All Questions
Tagged with canada income-tax
216
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45
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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) $146.64 USD was worth 198....
- 101
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1
answer
63
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What double-entry bookkeeping and account structure lets me report taxable distributions from retirement savings plan (e.g. RRSP)?
I have tax-preferred retirement savings plans, and I track their activity using a double-entry bookkeeping app. I am at the age where I am starting to make withdrawals from the savings plans. The ...
- 439
3
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41
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Reduce income tax payable in Canada for an individual taxpayer
For the 2023 tax year, in Canada, how can I reduce my personal taxable income/taxes payable on my T1 tax return? I know I can use my RRSP and a spousal RRSP as a deduction against taxable income up to ...
- 131
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1
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43
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Does Ontario cap the eligible amount of tax deductible donation to 75% of the net income for 2024?
I googled this for quite a while but I couldn't find anything from official Canadian government sources other than 5.05% on the 1st 200$ and 11.16% on the next ones... where am I supposed to look? I'm ...
- 159
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3
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280
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How do income taxes work with basic personal amount in Canada?
The tax brackets do not seem to include a 0% tax rate up to the basic personal amount (BPA), so how does this work with income taxes?
E.g. BPA is 15k, federal tax bracket is 15% for 50 197$ or less. ...
- 159
1
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1
answer
87
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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). ...
- 159
1
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1
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102
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New US tax resident 2022 - from Canada. RRSP/bank-accounts/income questions
I moved from Canada to USA on May 30 2022 and work here as a full-time W2 employee. That makes me a US tax resident (alien) for 2022. Here's my detailed situation:
I earned a salary until May 26 2022 ...
- 111
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1
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67
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(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 ...
- 147
2
votes
0
answers
97
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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
148
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When must an employer issue a T4A?
I've worked for some companies as a contractor where they have given me no tax slips or pay stubs of any kind. Is this legal? When must a company issue a T4A? I've heard some do it if you earned more ...
- 53
3
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43
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Tax deductible expenses in Canada when moving for work
My husband and I moved for work in Nov. 2022 from Ontario to BC. We own a home in Ontario which has been vacant since (could not be rented due to slow demand in winter time although we had been trying)...
- 175
3
votes
1
answer
193
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If the highest federal marginal tax rate is 33% and the highest Ontario provincial marginal tax rate is 13.16%, why can marginal rate by 53.36%?
The highest marginal federal tax rate in Canada is 33% and the highest marginal provincial tax rate in Ontario is 13.16% (source: Government of Canada tax rates webpage)
Adding these together, the ...
3
votes
1
answer
153
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Payments to CRA don't count toward your balance with CRA until you file your taxes?
I had a lot going on in the past year, so instead of filing my 2021 taxes on time, I paid what I thought was likely to be in excess of what I would owe. I did this before the filing deadline.
I just ...
- 173
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2
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476
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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
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174
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Are those with Open Work Permits considered Non-Residents of Canada for the TD1 form?
I arrived in Canada on July 11, 2022, and I have an open work permit that is valid until December 31, 2022. My company has requested that I complete TD1 and TD1ON forms because my employment will ...
