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Can you claim a 16 year old as a dependent?

Unfortunately, the eligible dependent tax credit of $11,138 and the tax credit for children under 18 of $2,234 can only be claimed by the parent with custody of the child. From what you’ve said, it seems that your daughter’s mother has custody of the child and lives with her, which would give her the right … Continue reading Can you claim a 16 year old as a dependent?

What is the difference between EFILE and NETFILE?

Both EFILE and NETFILE are two separate electronic tax filing services provided to taxpayers by the Canada Revenue Agency through their website. However, they both serve a different purpose for different people. EFILE is a service that is designed for individuals who prepare and file taxes on behalf of others (i.e. accountants or tax preparation … Continue reading What is the difference between EFILE and NETFILE?

Can I claim last year’s tuition amount this year?

If you have tuition fees from previous years that you have yet to claim on your tax return as a tuition credit, you can do so by simply filing an adjustment with the Canada Revenue Agency. Tuition credits can be carried forward, but the right steps need to be taken before you can use them. … Continue reading Can I claim last year’s tuition amount this year?

Anyway to claim unreported RRSP contributions on last year’s tax return?

You have to report the RRSP contributions you made between January 2014 and March 1st, 2014 on your 2013 tax return even though you did not have available RRSP room. While the contributions are reported on the 2013 return, they are not deducted from income. Instead the undeducted RRSP contributions are carried forward to future … Continue reading Anyway to claim unreported RRSP contributions on last year’s tax return?

Can I claim current year stock loss towards gains last year?

Selling your stock at a loss would be a net capital loss and the CRA allows you to apply any net capital losses to the capital gains in any of the previous three taxation years. So yes you can use the loss on the sale of your stocks to help offset some of the prior … Continue reading Can I claim current year stock loss towards gains last year?

Who is eligible for caregiver tax credit?

You can claim the family caregiver amount for the following relatives: Child or grandchild Sibling Nephew or niece Uncle or aunt Parent or grandparent However, the family members you are trying to claim the amount for must also meet the following criteria: 18 years or older when they lived with you, Residents of Canada Had … Continue reading Who is eligible for caregiver tax credit?

Re: Are there benefits to purchasing U.S. property through a Canadian corporation?

If you purchase vacation property in Florida through a Canadian corporation you’ll benefit from a few perks. One of those perks is that you’ll be able to avoid paying an estate tax on the property when you die because Canadian corporations are not subject to the U.S. estate tax. Another advantage to purchasing property in … Continue reading Re: Are there benefits to purchasing U.S. property through a Canadian corporation?

Which spouse should claim dividend credit?

When reporting dividends, there’s two factors to take into consideration: the dividend tax credit and the spousal tax credit (also knows as the spouse or common-law partner amount). The dividend tax credit is granted to Canadians who own shares in a corporation to help reduce their final tax owed (it varies from person to person). … Continue reading Which spouse should claim dividend credit?

How often must a T2201 form sent to CRA?

The T2201 Disability Tax Credit Certificate form only has to be filled out once, and then it is on file with the CRA so they have a record of it. If they need to re-assess you, they will contact you and let you know when or if you need to fill out another form and … Continue reading How often must a T2201 form sent to CRA?

Investing in real estate?

Hi Sunny, there’s a lot of money to be made by investing in real estate (through renovating existing properties, renting property or even partnerships for long term investments), but none of that money can be made if you can’t keep track of where it’s coming from or where it’s going. That’s why financial records need … Continue reading Investing in real estate?

Re: Can you claim driver’s education amounts?

Unfortunately, you cannot claim driver’s education courses for either yourself or your dependent at this time, as the Canadian government does not allow deductions for driver’s license tuition amounts.

Monetary Gifts to Family Member?

Officially, Canada does not have a gift tax. However, there are attribution rules that may apply to your situation. Let’s say you gift money to your children under 18, and they invest it. The interest/dividends would be attributed back to you, and you would report it as income. Then, you would pay the appropriate tax. … Continue reading Monetary Gifts to Family Member?

Can I claim medical expenses on my tax return if I have no Income?

If your client hasn’t received any income within the last year, he doesn’t have to file a tax return but it would still be beneficial for him to do so, as there are some credits (or the possibility of a refund) that he might be able to take advantage of such as applying for the … Continue reading Can I claim medical expenses on my tax return if I have no Income?

Can I write off training costs?

Training costs are not deductible as expense if they are capital expenditures. They are considered to be capital in nature when the training results in a lasting benefit to the taxpayer (i.e. where a new skill is acquired). Where the training is taken to maintain, update, or upgrade an already existing skill, the training is … Continue reading Can I write off training costs?

Re: What are some tax implications to consider retirement homes?

Hello. There are some retirement homes that provide the use of attendants. Examples of attendant-provided services are meal-preparation, hygiene assistance, and supervision of medication. It is these types of retirement homes that may be used to claim the disability credit and medical expenses. In order to qualify, however, one of two conditions must be met. … Continue reading Re: What are some tax implications to consider retirement homes?

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