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income tax

  1. How to report at-source Group RRSP Contributions

    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...
  2. Tenants in common for a rental property - affecting income tax or capital gain

    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...
  3. My friend's wife died and owes back taxes on income tax. Do I have to pay?

    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...
  4. cryptocurrency tax filing question (day trading, business income)

    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...
  5. EI and Line 438 of Federal Income Tax Returns

    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...
  6. How much RRSP can my wife buy - income for first time in 10 years, home based biz.

    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...
  7. "last minute" RRSP cont. before 1st home purchase tax question

    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...
  8. 1st time HBP tax question re: RRSPs

    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...
  9. Trading profits for full-time investor cannot be consider capital gains anymore???

    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...
  10. Corporation, Self-Employment, and Employee all in one...

    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...
  11. Withdrawn RESP taxable income

    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...
  12. Which method yields lowest taxes for 2 partners?

    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...
  13. Oil & Gas royalties not paid out yet

    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...
  14. Selling a Duplex

    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...
  15. Rental Incomes from Properties in different provinces

    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!
  16. Have to pay CRA $1100, unsure as to why?

    Taxation
    HELP. The only things I fill out on my taxes are T4s - I live at home, I'm single, not in school (don't judge me I'm moving this year). I moved from one tax bracket into the next this year; I made a total of $49,703.67 between 2 jobs. My one income was $46,494.99 and they taxed me $7,085.79...
  17. Should Canadian Non-Resident filing tax declare worldwide income

    Taxation
    I am a Canadian Non Resident with Canadian based income. I file a return each year. I reside in Colombia which has a tax treaty with Canada. However, I am on a tax free service visa and am not required to pay taxes in Colombia. Is there any reason I should declare my worldwide income on CRA tax...
  18. How to adjust for cash dividend

    Taxation
    I am learning to do my own ABC! Here are my two questions: 1) I have 200 shares of XYZ and an ACB of $12. Total investment is $2000. If XYZ gives me $300 cash dividend and I put this into my personal savings account (in other words, it will not be re-invested), do I show this on my ABC...
  19. Holy Maple Syrup! Trying to figure out if nonresidents pay income tax on Cdn pension

    Retirement
    This probably will never happen, but I am still curious if anyone here knows the answer. I've read so many bloody CRA documents that make zero sense to me it's starting to frustrate me :( I'm trying to figure out if someone is receiving a government pension (Federal pension/Canadian Forces...
  20. transferring income to spouse

    Taxation
    Hi, I'm a full-time employee (not on a contract). My wife and I are both electrical engineers. My wife has been on maternity leave in 2012. Sometimes I bring some of my work to do at home over the weekends and my wife sometimes helps me doing that. My question is now this: can I transfer some...
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