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taxes

  1. Taxation
    The fact that I had self-employment income in Quebec and received some childcare advances, means that besides my Federal/BC tax return, I need to file a Quebec tax return. Let's say I received $60K in Quebec in freelance income, then I will end up paying $X (a few thousand) to Quebec. Now I am...
  2. Taxation
    My spouse and I have worked from home since the very start of the pandemic (March 16). We rent a house and pay a considerable amount of rent ($3500/month) so it may be better for us to use the detailed method to deduct home office expenses than the COVID flat rate method. We both have received...
  3. Investing
    Hello all! First I will give a little bit of background: I work in the medical industry which makes my job an essential service which is extremely busy and secure during this pandemic. My spouse is in airspace so her career could be at a higher risk during this time. I am ~40 years old with...
  4. Taxation
    I'm trying to apply for ODSP and I need my family members notice of assessments but I don't want to ask them because I have SEVERE anxiety and I don't want them to know that I'm applying for ODSP. I'm kind of embarrassed. Is there a way I can contact the CRA and ask them to send me a copy of my...
  5. Taxation
    My father passed away in 2017. My mother continues to receive money from his private corporate pension plan (yes, they were notified of his death). I believe this is normal, however, the T4A she received is in my father's name. His final return was processed last year. What should I do...
  6. Taxation
    I want to know, out of curiosity, is it true that, unless one plans to retire less than 20 years after entering the job market, it is always a bad idea to have an RRSP for tax purposes if you save the vast majority of after tax income? That is, it is bad even if your income is > $220, 000? Let...
  7. 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...
  8. Taxation
    Hello, Currently I am getting Parental Employment Insurance. There is a short term project I am interested to take. Based on EI rules if I start work - I will be loosing Parental Employment Insurance (and can't continue it after the end of the project). Is it possible to open a corporation (to...
  9. Taxation
    I'm having a bit of a problem knowing what to do for the upcoming tax season: Starting in May of this year, I've been working as contractor for an American LLC, I get paid twice a month by online money transfer via Paypal. For the first 5 months of my employment I was paid a fixed sum twice a...
  10. Taxation
    Hello, I incorporated my company in Canada at Federal level and also registered it with Quebec government, because the company operates in Quebec. I did it in September 2016. As per the accountant I consultated casually at the time, I'm free to decide what's my fiscal year and file my tax...
  11. Taxation
    Mother M is retired, sold her primary residence, and invested the proceeds in a JTWROS with her adult daughter D. M is taking all the income from the investments, and paying all the taxes. Over $200,000 is invested in US$ securities, such as S&P index funds. Even though this is all through a...
  12. Taxation
    I have just retired and have investments in RRSP/RRIF, TFSA and Non-registered accounts. What would be the most efficient way to withdraw funds during retirement? Thanks.
  13. Taxation
    I usually have H&R do my taxes, but this year I want to save bit and do it myself. A couple of questions: Do I claim TFSA investment trading gains/losses? I did a ton of trades A for "fun account". If so will each trade need to be entered, or totals for each? Also, do I claim RESP...
  14. Taxation
    Hello. I'm a dual Canadian/USA citizen and my last country of residence was Canada. For years I've submitted tax returns to both CRA and IRS because USA taxes on citizenship not residence. Since I was living and working in Canada I would use the USA "Foreign Earned Income Exclusion" (FEIE) and...
  15. Taxation
    In Canada, you are required to file taxes as common law if you're shacked up and you have a baby (otherwise I wouldn't). To end a Canadian common-law relationship, you just have to sign a letter and move out. In the US, it is much more difficult to become common law and you aren't ever forced...
  16. Taxation
    Hello, I am trying to do the taxes my self this time I have always done it at H&R block. Do I need to include my wife in my taxes? My wife came to Canada in 2016 Feb I take it she doesn't have to file since she wasn't here in 2014 but last year when I filed I had calmed her in my return even...
  17. Taxation
    I am self-employed and have two businesses: one made a small profit last year, the other (a new one) made a loss. Elsewhere I read that it is not necessary to declare business expenses, although it is normally an advantage to do so. So, here's my question: Am I required to declare all business...
  18. Taxation
    Superficial Losses Hello, I was wondering how to handle this as I have never experienced an artificial loss (never really had non-registered investments before). Last year I bought and sold two stocks in my non-registered account. I later moved one stock into my RRSP and the other into my...
  19. Taxation
    I need to file a T1 Adjustment for 2013 taxes. It has to do with a T2125, there was a mistake with total revenue and GST deducted, three invoices were missed. The form says I need to include what line I'm adjusting with supporting documents. What exactly does that mean for supporting documents...
  20. Taxation
    My Mom started showing signs of dementia in 2006 at the age of 68 and was diagnosed as such two years later. Her condition worsened as happens with that horrible affliction and she became far too much of a burden for my Dad in 2012 so was placed in residential care. No complaints from us about...
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