All Questions
18
questions
0
votes
1
answer
43
views
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
3
votes
1
answer
198
views
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
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
-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
2
votes
1
answer
65
views
Is Pension income a part of my Personal Tax Income
My parents retired, and they will be receiving monthly payments from pension and those things. We live in Ontario.
Do these count towards their income tax brackets?
Are there other taxes they should ...
- 353
4
votes
2
answers
329
views
How much of my $5K/yr tuition tax credit ought I transfer to my mom who earned $40K/yr?
From 2009-2015, I was studying in universities, and earned no income. My parents paid all my tuition. We all live in ON. I filed my taxes, but didn't know about claiming tuition tax credits. I would'...
user40269
1
vote
1
answer
680
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
2
votes
0
answers
64
views
Canada Income Tax benefits if family is living outside of Canada
I am working in Toronto, Canada under Work permit. My family is living outside Canada. I am fully taking care of their expenses.
Can I get any income tax benefits for the money I am sending to them?
...
- 141
1
vote
0
answers
126
views
Income tax filing for married couple with separate addresses in Canada
I am a resident in Ontario and have just got married. Can I file joint taxes with my wife even though we live on separate properties?
- 11
4
votes
1
answer
185
views
Tax implications of dividend vs salary
I'm recently self employed. My accountant advised the total amount of tax I'll pay (combined business and personal) is the same whether I pay myself 100% dividend or 100% salary and the only deciding ...
0
votes
1
answer
155
views
Do I have to pay tax on Capital Gained on primary property?
I am a Canadian citizen. I have been worked for a company in Mississauga, Ontario since 2016. Around this time my dad was diagnosed with illness so in March 2016, he added my name to his property in ...
- 101
1
vote
1
answer
113
views
How should I file my taxes as a contractor?
For background, I'm an Ontario, Canada resident, and I've worked here during all of FY2016.
For the first time, in addition to mostly doing full-time work as an employee of a company, I did just over ...
- 191
4
votes
1
answer
5k
views
Calculating capital gains tax on sale of second home in Ontario
I have a few questions on capital gains tax on a 2nd property in Ontario, Canada.
1) Is capital gains calculated based on Sale price - Current Mortgage, or Sale price - purchase price? Im assuming ...
- 301
2
votes
1
answer
331
views
Initial investment in sole proprietorship
I've sole proprietorship business in Ontario. So far I've been doing web site and custom software development.
Then I open up an account for stock trading under same business name. And put some ...
- 121
1
vote
1
answer
143
views
Are the tax rates same for income from salary, rental, and odd jobs?
As per this link, the tax rates in Ontario are divided into Other Income, Canadian Dividends, and Capital Gains.
Do all kinds of Income (rental, salary, odd jobs, etc.) come under Other Income? And ...
- 16k