All Questions
Tagged with canada-revenue-agency tax-deduction
12
questions
3
votes
0
answers
42
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 ...
- 131
2
votes
0
answers
42
views
Can you withdraw capital gains from a stock sale and still deduct interest on the original cost basis?
Say you borrow 50k and buy 100k of shares.
Then the stock rises to 100k
You sell half and cancel out the loan, but also have 50k of capital gains.
If you withdraw the 50k gain to maintain the original ...
- 21
1
vote
1
answer
309
views
When is interest incurred while trading on margin deductible in Canada?
To clarify my understanding of margin loans in Canada: the interest expense incurred while trading on margin is deductible, as long as the stock pays dividends, right? Also, if it is deductible, would ...
- 1,570
2
votes
1
answer
74
views
Canada Tax work space in the home expenses with no income (T2200)
I'm trying to assess if I can claim on the work space in the home when I'm not getting income from my company.
There's a line that makes it seem like I cannot, though I might be reading it wrong.
...
- 123
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
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
1
vote
0
answers
405
views
Can GST tax input credits be claimed for Meals and Entertainment which are 100% deductible for income purposes?
Typical meals-and-entertainment operating expenses for business are limited to a 50% deductible towards income calculation. There are exceptions. The rules listed by the CRA allow higher percentage to ...
- 511
1
vote
1
answer
245
views
Self-employed: claim CPP for self on Line 9060 of T2125?
In Canada, self-employed individuals have to contribute more to the Canada Pension Plan (CPP): we have to pay both the employee and employer amount. Whereas employees just pay their employee amount ...
- 316
1
vote
1
answer
447
views
Does the CRA reprieve those who have to commute for work?
Suppose that for some reason (family connections, unaffordability, ...) someone lives in a town a train ride away from one of Canada's expensive cities (Toronto, Vanvouver).
He makes most or all of ...
- 161
1
vote
1
answer
93
views
Deducting home costs if I work from home on the side?
I have a question on how to claim deductions if I use my home as a home office.
See http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/cmmssn/hm-eng.html
Let us say ...
- 16k
1
vote
1
answer
256
views
Contribute to RRSP without deducting?
I am in a lower income bracket, however, like the idea of contributing to an RRSP because any earnings within the plan are tax-exempt.
Is it possible to contribute to my RRSP, but not have it deduct ...
- 15
5
votes
2
answers
323
views
Usage of non refundable tax credits
I have spent 5 years in Canada. The first four were as an international student whereby even though I did not have any significant or no income, I filed my taxes so that I could accumulate non-...
- 1,293