All Questions
Tagged with canada tax-deduction
11
questions
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
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
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
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
8
votes
3
answers
468
views
If I volunteer to give back to my community, is there a monetary amount assigned to my time, to act as an Income Tax Deduction?
Is there a value that can be assigned to my time, i.e. an hourly rate, so that I can be given a receipt to remit to CRA come Income Tax Filing time? I live in Canada.
- 8,683
5
votes
1
answer
896
views
In Canada, can I deduct my mortgage if running a business from my home?
If I run a home business and a portion of the home is used as an office for the business can I deduct a percentage of the mortgage?
- 6,230
4
votes
2
answers
284
views
Deferring claim of significant purchase of RRSPs
If I purchase $50,000 of RRSPs this year, I believe that I can defer some of this purchase over the next several years. I could, for example, claim $16,667 on each of my next three tax returns.
...
- 14.1k
4
votes
1
answer
2k
views
Canadian income tax & charitable donations: How much is income tax reduced by donations?
In Canada, how much is income tax reduced by charitable donations?
When filing, are there any special requirements to qualify for the deduction or credit?
- 31.7k
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
6k
views
Child care expenses: How much deduction can be claimed on tax return? [Canada]
How much deduction can be claimed for child care expenses on a Canadian income tax return, for 2009?
Does it vary by province?
Are receipts required to claim a child care expenses deduction?
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