Questions tagged [canada-revenue-agency]
The canada-revenue-agency tag has no usage guidance.
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Canada: province of residence on December 31 for emigrants
Page 1 of the Canadian T1 asks, "Enter your province or territory of residence on December 31, 2019." If I emigrated from Canada during 2019, what do I enter, and why? Specifically, are there ...
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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 ...
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Filing taxes for Canada after becoming non-resident
I left Canada for SE Asia in January 2020, and this will be first year that I'm filing to the CRA from outside of the country, so there are a few things that are unclear to me. I'll probably talk to ...
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Will CRA suspect, if you never filed and now retroactively files taxes?
Someone in family employed for past 15 years, but his income never outstripped ON's Basic Personal Amount. It's $13,229 in 2020 He just found today if even though he never had paid any tax, filing ...
user40269
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Revenue Recognition, Foriegn Currency, and Exchange Rates
I live in Canada, and run a small hobby website (under a sole proprietorship) which earns advertising revenue from various sources. Some of that is paid in CAD, some in USD, and some in EUR, etc.
My ...
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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.
...
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Gift amount allowed for directors in a company in Canada
What is the maximum amount can a small business owner give a director in their corporation as a gift? We are in Canada.
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What does it mean to reduce tax on Lump Sum payments, rather than Salary?
See screenshot from the CRA T1213. In requesting to reduce the tax withholding from an employment payment, you can select either 'Lump sum' or 'Salary'.
What does "Lump sum" mean? How is it different ...
user40269
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Will I get trouble with CRA, if I withdraw yearly maximum Capital Gain without paying tax in ON for many years?
Assume I get 0 income and my Capital Gain doesn't fall. I live in ON. Call F the maximum federal ($12069 in 2019), and P the maximum provincial ($10582 in 2019) basic personal amounts. Retirement ...
user11761
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Does money spent from lawsuits get reported in tax?
I had the unfortunate experience of taking my landlord to court. We eventually reached a settlement where I got some money. I strongly believe I should have gotten more and have evidence to support ...
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Can you legally increase your TFSA contribution room over the government's provided maximum ($63 500 in 2019)?
I saw this idea in Reddit comments by u/differing:
I often wish I invested early in the weed stock bubble in my TFSA, not so much for the returns but more to supercharge my TFSA room and transition ...
user44213
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Is it possible to export GIFI from QuickBooks Online?
I use QuickBooks Online for my business transactions. Now I need to do corporation tax return and I want to use UFileT2 for this.
So I need to import data to Ufile. For import I need to have GIFI ...
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323
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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 ...
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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
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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 ...
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