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  1. Capital gains on investment with interest expense

    Taxation
    Hi, if I have an investment that I am writing off the interest on the debt I used to buy the investment.... whenI sell the investment can the capital gain be claimed by my spouse if it is a joint asset or must it be claimed by myself? My understanding is I must pay tax for any dividends or...
  2. Ontario Support For Parents - Taxable?

    Taxation
    Hi All, I'm wondering if the Ontario Support For Parents payments, being provided for our Ontario school strike dates, are going to be taxable. I don't want that to be a surprise in 12 months. Any ideas or guidance? I was able to google some information on support payment but it all seemed to...
  3. Capital Gains

    Real Estate
    Hello, I am married and own a home. My wife lives with me, but is not on the title of the home that we live in. I also bought a preconstruction condo which will be closing in about a month. My wife has been on maternity leave for the past 10 months so her income for this tax year is...
  4. How many % of income to put aside for taxes as "independent contractor"?

    Taxation
    Dear members, I started a new job. I`m working for a company as an "independent contractor" in Toronto, Ontario, meaning that I`m not getting a regular paycheck biweekly but have to bill for the hours I`ve worked instead (write an invoice). I have to deduct taxes myself instead of the employer...
  5. Estate Planning - Property Transfer

    Taxation
    Hello, I'm helping my father with his estate planning. He has a primary residence with (200K mortgage remaining) and a cottage property (free and clear). He's only 68 years old. Plenty of years left. But he's quite adamant to structure this now. He wants to transfer the property to our names...
  6. T1135 and employee stock options

    Taxation
    I have a question about the form T1135 and employee stock options. I am given employee stock options which I have not yet excercised at strike price of 20 USD. If I have 5000 shares, do I need to file T1135? Is ACB in my case $100000 USD, or is it 0? I have been seeing mixed guidance online...
  7. Can Income Tax On Interest Income Be Considered A Carrying Charge?

    Taxation
    I loaned money from my tfsa in 2012. It was supposed to be for 6 months but the loan was not repaid until 2017. There is interest income to report. Can I deduct the income tax on this interest income as a carrying charge? If the money was not loaned it would have grown tax free within the...
  8. Amounts paid from Canadian employer after leaving Canada.

    Taxation
    Hi all, I'm British but have previously worked in Canada on a 2-year working holiday visa. I left Canada on September 4, after leaving my company on August 28. I was back paid owed amounts by my company on September 15 and September 30, after I had left the country. A question on TurboTax is...
  9. Transfering stock from one person to another

    Taxation
    Hi can someone please help me with the below. My friend purchased some stock for me under her investment account. I.e. X number of Shares of ABC. I now have my own investment account and would like to transfer those shares to me. I know the obvious way to do that is for her to sell it and for...
  10. Where do file taxes on capital gains made in Canada? –> Swiss resident

    Taxation
    Hi everyone, I currently have some savings in my Swiss bank account that I`d like to invest with a robo-advisor (like wealthsimple). I figured that this would be a good investing option for now, because I: a.) will get a better return on my investment with wealthsimple than with my bank, and...
  11. Giving My Parent $ for Rental Property Renovations

    Taxation
    Firstly, i will reach out to an accountant about this matter but i want to get some knowledgeable insight from some of you beforehand in case i might be missing a simple solution. My parent has a rental property. I want to give her a large amount of money so she can do renovations to her...
  12. Should My Wife Incorporate

    General Personal Finance Talk
    Should my wife incorporate, will we see any tax benefit? My Income ~ $105,000 Wife Income ~ $160,000 No Children Currently I am an employee of a large firm so no chance to incorporate. Wife is self employed. Business Details: - Excluded from GST program due to nature of work - No employees...
  13. How do dividends and salary impact taxes?

    Taxation
    For my small consultancy an accountant has advised me to take $15K for salary and leave the rest aside for dividends. According to him the $15K number is the threshold before I have to start paying taxes. In other words this way I would only need to pay taxes on the dividends. However, as I...
  14. Transfering educational tax credit from my wife

    Taxation
    Hello, I live in BC. My wife was a student in 2016. She didn't have any income. I paid 19K for her university program. We want to file our taxes for 2016. It is her first time filing tax in Canada as she she came to Canada in mid 2015 and we didn't file 2015 for her. Now the question is, how...
  15. Invest in TFSA then transfer to RRSP each year?

    Investing
    Hello I wanted to get peoples' opinion on a strategy my wife and I were thinking about. Invest throughout the year in a TFSA (invested in ETFs using a similar model to the couch potato 2017 ETF sample portfolio) and then before tax season, withdraw the TFSA funds and put them into an RRSP...
  16. Foreign Resident Tax on a Canadian Property if returning to Canada?

    Taxation
    Hi All - I'm currently living in the U.S. (Canadian citizen), and want to co-buy a property in Canada partially as an investment but mostly to help out loved ones. I've read that i'd be subject to non-resident tax upon sale and on any income. If I return to Canada later in life and decide to...
  17. Pushing Profits to TFSA

    Taxation
    Greeting Money Gurus, I would like to share the following strategy with you for your comments, feedback and suggestions... The TFSA is a great vehicle to invest tax free, however not all trades results in profits and when you experience a loss in a TFSA it's extra painful as you also loose your...
  18. Need help calculating RRSP Contribution limit

    Taxation
    Hi all, I need some help figuring out my RRSP contribution limit for my 2016 tax return. Is the following correct? I have a NOA for 2014 tax year for RRSP contribution limit of A I filed 2015 recently (yeah..now I know why NOT to file late!) - do I add ).18 of the net income for 2015 - assume...
  19. Joint Account Interest Reporting on Tax Returns

    Taxation
    I have a joint savings account with my spouse. I had income last year while my spouse did not have any. Can I show all the interest income on my wife's Tax returns or do I have to split 50% for each of us? Thanks
  20. Tax choice and donation

    Taxation
    hi, I am unpleased with how my tax dollars are spent and I feel rather powerless with my vote and the choice of party. I had the idea of donating as much as the taxes I pay to charities thinking all of it was a tax credit, but here it BC only 29% of it is. That still leaves 71% of my taxes...
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