All Questions
42
questions
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....
- 101
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). ...
- 159
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 ...
- 147
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
3
votes
0
answers
45
views
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
197
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
1
answer
164
views
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
7
votes
1
answer
3k
views
Can I pay my partner’s income tax (Canada)
I net approx. twice what my spouse does. At income tax time can I pay her income tax for her so she has more money to invest in her retirement savings account (RRSP)?
I know that if I were to give her ...
- 2,592
3
votes
1
answer
154
views
Reduce income tax deduction after being unemployed
The previous month was the first month I have worked this year. I received gross pay of around $3400. However, approximately $500 was deducted for income tax. If I were to continue working for the ...
- 174
1
vote
2
answers
91
views
How is GST/HST treated when you file corporate tax?
FOR CANADA:
Let's assume I make $100,000 in sales with a 13% HST tax = $113,000 in a year. Also let's assume zero expenses for the year. I pay $13,000 in HST.
Are my corporate income taxes on $100,000?...
- 129
3
votes
0
answers
88
views
Client is offering to withhold tax from my payment
I recently started working in an arrangement neither me nor the person who hired me has done before. Someone who works as a contractor for a company got a budget to hire me as a (sub)contractor. He ...
2
votes
1
answer
139
views
Received lump sum payments for OAS, GIS application (for last 3 years) with one T4 slip in 2019. How can we still qualify for "refundable tax credit"
My uncle & aunt in Canada applied for their OAS (Old age security) & GIS (Guaranteed Income Supplement) & Allowance payments in January 2017 and they were qualified to receive all benefits ...
- 185
1
vote
1
answer
323
views
Are friends and family discounts or employee discounts taxable?
I recently read this article which says in Canada:
"barter transactions are only taxable when the goods or services you're giving up are of the kind generally provided by you in the course of ...
- 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