Deduction Discussions, Offers & Promotions

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  • Question Regarding Insurance Coverage- REMOVING DEPRECIATION DEDUCTION

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    • apollo580
    • May 9th, 2022 1:58 pm
    • Forum: Automotive

  • Maxed out RRSP - Contribution and Deduction Question

    Hi all, I have a question regarding my maxed out RRSP regarding contributions and deductions. From CRA, my: 2021 RRSP deduction limit : 16k$ Unused RRSP contribution availble to deduct for 2021 : 17k$ What I understand from this is that, since I already have 1k$ ...

    • max9505672
    • Mar 25th, 2022 9:33 am
    • Forum: Personal Finance

  • Deferring RRSP deduction

    I have a question about deferring RRSP deductions. I'm living a frugal life keeping my expenses down. I've maxed out my TFSA and and have available cash to max out the RRSP. I'm currently in my early 30s, early in my career and expect to be making a higher salary in the coming decade. Based on what ...

  • RRSP Deduction Limit Calculation Question

    Hello All, I just received my 2020 NOA and noticed something strange regarding my RRSP deduction limit. From what I understand, this value should just be 18% of your earned income from 2020. The value shown on my NOA is slightly lower than what I expected and I was ...

    • pentiumvi
    • Mar 26th, 2021 4:49 pm
    • Forum: Personal Finance

  • RRSP Contribution vs Deduction in first 60 days of new year

    Hello, I'd like to seek confirmation of my understanding of RRSP contributions vs deductions to be 200% sure I won't be slapped with an over contribution penalty. On my NOA for FY2019 received in April'20, it mentioned that my RRSP contribution for FY2020 would be 27 230$ Assuming my level of income...

    • HoTiCE_
    • Feb 9th, 2021 2:10 pm
    • Forum: Personal Finance

  • Reduce/withhold the income tax deduction from my paycheck

    Is there a way for me to reduce the amount of provincial and federal income tax deducted from my biweekly pay? Basically instead of it being deducted when I get my pay, I would like to pay this amount at the end of the year (Apr of the following year) when doing my taxes. This way I have the money i...

    • fractall
    • Dec 15th, 2020 3:01 pm
    • Forum: Personal Finance

  • Proposed Expansion of Home Office Expense Deduction

    This may too early to discuss, budget has not officially passed. Feds are expanding Home Office Expense Deduction. In my attempt to read in between the lines it is not new money, it is more like doing away with the hassle of filing a T2200 form. “To simplify the process for ...

    • rfduser199
    • Dec 1st, 2020 9:45 am
    • Forum: Personal Finance

  • Canadian Mortgage Interest Deduction

    Hi I'm looking for some info on Canadian mortgage interest deduction against rental income from a rental property. The tricky part I'm looking for info is, if I buy the rental property' by refinancing my primary residence (different house) mortgage - ...

    • Elfwood
    • Sep 18th, 2020 5:33 pm
    • Forum: Real Estate

  • taxes - RRIF... deduction on the MANAGEMENT FEE?

    I realize that the annual SERVICE CHARGE is deductible,but how about the MANAGEMENT FEE paid to the manager from the assets of the fund...is that also deductible?

    • rsauve
    • May 19th, 2020 6:37 pm
    • Forum: Personal Finance

  • taxes - RRIF... deduction on the MANAGEMENT FEE?

    I realize that the annual SERVICE CHARGE is deductible, but how about the MANAGEMENT FEE paid to the manager from the assets of the fund...is that also deductible?

    • rsauve
    • May 19th, 2020 6:27 pm
    • Forum: Investing

  • COVID-19 Home Office Expenses Deduction

    A very fascinating and useful read. I was not aware the CRA had even issued the whole home office $500 thing.https://a.msn.com/r/2/BB13eSbv?m=en-ca&referrerID=InAppShare

  • RRSP deduction limits

    According to my assessment my 2019 RRSP deduction limit is $90K. Unused RRSP deduction limit at the end of 2018 $72K plus additional deduction limit based on 2018 income $18K. The CRA site says the RRSP contribution limit for 2019 is 18% of earned ...

  • Maximize Rental Property Interest Deduction

    Hi I purchased a rental property fro 400K (pre construction). Current valuation is 700K. I get the property in about 6 month. I would like to borrow maximum amount against this property. However bank only lends on amount listed on the purchase agreement. They have no problem with doing the appraisal...

    • chicu1981
    • Nov 18th, 2019 2:45 pm
    • Forum: Real Estate

  • Question about deduction and Investing in a property within a corporation.

    Two relatives bought a investment property (8 plex in St Catherine) several years ago for students. They borrowed money against there home and bought a property within a corporation. Normally I know you can deduct interest if you investing it. They told me there accountant said they could not deduct...

    • Jswarez
    • Apr 27th, 2019 12:55 pm
    • Forum: Investing

  • My Child Care Expense Deduction - How Grandparents report it?

    Hi Everyone, I will be deducting the max ($8k) child care allowance this year from my income. My kids Grandmother has looked after my child this past year when my wife went back to work. She was the primary care giver and we actually did pay her. So I will be deducting this from my income and she wi...

    • ziptron
    • Apr 2nd, 2019 10:43 am
    • Forum: Personal Finance

  • Can you claim part of home reno as a tax deduction?

    Hi all, question for you - my wife is a self-employed registered massage therapist, and she uses a room in our house exclusively for her business (8.8% of the house by square footage). We walk through the room occasionally, but on the whole its only for her and her clients. We had to do a bathroom r...

    • guernsey
    • Feb 21st, 2019 1:34 pm
    • Forum: Personal Finance

  • Removing depreciation deduction

    ... cheapest of three options I’m just a little unsure about what that means. So I bought a 2015 Mazda3 three years ago. The “removing depreciation deduction” is still on my insurance. I paid around 28k for it. So do they look for a new 2015 Mazda3 or a new whatever year they can find Mazda3? I ...

  • Small Business Deduction for Newspaper Delivery

    Hi, hope someone can help me a little. Need to determine if I can claim small business deduction or if I am considered Personal Service Business. I deliver newspapers and get $100 flat rate per day (my route is certain area and number of newspapers change almost every ...

    • kb772
    • Sep 10th, 2018 7:36 am
    • Forum: Personal Finance

  • Claimed RRSP deduction and didn't make a contribution

    ... institution didn't put it in their RRSP, but left it in an esaving account. Now that they filed their tax for last year, they included that deduction of around 5K. They were just checking that account to find out that it was left in the esaving, and never moved to the RRSP. Does CRA offer ...

  • carry forward rrsp deduction

    Need your advise on how to deal with RRSP for next few years , below is the situation.. My wife is on 18 months maternity leave and will be returning to work around end of 2019. So her income for next 18 months is very low (Only EI payment for Parental leave) and hence she is in low marginal tax bra...

    • Salute
    • Jul 30th, 2018 3:50 pm
    • Forum: Personal Finance

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