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Question

writing Savings interest against mortgage interest?

Hi Allan, If I have interest income coming from a savings account, I know that I am taxed at the marginal rate, but is there any way to write it against the mortgage interest I am paying? ie can I deduct mortgage interest against a savings account interest? I want to save on taxes. Thank … Continue reading writing Savings interest against mortgage interest?

HST Payment correction

I made a calculation error and included the same income amount on two successive HST returns. Can I simply deduct the overage (excess) amount from my current HST filing, or do I have to go through the steps of correcting the prior return?

What if franchisor is not registered for HST, are royaties payments to franchisor subject to HST?

What If Franchisor Is Not Registered For HST, Are Royaties Payments To Franchisor Subject To HST?

As a small business owner, should I take Salary or Dividends?

I own a small roofing business in Mississauga. I am curious to know which option is best for me.

Filing taxes as Dual Citizen with a rental property & living in Australia permanently

Hello, I was unsuccessful in selling my home before departing Canada & as result rented well below market in exchange for minor property care taking. I have not reported the property or monies on my Aussie taxes which is under 10k annually with less than 50k equity. I have not filed my Canadian taxes since … Continue reading Filing taxes as Dual Citizen with a rental property & living in Australia permanently

In MY INCOME TAX PREPARATION WITH TRADING IN A TAX FREE SAVINGS TRADING ACCOUNT, WHEN i GO TO DO MY TAXES THEN ALL THE TRADES THERE CAN BE BASICALLY INGORED AND AS ANY CAPITAL GAINS ARE NOT IMPORTANT TO FILLING OUT THE FORM?

Michael Vincent with a lot of trades in a tax free saving trading account, and hoping that they don’t need to be referred when doing income tax……….

I am an Financial Advisor for an insurance company (T4A, self-employed commission). I bought a book of business from a retiring colleague. I had to get a personal loan to do that. Is the interest I pay on that loan tax deductible, and if yes, should I deduct it on Schedule 4 or T2125? Thank you.

I am not incorporated, and the commission income is reported on a T4A. I file as a self-employed taxpayer.

Is the $30,000 threshold for HST calculated on the gross trip fare or after Uber has taken their safe rider fee and 25% commission?

Is the $30,000 threshold for HST calculated on the gross trip fare or after Uber has taken their safe rider fee and 25% commission?

Can we write off capital loss against regular self employed income?

Can we write off capital loss against regular self employed income?

Can we claim Private Health Insurance on our income tax form for 2016?

Hi My husband retired from Hydro 3 years ago. We took out private health insurance for both of us through Municipal Employees Retirement Fund. We pay $397/month for this. Can we claim this on our income tax form for 2016?

Moving south While keeping Ontario Incorporation.

I have an ontario corporation that I use for some consulting work. I am planning to move to the US for few years and I was wondering if I can keep my ontario corporation without any tax implications. I understand the residency requirement for ontario corporation and I can solve that by adding new directors. … Continue reading Moving south While keeping Ontario Incorporation.

Cross Border Tax issue when renting primary residence in canada.

I am planning on moving to the U.S. for a 5 year period using a non-immigrant visa. I have a primary residence in the NRC. Real-estate market is a bit slow this time of the year around the NRC and I am evaluating sell vs rent options and wanted to understand the tax implications. If … Continue reading Cross Border Tax issue when renting primary residence in canada.

If I have $10,000 in a foreign bank account and a personal use foreign property Over 100k CAD, do I need to file Form T1135?

Hi Allan, I have a question so thought of reaching out to you. Before that I would like to thank you for your blog posts , they are very informative and useful.I would like to appreciate you for these blog posts. Great Job. I have a question related to T1135 form (related to Specified foreign … Continue reading If I have $10,000 in a foreign bank account and a personal use foreign property Over 100k CAD, do I need to file Form T1135?

If a person has say for example 10,000 dollars in a foreign bank account and a personal use foreign property above 100k CAD , does he/she need to file T1135 form?

Hi Allan, I have a question so thought of reaching out to you. Before that I would like to thank you for your blog posts , they are very informative and useful. I would like to appreciate you for these blog posts. Great Job. I have a question related to T1135 form (related to Specified … Continue reading If a person has say for example 10,000 dollars in a foreign bank account and a personal use foreign property above 100k CAD , does he/she need to file T1135 form?

how much is total rate tax ( federal and ont tax) for small business in toronto and is there any exception?

How much is total tax rate ( federal and ont tax) for small business in toronto and is there any exception?

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