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  1. Real Estate
    Hello Everyone, I am in a unique situation where I have room in my RRSP but I have also want to provide down-payment for my house. Unfortunately, I can not choose both, now I am in the dilemma of should I save/defer tax by adding in my RRSP or pay tax and keep money for my down-payment in...
  2. Taxation
    Hi all, I am in a group RRSP at work, I contribute on each paycheck, and my contribution taken PRE-TAX. I receive receipts for my contributions at the end of the year. I understand this reduces my taxable income at the source and therefore I pay less tax on a weekly basis However, do I need...
  3. Taxation
    If I own a rental property with my wife and we put 80% shares of ownership to my wife in the title (tenant in common), can we get income tax and/or capital gain tax benefit providing she has low or no yearly income. If i show 20% of the rental income under me, can I put all cost related to the...
  4. Taxation
    My friend's wife died suddenly at age 52. She owes (owed) around $80k in income tax from not paying it for a few years; she was self employed and for various reasons, chose not to pay income tax on parts of her income. Is my friend responsible for paying that income tax bill from his wife's...
  5. Taxation
    From what I've read, because I day trade my cryptocurrency (i.e. I don't buy and hold), my cryptocurrency profits would be considered business income (so I'll end up paying twice as much taxes as I would if I were a holder and able to call it capital gains). :sulkiness: Does anyone have any...
  6. Taxation
    I could use some help to determine line 438 of my income tax returns for a previous year. During that year, I was laid off in February, and collected employment insurance (EI) benefit payments until the fall. I worked remotely in various places for a company located in Ontario, and I lived in...
  7. Taxation
    This might be easier in point form :) This is my question: Can my wife buy $3774 worth of RRSP this year given her large amount of contribution room left over from when she was employed before we had kids? My wife started a business in 2017 and turned a profit for $3774 after filling out her...
  8. Taxation
    First time poster here, just found this website and I am enjoying reading through the forums and discussions. I have a question that relates to "last minute" so to speak RRSP contributions before purchasing a home and utilizing the HBP. I am looking at buying my first home. Over the years...
  9. Taxation
    Hello all, I'll preface this post by saying that I am not totally familiar with the income tax process as I have never filed my own taxes, or been all that involved in my personal finances in general for that matter. This is something that I am looking forward to doing in the future as I have...
  10. Taxation
    Sorry, I wasn't sure if this belongs to the investing or taxation forum, but it seems most relevant to taxation. The Situation: Let's say I decided to quit my day job since i'm nearing retirement anyways. And I plan to just live off my investments profits (mostly growth and dividend stocks) in...
  11. Taxation
    Hello all, I've got an odd scenario, and would greatly welcome feedback, or direction to whom I may speak with for help (paid professional or otherwise). I'll keep this as brief as I can: 1. From 2012 - 2016 I worked as a self-employed contractor in professional services, and didn't properly...
  12. Taxation
    I wanted to go to school and my grandparents took out 5,000 from an RESP that is saved up. I then decided on the first day of classes the school wasn't right for me, I took the 5,000 and gave it back to my grandparents I was unaware that I had to claim the RESP as income so I was audited, the...
  13. Taxation
    I have a friend who wants to help me with my contracts. We live in BC and are trying to setup a configuration that works best when it comes to taxes. What we have in front of us are the following options: Each of us forms a Sole Proprietorship and get paid directly by clients Each of us forms...
  14. Taxation
    We have inherited shares of oil & gas royalties. For the calendar year 2016, these royalties (in form of monthly cheques) have been withheld until the estate was cleared. Now the estate has been cleared and royalties have been transferred in our name (apparently), however the royalty cheques...
  15. Taxation
    Hi, My uncle owned a duplex in which my family lived in 1 unit while he lived in the other. My uncle sold the duplex to my spouse and I but he continued living in his unit until he went to a nursing home where he subsequently passed away several years ago. Other than my daughter having...
  16. Real Estate
    Hi, Was wondering what is the proper way of filing for annual income tax (individual) when one has rental incomes from properties in different provinces in Canada? Thanks in advance for your response!
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