All Questions
35
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
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?
- 103
2
votes
0
answers
36
views
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
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
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 ...
- 171
3
votes
0
answers
119
views
Is there a way to transfer a cultural donation tax receipt? (Canada)
Canada specific question.
My father is planning on making a cultural donation to a museum. He will receive a 100K tax receipt for the donation. My marginal tax rate is significantly higher than his, ...
- 2,592
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
2
votes
1
answer
3k
views
CANADA: Can I deduct condo fees in business use-of-home deductions?
Info:
the condo is a townhouse - not in a building.
the condo fees are >$500/month ($6000/year)
there are not many common areas
the condo fees cover items such as ALL exterior maintenance (roof, ...
- 183
4
votes
1
answer
101
views
Employment travel expense tax deduction
I am currently located in Ontario, Canada. I work full time as a security guard and am required to regularly secure a client's building. According to the Canadian Revenue Agency link here, anyone ...
- 171
-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
1
vote
1
answer
679
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
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 ...
- 417
3
votes
0
answers
127
views
Can construction Soft Costs be carried forward on Canadian rental income?
I built a home and am renting it out for profit. While building, I incurred soft costs (mainly interest costs on money borrowed during construction, and insurance costs). In the years that I had these ...
- 31
2
votes
1
answer
221
views
Can condo fees and special assessments for a vacant property be claimed as moving expenses?
I relocated to take a job in a different province, and during that time the condo (which I was the sole owner of) sat vacant on the market for three months before finally selling. The condo fees ...
- 23
3
votes
1
answer
470
views
Does it make sense to pay MSP through a small corporation / business in Canada?
In BC, Canada, one has a monthly medical plan premium (MSP) per adult in a household of at least $75.00 (CAD) per individual per month, and the amount cannot be deducted against one's personal taxes.
...
- 163