| Canada Taxes |
| How much income tax do I pay on $60,000 and $120,000? |
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Hi Rachel, I can provide you with the calculations based on an annual salary of either $60,000.00 or $120,000.00 per year, assuming that this is paid to just one of you as a salaried positio... |
| I live in Toronto, Ontario, Canada and was wondering what is the penalty for filing your income tax late? |
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Hi Mike, I live in Ontario, too, and regardless of where you reside in Canada, the rules are the same for everyone.
If you owed money on your 2006 income tax return and didn't file it... |
| I am the sole owner of a BC corporation. What are the options to pay myself? |
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Hello,
There are really only two forms of available compensation to owner managers of small corporations. Salary or dividends.
As previously stated, directors fees are considered emplo... |
| I have over 150000CAD$ credit card debth in Canada and can't pay now, I am away from Canada and live overseas |
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This is a large amount of debt. When you don't pay they will put it in collections. Being of high dollar value you will most likely have the big boys come after you. Your canadian cre... |
| How does child support for a child living out of Canada affects income tax? |
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Hi ICanada, here is the simple answer to your question.
Any child support orders made after May 1, 1997 are no longer tax deductible to the payor, and are not taxable to the recipient.
... |
| Isn't there any way to opt out of paying CPP? |
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... |
| Cdn tax selling a house do ipay capital gains? |
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I believe if you've owned it for less than one year before selling it or if it is a rental house you may need to pay it. But there are lots of websites that would have the answers. googl... |
| Laws regarding Trusts Canadian? |
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Most standard agreements include provisions on how to switch to a new Trustee. Have your Estate Lawyer review the agreement.... |
| I have filed taxes for the last 3 years in Toronto, when would i receive a refund? |
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I'm definitely not an expert in this field, but from what I know, you only get a refund if you have 'overpaid' your taxes during the year. If your work place is taking off the ex... |
| Stamps for income tax? |
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You'll have to take it to the post office to find out, because it depends on the weight of the envelopes. If you printed your return using software like Quicktax or uFile, your envelope... |
| How does transfer of title affect RST in Ontario Canada? |
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I had a look, and all I could find was the information you already know (when you export the goods to another province, you don't need to charge RST). To be 100% sure about your various... |
| For someone making 50-60k in Canada, what is the maximum amount they have to contribute to cpp and eic? |
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The maximum employer and employee contribution to the CPP for 2007 will be $1,989.90.
... |
| Can both husband and wife share medical expenses on their income tax form? |
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In Canada, it is actually better to claim the expenses together, usually on the return of the person with the lowest net income. This is because the amount you are allowed to claim is the am... |
| My daughter went to live with my parents at the end of Nov 2006,? |
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You can not claim the money you spent on her.... |
| Can I claim the interest from my LOC for purchasing property that is not complete until 2009? |
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No. This is prohibited under subsections 18(2) and 18(3) of the Income Tax Act, as the land/property is not available for use.
Source(s):
Income Ta... |
| How is tax calculated on UK ISA/PEP when resident in Canada? |
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As a Canadian resident you are required to report your world income when you file your return.... |
| How much will my net income be if i make 250,000 per year? |
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Hi tootifruitiapple, if you are in Canada, single with no dependants, and currently residing in the Province of Ontario, here are the calculations on your annual salary of $250,000.00:
GR... |
| On what specific income does the Canadian government calculate Income Tax ? |
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Hi Gaura, as far as the government is concerned, they look at all of your income for the purposes of calculating tax credits, such as the GST, Child Tax Benefit and provincial tax credits.
... |
| Incorporated - Should my business pay salary or spend it on deductable expenses? |
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Hello,
Unfortunately without seeing the full set of financial statements and tax returns it's very difficult to determine the other accountants reason for the bonus.
My ASSUMPTION ... |
| What expenses are deductible from self-employed income ? |
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Hello,
The above answers aren't quite accurate. You may claim reasonable expenses without the receipts. However, should CRA review your claims for expenses be prepared to have to take... |
| Canadian moving to WA State to take a job at US company, will I have to file a Canadian tax return? |
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No but you will have to pay US taxes... |
| In canada, does one have to pay taxes for interest earned in a gic investment with Royal Bank of Canada? |
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Hi Healing, the answer to your question is definitely yes!
You must declare interest even if you didn't receive an interest slip. The interest I am referring to is from GIC's, ba... |
| What are the tax slabs in Canada for an Indian citizen working on work permit? |
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This is revenue canadas information site that will have the information you need or will tell you where you can find out.
www.cra-arc.gc.ca
also try this one
... |
| How do I get a copy of my 2003 tax return.? |
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You can get a copy of the information from CRA. Contact them at 1-800-959-8281... |
| Tax Credits from Retired Parents?? |
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Hi Twinken, I have read your question carefully, and here is the simple answer for you.
AS PER CRA:
If, at any time in 2006, you (either alone or with another person) maintained a dwel... |
| How long does it take to receive tax return? |
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Hi Little Mel, here is some information that might be helpful for you.
T1 Adjustments that are sent at the height of "busy" season for CRA could take up to 20 weeks to review.
... |
| How do I get my canada tax back for a purchase that was exported to Australia? |
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On March 19, 2007, the Government of Canada confirmed its intention to eliminate the GST/HST Visitor Rebate Program as of March 31, 2007, and announced the introduction of the Foreign Conven... |
| Tax in canada: calculate gst 6% of 120? and PSt 7.5% of 120? |
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Hi Ahmed, the GST is $7.20 and PST is $9.00... |
| Whats the Procedures for entering Canada Stock market Trading? |
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You will need to open an account with a broker.... |
| Internet worker, I live in Canada but my servers are in the USA.Do I have to pay taxes for this in Canada? |
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Yes, because you are a resident of Canada and are taxed on your worldwide income.... |
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