers
479
views
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
2
votes
0
answers
36
views
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
0
votes
1
answer
1k
views
If my business organized a competition and gave winners money as prize, can I deduct this?
I'm a sole proprietor and gave out around 1000$ in prizes for my business' event, either through paypal or e-transfer. How can I deduct this as a business expense? There's not really a receipt.
3
votes
0
answers
70
views
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
0
votes
1
answer
107
views
Is there an incentive for entities to take advantage of tax deductions that don't direclty benefit them?
I'm trying to validate or correct a perception I have.
I believe that there is a financial benefit for entities (companies or people) to take advantage of tax deductions that don't directly benefit ...
- 415
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
2
votes
1
answer
74
views
Canada Tax work space in the home expenses with no income (T2200)
I'm trying to assess if I can claim on the work space in the home when I'm not getting income from my company.
There's a line that makes it seem like I cannot, though I might be reading it wrong.
...
- 123
3
votes
0
answers
119
views
Is there a way to transfer a cultural donation tax receipt? (Canada)
Canada specific question.
My father is planning on making a cultural donation to a museum. He will receive a 100K tax receipt for the donation. My marginal tax rate is significantly higher than his, ...
- 2,592
16
votes
4
answers
11k
views
Minimize taxes now that I earn more
Background
I recently received a hefty promotion for $350k (plus stocks and bonuses) with the same company. Now that I can finally start to pay down my debt, I'm not so happy that suddenly 45% of my ...
- 201
2
votes
1
answer
3k
views
CANADA: Can I deduct condo fees in business use-of-home deductions?
Info:
the condo is a townhouse - not in a building.
the condo fees are >$500/month ($6000/year)
there are not many common areas
the condo fees cover items such as ALL exterior maintenance (roof, ...
- 183
4
votes
1
answer
101
views
Employment travel expense tax deduction
I am currently located in Ontario, Canada. I work full time as a security guard and am required to regularly secure a client's building. According to the Canadian Revenue Agency link here, anyone ...
- 171
-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