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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?

How to pay your corporations income tax?

Usually, corporations will have to pay the Canada Revenue Agency (CRA) taxes in instalments, through either monthly instalments or quarterly instalments. However, you don’t have to pay in instalments if: Your corporation’s tax payable is $3,000 or less Your corporation is new (you will need to start making instalment payments once your second year of … Continue reading How to pay your corporations income tax?

Re: Unemployed, capital gains?

Hello. If the gains are realized, there is little you can do except offset them with losses. If they are unrealized, you can spread them out over this year and next. The trick is to shelter the funds before you incur gains. As for registering as an investment company it depends. If your investments are … Continue reading Re: Unemployed, capital gains?

I need to file outstanding U.S. taxes but don’t have any options left

If you file delinquent personal tax returns without first notifying the IRS, that would be considered a quiet disclosure. That is acceptable, however it runs a major risk. There is the slim possibility that the IRS will process the return as normal, but you would still leave the possibility open to be subjected to an … Continue reading I need to file outstanding U.S. taxes but don’t have any options left

Re: Health and dental credit?

Hello, You should be able to claim that amount for the medical expense tax credit, as long as your company allows for it. Some companies do not allow you to claim the employee share of the health premiums. In this case, there should be accompanying information on your T4 that tells you if you are … Continue reading Re: Health and dental credit?

Do I have to file a tax return even if I have no income this year?

If you have no income to claim for the tax year, then you are not required to file a personal tax return with the Canada Revenue Agency. However, you need to ensure that you have absolutely no income whatsoever to claim; employment income is not the only form of income according to the CRA. If … Continue reading Do I have to file a tax return even if I have no income this year?

How long does it take to receive my refund?

It solely depends on what method you used to file your tax return. Typically, the Canada Revenue Agency will take 4 to 6 weeks to process paper returns. They will not start processing the returns until the middle of February, so you shouldn’t expect the refund before the middle of March (even if you filed … Continue reading How long does it take to receive my refund?

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