Search Results for ‘deductions’

Assuming I had a joint line of credit account, which was only used by me and not the other account holder. And those funds from the account were placed in a brokerage account under my name only to invest. Would I be able to deduct 100% of the interest from the line of credit on my tax returns...

Hi, How do I account for the 50% non-deductible expenses on Meals in my accounting software? (In T2) Is it considered "loss" in equity? Consider the following example: While closing the year we notice: Gross taxable income: 50,000$ Reimbursement for employees on Meal Expenses: 2000$, of which...

Hello, I’m trying to find out if and how I will receive any tax benefits for paying for LTD and STD payments at work. For the year of 2016, I paid $915.24 and $539.10 in deductions from my paychecks for our work plan. I’ve been told the benefits are tax free once claimed so I’m assuming the...

I have detailed questions regarding deducting moving expenses. I Know I cant expect factual answers, but just thoughts from you experts. 1) Is flight cost allowed to be deductedunder "Travel Expenses". I ask this because CRA keeps mentioning vehicle everywhere on their page. What about flights...

Hi, I had a question for which I could not get satisfactory answer through googling. So thought of posting in my faviourite forum. My company deducts between 1-6% of my salary (based on my choice) towards Pension contribution. My question is - Is that contribution through RRSP? I dont think so...

Hi all, I'm new to the forum, and I've been researching what types of borrowing to use in investments, and if the loan interests can be tax deductible? Here's one example, I have a Home Credit Line of about $200K, with $150K of mortgage and about $50K of available credit. I want to take out...

My wife and I (early 30s) dipped our toes into the SM waters for the first time in 2010. As a result, this tax season is our first time taking advantage of the interest expense deduction. As I gleaned from other threads, in situations like this either my wife or I could claim the interest...