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Are Canadain RIF Periodic Pension Payments Eligible For Michigan Retirement And Pension Subtraction

Michigan’s Public Act 38 of 2011 started taxing pensions in Jan 2012. For folks born in 1952 – filing jointly – a maximum of $40,000 was permitted as a subtraction from taxation. I am a dual citizen (USA & Canada), & full-time resident of USA. I receive periodic pension payments from my Canadian RRSP (which … Continue reading Are Canadain RIF Periodic Pension Payments Eligible For Michigan Retirement And Pension Subtraction

Primary home and cottage in two different cities, is it possible?

Hi, I Plan To Purchase A Home In Northern Ontario In Early 2018, And In Late 2018 I Have A Pre-Construction Home (in Toronto) Which Will Be Completed. I Would Like To Keep My Toronto Home As My Primary Residence so That I Don’t Get Taxed On The Capital Gains when I sell it. And … Continue reading Primary home and cottage in two different cities, is it possible?

how much tax will I need to pay when gifting my rental house to my son

After my husband passed away I want to gift the rental house to my son who has been renting it for the past 6 years.Because I am gifting it to him I am not getting any money from him.What happens if I do not money to pay the gov. I am on a fixed income($11000)a … Continue reading how much tax will I need to pay when gifting my rental house to my son

Short landing in Canada ,went back to homecountry, still need to file tax?

I did a short landing in Vancouver last August 2016,stayed for 2 weeks, acquired SIN and opened a bank account. I went back to Singapore as I am still working as a doctor. I returned to Vancouver in December 2016 for another 2 weeks then went back to Singapore until today and will be returning … Continue reading Short landing in Canada ,went back to homecountry, still need to file tax?

I move to usa april’16 on TN visa ,family moved july and sold primary residence house in augest, DOes any implication on it or tax need to pay?

I Move To Usa April’16 On TN Visa ,Family Moved July And Sold Primary Residence House In August, 1]DOes Any Implication On It Or Tax Need To Pay? 2]Should I declare us income for canada return? 3]Can I change spousal rrsp investment within funds?

Can I deduct interest on vacant rental property

I use HELOC to purchase a rental property. Can I deduct interest on a vacant property due to rental market very slow in Calgary.

Income Employee Tax Breaks For 6 Figures

I Make Over 100,000 As An Employee And Rental Income. I Offset My Rental Income But I’m Left With 98k As Income Tax. Is There Anyway I Can Take Apart Of Tax Breaks? I Heard About Income Splitting. Would That Be Ideal? Since My Wife Makes 40k? Is There Any Other Additional Tax Breaks I … Continue reading Income Employee Tax Breaks For 6 Figures

Pay less tax with charitable donations and gift credits

How are high-income people using charitable donations and gift credits to pay fewer taxes? I understand a credit of 29% can be received but what about the 71% that is given away? Are they getting a kickback somehow? Article

i am running a salon out of my basement and was hoping to find out if I can include any of the costs to renovate my basement for the salon on my tax return?

Can basement renovation expenses be included on my tax return if I am running a salon from my basement?

resident vs. non resident

My daughter was born in BC years ago, later we moved to US for 10 Plus years. we have a condo in BC and rent out and rerport inocme for all of years. Both my husband and myself have not visit Canada for more than 10 years. My daugther get accepted university in BC. she … Continue reading resident vs. non resident

Super Visa Health Insurance for parent

Hi, I have purchase health insurance for my parents who visit me last year with super visa. Can I report that cost as my medical expense?

Do I need to file as Canadian resident if wife lives in Canada

We are all Canadian citizens. However, I live in the US with my 2 children (filing 1040 as head of household) while wife is working in Canada and visits us every 2 weeks. Wife rents out a place to live in Canada and she files her tax as Canadian resident. Do I need to report … Continue reading Do I need to file as Canadian resident if wife lives in Canada

Refundable dividend Tax on Hand (RDTOH)

My Corporation has RDTOH of $1,000 from 2015 T2 filing. In 2016, the Corporation has no business income but paid taxable dividend of $3,000 to the shareholders. What would the journal entries be and GIFI code to use when doing the SCH100 and SCH125, please? Will the Corporation get a cash refund of $1,000 upon … Continue reading Refundable dividend Tax on Hand (RDTOH)

Do I have to Pay Canadian Tax if I already paid foreign tax

Hi, I have been working in Indonesia, but I am a Canadian Resident for Tax Purposes. Canada does have a tax treaty with Canada. I tried to use turbotax to file my return for 2016. I claimed my total net income in Canadian Dollars of $328,000 and the total foreign tax I have already paid … Continue reading Do I have to Pay Canadian Tax if I already paid foreign tax

How to show foreign income before becoming resident of canada

My friend became Canadian resident in Sep 2016. He earned about $5000 while in India. Now for filing Canadian tax return for 2016 where does he show the salary income from India during the period before he became Canadian Resident.
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