Tax Deduction Discussions, Offers & Promotions

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  • Simplified work from home tax deduction 2021

    So for the 2020 tax year we had the simplified deductions for the work from home tax credit (https://www.canada.ca/en/revenue-agency/news/2020/12/simplifying-the-process-for-claiming-a-deduction-for-home-office-expenses-for-employees-working-from-home-due-to-covid-19.html) any word from the govt if ...

  • Investment property mortgage interest tax deduction

    I have an investment property (Property A) that is rented and I deduct mortgage interest at tax time. Given the increase in value in the last year, I am considering taking out a second mortgage and use the funds as down payment on a second investment property (Property B). Property B may be a new co...

    • callmebob
    • May 24th, 2021 8:12 am
    • Forum: Real Estate

  • Moving provinces for new job - Tax deduction questions

    Good afternoon everyone! My family and I are moving for a new job (~ 400km), from Alberta to BC. I understand that I can claim moving expenses on this year’s tax return, but am looking for further clarity on what is acceptable. We plan to hire a moving company and will be driving two vehicles oursel...

    • tomsktx
    • May 2nd, 2021 3:50 pm
    • Forum: Personal Finance

  • Tax Deduction

    Hey guys, Long story short, I am basically getting a lump sum payment of $7000 on my paycheck due to unused vacation and sick time from last year. My employer refuses to put them on a separate paycheck so that I don’t get taxed heavily on it. Are there any options for me to get the employer to reduc...

    • Kyle12345
    • Feb 4th, 2021 7:49 pm
    • Forum: Personal Finance

  • Interest Expense tax deduction in margin accounts

    https://www.taxtips.ca/personaltax/investing/interestexpense.htm If an investment will never earn anything except capital gains, then the interest expense is not deductible . If you have a margin account, how do you calculate the interest expense on a portfolio that includes both dividend and non-di...

    • 40gates
    • Nov 20th, 2020 1:58 pm
    • Forum: Investing

  • Daycare Tax Deduction

    If I had joint (50-50) custody for the first half of the year but second half of year (therefore on Dec 31) my ex-spouse has full custody. Can I claim the daycare deduction for the months when I had custody? Do I still get $8000 per child or is it prorated?

    • YYZtoYOW
    • Sep 28th, 2020 1:50 am
    • Forum: Parenting & Family

  • COVID work from home, tax deduction for home office?

    hi, I am working from home since March and probably will continue to do so for months to come. (normally I am working from an office) Can we claim on our income tax home office cost? what could be claimed? what paper work should we collect to support?thanks

    • 111222
    • Jun 5th, 2020 3:07 pm
    • Forum: Personal Finance

  • Tax deduction

    I'm a salaried employee, but work remotely from home. This past year I purchased a new cellphone as the old one stopped working. Am I allowed to deduct the cost of this ($600)? The primary purpose of the phone usage is work related.

    • bure99
    • Apr 17th, 2019 1:55 pm
    • Forum: Personal Finance

  • Equity take out on rental property and tax deduction on interest

    I know a similar question has been asked before but could not find the answer to my specific question. Suppose I have a rental property that is worth $500k with a current mortgage of $200k. I can claim the interest payment on the mortgage as a tax-deductible expense. Now, I refinance the mortgage to...

    • clutch31
    • Mar 27th, 2019 5:16 pm
    • Forum: Personal Finance

  • Equity + tax deduction + primary -> investment property

    Hi, we own a condo and are looking to buy a house. we are trying to figure out if it makes sense to keep the condo as an investment property. Hope you can help: Scenario: - Currently own condo - primary residence - Plan is to buy a house and that will be primary residence - Put condo for rent - Refi...

  • daycare vs private school tax deduction question

    I was wonder if someone can explain how daycare costs and filing your taxes work, do you get a tax deduction or credit?is there a difference if one chooses a Montessori school vs daycare?this is me asking as a new parent. thx

  • Tax deduction for your own property management

    Hi there, landlords! Question about rental income deductions. According to CRA, property management services are deductible. But there is one exception which is generally called "You cannot deduct the value of your own services or labour.". What if you create a property management corporat...

    • GalvToronto
    • Apr 30th, 2018 11:39 pm
    • Forum: Real Estate

  • Can i contribute to RRSP for tax deduction as I make repayment to Home buyer's plan?

    Can i contribute to RRSP for tax deduction as I make repayment to Home buyer's plan? So I used my $10,000 RRSP as part of home buyer's plan in October 2016. I know that I need to start making repayment in 2018 which is $667. I'm trying ...

  • Interest tax deduction question

    My friend owns a condo which was his primary residence but later he rented it out and become an investment property. This rental property was paid with cash. He got a mortgage later and bought another townhouse which is his current primary residence. He now realizes that interests paid on the invest...

  • Federal Tax Deduction on Paycheque

    I have a question regarding a deduction on my pay stubs.I am located in Ontario. Upon reviewing my pay stub I noticed that there was a line deduction for Federal Taxes Payable.Is that deduction suppose to be there?Thanks in advance.

    • JayTee1
    • Oct 4th, 2016 9:10 am
    • Forum: Personal Finance

  • Tax deductible or tax credit - cost of certification / subscription

    This is a tax question but also falls under career... Does anyone know whether the cost of certification (e.g. VCP/CCA/MCSE) or subscription (e.g. MSDN) are tax deductible or eligible for educational tax credit for personal income tax? Or that needs to be expended within a corporation? Thank you in ...

    • max88
    • Feb 8th, 2016 10:11 pm
    • Forum: Careers

  • Smith Manoeuvre in joint account and tax deductible

    My wife and I are in the process of taking out HELOC for SM. The HELOC is under both of our names. I'm wondering if it is better to put into a questrade joint account or just under my name (under higher tax bracket), when we claim the tax deductible from the SM interests. If it is under a joint trad...

    • compass
    • Jan 19th, 2015 2:49 am
    • Forum: Personal Finance

  • Son lied about going to college! Need help!

    Need help! My son dropped school last year and lied about going to college. When I was filing my taxes this year I had transferred his "unused tuition fees" to me. I had to call him to get the numbers since I was away when I was doing my own taxes. He lied and didn't know about the transfe...

  • Borrow for Rental Property Repairs

    ... some major repairs. Should I pay it out by cash, or am I better off to take it out from my HELOC? I see the general guideline for rental property tax deduction includes repairs and maintenance fee's. The thought is I may further reduce interest if I borrow to invest in this case. Does that even ...

    • ynchu
    • May 12th, 2014 11:24 am
    • Forum: Personal Finance

  • Montessori - Deduct for Tax?

    I was reading about Child Care Expenses for income tax returns. It says that the fees paid to Private schools are not deductible as child care expenses other than the before and afterschool care. It also says that if payment for schooling is required when the child is not the compulsory age, then it...

    • twoods
    • Mar 2nd, 2010 9:40 pm
    • Forum: Parenting & Family

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