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Re: Moving Money into Canada?

Hello, There are no restrictions on the amount of money you can bring into Canada, but any amount of $10,000 or more must be reported to the government. The easiest way to do this is through a wire transfer from a Panamanian bank, or a Canadian subsidiary in Panama. They would then transfer the money … Continue reading Re: Moving Money into Canada?

Re: Tax implications for a Canadian Citizen returning home from the U.S.

Hello, As a general rule, surrendering your green card during the year means you stop being a resident alien on December 31. If you can show that your tax home is in another country, then your residency will stop the day you surrender your card. Do make sure you end it, though. Simply being outside … Continue reading Re: Tax implications for a Canadian Citizen returning home from the U.S.

Re: Do I lose TFSA room if my trading account loses money?

Hello. If you liquidate the account and cash out, that lost money will come out of the future contribution room. If the account grows, the gains are yours. But, if the account shrinks the losses are also yours. I wouldn’t suggest cashing out if you are using the account for trading. You could sell the … Continue reading Re: Do I lose TFSA room if my trading account loses money?

Re: Are dividends from exchange-traded funds eligible for credit?

Hello, If an ETF holds only eligible Canadian dividend paying companies, it is eligible for the dividend tax credit. However, XIC is not one of them. If your ETF is held in a RRSP or TFSA, it is not eligible for the credit. Tax slips are not issued for registered holdings. ETF’s are mutual funds, … Continue reading Re: Are dividends from exchange-traded funds eligible for credit?

Re: Determining the stock dividends amount from a trust

Hi Henry, The amount of dividends to be declared is dependent on a few things. You must take into consideration the amount of available dividend refund sought to be recovered by the corporation in a given year and the tax position of yourself for that same year. The trustee may also look at the amount … Continue reading Re: Determining the stock dividends amount from a trust

Re: Tax returns on a donation left in a will

Hi Paulina, Gifts that are made in a will can be claimed as long as they are charitable, ecological, or cultural gifts. Seeing as this was a charitable donation, it can be claimed. Gifts of this nature are deemed to have been made immediately before the death. This means that the amount can be claimed … Continue reading Re: Tax returns on a donation left in a will

Re: Auditing and probate tax on assets that were jointly owned with a deceased spouse

First off, from the sounds of it the assets will be subject to an audit. The Minister of Revenue can perform an audit any time the estate assets of the deceased are being used. This will determine the value of the assets. With this in mind, jointly held property is typically converted to a tenancy … Continue reading Re: Auditing and probate tax on assets that were jointly owned with a deceased spouse

Re: $70K/Year, Should I Max out My RRSP’s?

Hello. This may be a question of RRSP vs. TFSA. I would not contribute anything to your RRSP that you do not planning on deducting unless your TFSA is maxed out first. Tax free growth is better than tax deferred growth. You can always take money out of your TFSA and put it in your … Continue reading Re: $70K/Year, Should I Max out My RRSP’s?

Re: Does transferring brokers trigger a deemed disposition?

Hello, If the shares were transferred from a taxable account at one broker to a new one at another, there is no deemed disposition. Therefore, there are no capital gains to report as only the broker holding the shares changed. As long as the shares were transferred without being converted to cash, there is no … Continue reading Re: Does transferring brokers trigger a deemed disposition?

Purchase supplies for business use?

As a teacher, you are allowed to claim certain supplies used for your employment on your tax return according to the Canada Revenue Agency. To be eligible to claim your science supplies on your return as an employment expense they must be: Required by the contract of your employment and in that contract it is … Continue reading Purchase supplies for business use?

Re: Reducing tax burden for a adult child who’s parents have died?

Hello. In the case of the RRSP, a tax-free rollover only applies to a spouse or qualified eligible dependent. With no disabled adult child, the RRSP would be cashed in and taxable to the estate. With a TFSA, a rollover only applies to a spouse, so again the adult child cannot get a rollover. The … Continue reading Re: Reducing tax burden for a adult child who’s parents have died?

Re: Can I claim my rent as a business expense?

Hello, Since you are self-employed, you can claim a certain percentage of your rent as a business-use-of-home expense. However, you must use the room as your principal place of business for this to apply. If you work from home as an employee, you would need a T2200 form in order to claim rent and other … Continue reading Re: Can I claim my rent as a business expense?

Purchased a computer for business, what can be written off?

While you can’t write off the total cost of the computer you recently purchased, you are able to claim 55% in Capital Cost Allownace (CCA) otherwise known as depreciation, on your personal income tax return. Computers are depreciable property and classified as Class 50. This allows you to claim 55% of the computer cost on … Continue reading Purchased a computer for business, what can be written off?

Does rental Income have to be declared evenly among multiple owners?

When it comes to claiming rental income amongst co-owners, the legal title on the property deed doesn’t determine allocation, but rather the financial contribution does. Just because someone says they own a 25% share in a property, it does not mean they actually invested the same amount of money as all other co-owners into it. … Continue reading Does rental Income have to be declared evenly among multiple owners?

Re: Hiring help for a non licensed painter?

Hello. If you are painting on the side, then I would recommend you do the job yourself. If you do not carry worker’s insurance (WSIB), then you could end up in a lot of trouble should the person get injured on the job. The best thing in this case is if he could be paid … Continue reading Re: Hiring help for a non licensed painter?

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