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
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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 ...
- 178k
0
votes
0
answers
41
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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?
- 33.8k
2
votes
0
answers
36
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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
0
votes
1
answer
1k
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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.
- 33.8k
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
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 ...
- 5,330
1
vote
1
answer
68
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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 ...
- 42.8k
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 ...
CommunityBot
- 1
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 ...
- 31.7k
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 ...
- 430
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.
...
- 33.8k
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 ...
CommunityBot
- 1