All Questions
20
questions
0
votes
1
answer
1k
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If my business organized a competition and gave winners money as prize, can I deduct this?
I'm a sole proprietor and gave out around 1000$ in prizes for my business' event, either through paypal or e-transfer. How can I deduct this as a business expense? There's not really a receipt.
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
2
votes
0
answers
180
views
Can you claim past unclaimed expenses from previous years on a rental property?
My question is the following:
Let's say I have some repair renovations that were performed in 2016 that I never claimed in the 2017 tax year (because I had enough expenses to fully balance out the ...
- 21
1
vote
0
answers
75
views
Is the principal on student loans tax deductible in Canada?
A friend was suggesting to me that it would be wiser for me not to spend money that I am currently earning, since as a student, I am in a very low tax bracket / below the lowest tax bracket. Their ...
- 111
3
votes
3
answers
4k
views
Can donations to Canadian charities be claimed on US taxes?
This seems like it would be easily Google-able, but because I am located in Canada, all results are along the lines of "how to claim a US donation on your canadian taxes".
My question is, if someone ...
- 45
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
1
vote
1
answer
79
views
I need help understanding what 'net of required taxes' means
In this contract what does net of mean? is it the amount after or before taxes?
Award – Cash awarded to a Participant under the Program, net of all required federal and state withholding taxes, due ...
6
votes
1
answer
378
views
As a contractor, if my business makes no net profits, do I owe taxes?
Have been working full time, switching to at least part time contract work. I'm looking at starting a company and having all my contract pay go through it.
Assuming I'm also working at least part time ...
- 139
2
votes
1
answer
1k
views
Contribute to RRSP without deducting - how long can the deduction claim be deferred?
This question establishes that one can contribute to their RRSP without deducting for the year of the contribution.
Additionally, this link from CRA's site has the question
"What RRSP, PRPP, or SPP ...
- 247
3
votes
1
answer
110
views
Can I write off (deduct) expenses in a period where my corporation makes no money?
Let us say I have a small corporation in Ontario, Canada and I am an IT contractor through the corporation.
There is a one month gap between contracts, which means I don't earn anything in that time....
- 16k
1
vote
1
answer
229
views
Beyond RRSP deductions, how does a high income earner save on taxes?
I am not talking of a business owner, I am talking of someone, that makes 150k $ in salary. In Ontario, the marginal tax rate is well over 30%.
After maxing out RRSP, what do these folks do? Do they ...
- 16k
2
votes
1
answer
89
views
Is my contribution to my company pension plan (not RRSP) considered tax deductible?
My employer (a big bank in Canada) has a pension plan where I am allowed to make optional contributions. There is no matching contribution from the employer, but they do already contribute a tiny ...
- 16k
4
votes
1
answer
4k
views
Unused Education Tax Credit carryover amounts in ON Canada
I am filing taxes in Ontario, Canada, using simpletax.ca which has been a super useful platform. I am struggling to understand how it is calculating my refund, however.
From 2013, I have $16,473 in ...
- 143
3
votes
1
answer
319
views
How do donation tax receipts work when I have no taxable income?
I currently refurbish computers as a side volunteering thing, and all refurbished computers go to charity. I will receive tax receipts for these donations. The thing is though, I am still <18 and ...
- 33