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Answer

How does the children’s arts credit work?

Under CRA (Canada Revenue Agency) guidelines, in order to be considered for the Children’s Arts credit your program needs to be supervised, be suitable for children and must meet at least ONE of the following criteria: helps children expand their creative skills through artistic or cultural activities (i.e. creative writing, visual arts, music, learning a … Continue reading How does the children’s arts credit work?

Re: Paying taxes on inheritance?

No, you do not have to pay taxes on the portion of the inheritance that you receive. When a person passes away, their estate handles all the legalities regarding their possessions, including taxes. So by the time you (the beneficiary) receive your inheritance, all taxes on the estate and its possessions should already be paid.

Which parent should claim tax credits?

The children’s fitness and arts tax credit is a non-refundable 15% credit on an amount up to $500 offered to parents by the Canada Revenue Agency to help them enroll their children in physical or mental activity programs. Since the credit is non-refundable, it is not a deduction and can only reduce the amount of … Continue reading Which parent should claim tax credits?

Do I still pay taxes on the children’s arts credit?

When it comes to what’s going to be taxed or not, the rulings for GST/HST tax is based on what primary service the program is providing. If the service provider is a “for profit organization” and its primary service is NOT child care, then the service would be deemed taxable. If the service provider is … Continue reading Do I still pay taxes on the children’s arts credit?

Re: TFSA Contribution Room

The TFSA contribution room carries over from each year since its inception in 2009. As long as were at least 18 years old in 2009, your total contribution room is now $31,000 for 2014.

Re: Are sporting events tax deductible?

I’d also like to know if this applies for sporting events overseas? or is it just restricted to local and national events?

Re: Are sporting events tax deductible?

Yes they can be claimed in the meals and entertainment deduction on your T2125 form. They are 50% deductible similar to meals.

Re: What moving expenses are deductible?

Hi Jeneffer I believe the CRA allows you to deduct a few expenses such as your meals for travel purposes along with gas and travel expenses. For a more details speak with an accountant.

Re: First-Time Donor’s Super Credit

Yes you can as long as you or your spouse have not claimed a donation since 2007.

Re: What happens if I receive my T4 slip late?

You should file your income tax return by the deadline anyway to avoid penalties. Calculate the income and any related deductions and credits you can claim as closely as you can using any information you have. Include a note with the employer’s name and address, the type of income, and what you have done to … Continue reading Re: What happens if I receive my T4 slip late?

Re: What happens if I receive my T4 slip late?

Yep, I had the same problem with a prior employer that I wasn’t able to track down. Good thing I still had all my paystubs.

Re: Capital Gains Tax on foreign assets

Canada does not reflect change in value. Thus it would be converted to Canadian dollars and recorded as that.

Re: Taxes for Temporary Foreign Workers?

There aren’t really any special exemptions. He will generally have to pay the same taxes that we pay. Employers make standard deductions – Canada Pension Plan, Employment Insurance and income taxes – from their pay cheques. They also follow normal rules for vacation pay, have health insurance and are covered by workers’ compensation boards. Depending … Continue reading Re: Taxes for Temporary Foreign Workers?

Re: Opening a second account for business?

While it may seem logical to keep all your money in one account (one you use for both personal and business), that isn’t as helpful as you may think. It’s very beneficial to open two separate accounts; one for personal transactions and the other for business. This will help make it much easier for you … Continue reading Re: Opening a second account for business?

Re: CRA says some income wasn’t reported. Why?

To put it simply; you need to keep track of everything going in and out of your bank account, with a focus on deposits. Bank statements do not identify where a deposit came from, and if you can’t identify the source of a deposit, the CRA (Canada Revenue Agency) could make the argument that the … Continue reading Re: CRA says some income wasn’t reported. Why?

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