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  • Rental property tax deductions

    For any maintenance/repair, if I don't have an official receipt but have e-transfer record, would that suffice or no?

    • rfd911
    • Dec 16th, 2021 12:17 pm
    • Forum: Real Estate

  • Rental property expenses for tax deductions

    Bought a new property last year. I'm getting conflicting information as to what are allowed deductions, even after going through an accountant and CRA page. 1) Realtor fees (1 month rent + tax) for renting the house - Can I deduct this? 2) Appraisal fees from Bank mortgage ...

  • Question about Tax Deductions on Smith Maneuver

    ... against my normal income bracket or will it have to be against the dividends tax bracket? Just trying to figure out if I can choose where my tax deductions go or if its fixed. Thanks!

    • PulanF98555
    • Apr 12th, 2021 12:15 pm
    • Forum: Entrepreneurship & Small Business

  • Mortgage interest deductions when using it for investing

    Let's say I have a portfolio with $1M of stock. I want to buy a house for $500K. I could pay it cash, but I want to keep my capital in the markets. I know that if I use mortgage funds for investing, I can get a deduction for the interests. My question is: do I really have to sell $500K of stocks, bu...

    • jonn87
    • Mar 23rd, 2021 2:00 pm
    • Forum: Investing

  • RRSP Tax Deductions Carryforward past Age 70?

    Can anyone confirmed that unused RRSP tax deductions can be carried forward past age 70, when the RRSP converts to a RRIF? So the RRIF holder can use the RRSP deductions at age 72, 73 etc. to reduce income as needed...I think they can, but just want someone knowledgeable to confirm this.

    • Kurtz7834
    • Feb 19th, 2021 3:30 pm
    • Forum: Personal Finance

  • Rental property closing costs and tax deductions

    I would like to double-check which portion of the closing costs can be tax-deductible as the current expense vs. the cost of acquisition. This was a pre-construction condo used as a rental property. Cost of Acquisition: HST, registration fees, legal fees, title insurance premium, bank wire fee, Tera...

    • clutch31
    • Jan 15th, 2021 9:44 pm
    • Forum: Real Estate

  • Deductions for Rental Property Income

    ... purposes would I be able to deduct the rent I pay for my new rental unit in the new country against the income I pay here? Also what other typical deductions are there besides Property Tax, Mortgage Interest, Condo Fees etc because I am struggling to find a way to minimize my rental income

    • linske
    • Mar 3rd, 2020 11:10 am
    • Forum: Real Estate

  • Question re: RRSP deductions from paycheque & tax benefits

    I'll try to lay this out as simply as possible with round numbers: Every paycheque, I have $300 deducted bi-weekly towards RRSP contributions. My employer puts in $400 as a match. Because of my $300 contribution, I pay less in federal tax on my paycheque bi-weekly (as the $300 reduces my taxable inc...

    • winner2000
    • Feb 7th, 2020 7:53 pm
    • Forum: Personal Finance

  • RRSP Deductions vs Tuition Credit

    I moved back to Canada last year so I have limited RRSP room but still have quite a bit of tuition credits remaining ($40K+ fed $20k+ BC) My fed tax rate is 26%. If I use up all my RRSP contribution room I will still be in the 26% fed tax bracket. Given my remaining tuition credits, does it make sen...

    • GooseAkuma
    • Jan 15th, 2020 5:21 pm
    • Forum: Personal Finance

  • Deductions for a rental property

    Need some advice on this. My tax accounting 101 is a bit rusty. What expenses can you deduct for rental property? - interest expense - condo fees - property tax - travelling to and from rental property? (at what rate or mileage expense) Any tips or advice would be great. I do not want to claim CCA e...

    • masarwar
    • Dec 11th, 2019 1:18 pm
    • Forum: Real Estate

  • Calculating deductions + tax benefits with part-time nanny?

    ... nanny (20 hours a week, classified as an employee, Canadian resident) and I'd prefer not to have to use a 3rd party tax service for payroll, deductions, etc. Can anyone help guide me through the steps required for figuring out deductions that we need to make at our end + figuring out the ...

    • sarracenia
    • Sep 17th, 2019 5:27 pm
    • Forum: Parenting & Family

  • Taxes and deductions when contracting for a US company

    My spouse has been offered an IT job for a US company. They require that he get a business number and work as an independent contractor. I do the taxes and accounting in our family so I want to make sure that I have a clear understanding of how to go about this. So far my understanding is that to do...

  • Filling in tax information "Are any of your deductions related to resource property or flow through shares?"

    ... tax. I used it last year and it worked out perfectly but this year there's a new question at the end of the summary asking "Are any of your deductions related to resource property or flow through shares?" And it's a required question. I'm not sure how I would find that out or if I should ...

    • SquirreI
    • Apr 9th, 2019 2:35 pm
    • Forum: Personal Finance

  • Tax Credit and Deductions for New Real Estate Agent

    Preparing my wife's tax return. She received her license late in the year. Therefore, she does not have any income from her real estate part time job yet. I'm wondering if someone knows the correct tax treatment for the expenses she incurred: 1) OREA Real Estate College Courses to get licensed - she...

    • otaknap
    • Mar 29th, 2019 8:47 am
    • Forum: Real Estate

  • Tax deductions questions ?

    1.paid for course fee for security guard licence.2. Bough shirts,pants and shoes as per the requirements of employers.3. Bought prescription meds etc with my own money.4. Paid Medical tests fee to apply to study at a school. Now can I claim any of the above as deductions when I file my taxes ?

  • Studio Tax - Questions about credits & deductions

    For a newbie, does it provifde tax saving options like credits & deductions questions that are avialable in paid versions ?

    • NoStylist
    • Feb 3rd, 2019 7:36 pm
    • Forum: Personal Finance

  • Tax deductions from past years

    I've been working exclusively from home for about 4 years now and during this time I've never claimed any home office rental deduction. I pay $1500 per month in rent for my apartment and would estimate that roughly 25% of the area is used for home office. Am I allowed to include all of the 4 year de...

    • tck999
    • Dec 9th, 2018 2:30 pm
    • Forum: Personal Finance

  • Tax deductions - home renovation costs

    Hello,Are any principal home renovation costs deductible for tax purposes in Ontario?Thanks

    • RaOne1
    • Sep 5th, 2018 10:16 am
    • Forum: Personal Finance

  • Nanny Tax Deductions

    ... at CRA: http://www.cra-arc.gc.ca/ebci/rhpd/wlcm-bnvn.do is it just as simple as running this calculator and then submitting the appropriate forms/deductions to CRA? Thanks!

    • repnnyc
    • Mar 12th, 2018 10:19 am
    • Forum: Personal Finance

  • Turo, Taxes and deductions

    I earned 2500$ from renting my car on Turo this year. I'd say it was on the road for 90 days, accounting for about 12 000 km of the 20 000 km that my car was used for this year. I'd like to know how I can deduct expenses. What can I claim? 60% of total expenses based on km or 25% based on days out? ...

    • morglum82
    • Feb 6th, 2018 2:45 pm
    • Forum: Personal Finance

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