All Questions
301
questions
1
vote
1
answer
326
views
Are bonds taxed every year or only at maturity
If I buy a bond that matures in 2 years, do i pay taxes only when i get my principal and interest back at maturity? Or do i pay some taxes on year1 and rest on year2?
- 105
0
votes
2
answers
274
views
How to do charitable donation from RRSP? Can there be a tax benefit?
Is there a way to donate to a charity straight out of an RRSP?
That way I get the RRSP tax deduction benefit and at same time can also contribute to a charity.
0
votes
0
answers
59
views
Why was charged less than I was supposed to?
A Chinese company in Hong Kong called JLCPCB says I was charged a grand total of $146.64 USD. The Bank Of Canada says on 2024-03-15 (which is the date the payment was made) $146.64 USD was worth 198....
- 31.7k
2
votes
1
answer
207
views
Does the simplified flat rate for meals already reflect the 50% deduction?
In Canadian taxes for the self employed, they offer a simplified method for meal deductions with a flat rate per meal and/or a max per day. Do the amounts mentioned already factor in the 50% you're ...
CommunityBot
- 1
1
vote
1
answer
228
views
Form 8843 - Statement for Exempt Individuals - Do I need to complete a closer connection form?
I am a Canadian citizen that has studied and worked in the US over the past 5 years. I am unsure how to complete Part III Questions 11 and 12 on the Form 8843.
I was on an F1 from Aug 2010 - May ...
CommunityBot
- 1
1
vote
1
answer
55
views
In Quebec, for the personal basic amount, does the federal tax credit and the provincial tax credit add up?
E.g. if my income is 17000$, which is below the provincial basic (18056$) but above the federal one (maximum 15705$), do I pay taxes?
Is it
federal_tax = min(0, federal_income_tax - federal_BPA * ...
- 161
1
vote
1
answer
172
views
PST Canada on software development to be used by BC company
A quick question to sole proprietors - if I provide software development services, do I need to charge Provincial Sales Tax (PST) on them (living in BC, companies that I work for are in BC as well).
- 161
1
vote
1
answer
87
views
If the highest federal tax rate is 33% and the highest provincial tax rate is 25.75%. why is the marginal tax rate 53% rather than 58.75% (Quebec)?
If I understand correctly, the total tax is basically the sum of federal taxes and provincial taxes, so for Quebec this should give a marginal tax rate of 58.75% (33% federal and 25.75% provincial). ...
- 1,737
1
vote
1
answer
376
views
Can you deduct hobby expenses up to hobby income in Canada?
In the US you're allowed to deduct hobby expenses up to (but not exceeding) income from that hobby as part of your miscellaneous deductions. But I can't find a definitive source on the corresponding ...
- 155
1
vote
0
answers
13
views
Canada GST/HST credit eligibility depends on last year's or current year's income?
The GST/HST credit is a non-taxable amount paid four times a year to individuals and families with low and modest incomes to help offset the goods and services tax/harmonized sales tax (GST/HST) that ...
- 1,570
0
votes
1
answer
68
views
(Canada) How does a trust help with tax burden?
My company is offering me share options. I'm trying to understand what the tax implications are.
My understanding is that as soon as I convert the options into shares, I must pay tax because the ...
CommunityBot
- 1
0
votes
0
answers
46
views
What legal dictionary does the CRA use for business and tax terminology?
I am currently looking for the technical definition used by Canada's Revenue Agency for these words:
Payment
Capital Debt Obligation
To determine whether payments made towards my margin loan in my ...
- 1,570
2
votes
0
answers
97
views
Tax obligations for deemed non-residents in Canada
I live (and I'm resident) in a European country (Austria, that has a tax agreement with Canada) and spent 8 months in Canada last year (2022) due to a research stay (I worked on my Master Thesis in a ...
- 230
2
votes
1
answer
63
views
Consequences of frequent share holder loan and repayment to and from my Ontario Corporation?
Let's say I have an Ontario Corporation in Canada. My corporate fiscal year is from July 1 to June 30. I also have a personal line of credit with my personal bank and I owe $50k to the bank. The ...
- 178k
2
votes
1
answer
210
views
Are employer contributions to RRSP part of one's own contributions in tax forms?
Context: working for a company in Quebec (Canada) that matches RRSP contributions.
When contributing to one's RRSP, the company contributes an additional amount on top (a percentage of the employee ...
- 131