| Canada Taxes |
| Where do my canadian pension contributions ( cpp) got to? |
Your contributions to the Canada Pension Plan provide you with a stable and dependable pension you can build on for retirement.
Your contributions also provide you and your dependents with basic... |
| I keep hearing of this 'working income tax benefit'? |
The working income tax benefit is a tax credit that is claimed by low income taxpayers. It is essentially a subsidy because it is fully refundable if the taxpayer cannot use it.
It is claimed a... |
| How are taxes calculated on my pay stub? |
Each payment is taxed as an annualized rate. The rates you got hit with are correct...another example would be if you added overtime to your next regular biweekly pay, the total amount is annualiz... |
| How long must you live in a principal residence in Canada to avoid paying capital gains on the sale of it? |
You must own and live in that residence DURING SOME PART OF A YEAR (that can be less than 6 months), and you can only claim one tax free principal residence exemption each year.
To designate a p... |
| Canadian Pension Plan What Is it? |
No. CPP will be paid out to you based on a formula that does include factors of how long and how much you contributed but you don't simply get all your money back.
When you file for CPP you... |
| How long does my former employer have to get my T4 to me? |
It was legally required to be mailed by Feb 29, not Mar 31. It is well overdue. If you are unable to contact them, you should file with an estimated amount (based on past pay stubs), and a letter... |
| I only made a total of $4,241 self employed..do I still have to file taxes? |
Is this a Canadian tax question or did you put it in the wrong section?
If this is in Canada then no you do not have to file. The only time you are required to file income tax is if you owe taxe... |
| Canadian Taxes - Healthcare and Road Repair for starters. But, where is the rest going? |
Um, we do get a report. It's called the budget? Big thick book put out each year. Also ways and means committee reports, all sorts of other documents.
If you want to know where it's... |
| Can i stop my employer from taking taxes, i want to have my account do it? |
No, you may not. Your employer is required by law to withholding taxes from your monthly or bi-weekly paycheques, based on your TD1 form filed with your employer showing your eligible deductions t... |
| Can you use non-capital losses to offset capital gains? |
No, you cannot use the non capital losses that way. Only capital losses offset capital gains.
If there are no capital gains to offset in the current year, the capital losses can be applied to c... |
| I am going to be selling my house and moving into a rental house. What kind of taxes will I have to pay? |
First the $50,000 is the difference between what you owe and what the house is expected to sell for. You would never get taxed on that amount. If CRA was going to tax you it would be based on the c... |
| Canadian taxes question about donation receipts? |
Yes, u can deduct the 2006 yr donation as well in 2007. Charitable donations are deductible from net income for taxes to the extent that the current and prior year donations carried forward do not... |
| Part time Job income taxes! Please help? |
Unlikely. The basic personal amount is $9600 which means that once you remove that you are left with $400 in taxable income.
I'm going to hazard that between other deductions and credits y... |
| What is my estimated Canadian tax refund as a single individual? |
I am not clear if by personal allowance you mean basic personal exemption. This is important because if you really meant basic personal exemption, you still have to pay taxes on 9.4k or about $1400... |
| Is rental income a tax-deductible property? How does it work as Canadian tax purposes? |
If your property is used to earn taxable rental income, any rental expenses are deductible for tax purposes. These expenses may include utilities, property taxes, mortgage interests, salaries for ... |
| How does recapture/terminal loss work in adding to Net Income? |
Recapture results when you sell a depreciable asset with selling price MORE than the undepreciated capital cost (UCC) of that CCA class (e.g., automobile is classfied as class 10), and you have to ... |
| Can I apply money spent on training/education in the U.S. to my Canadian income tax? |
If u are self employed, as a rule, expenses of attending a training course outside the taxpayer's general geographic locale are considered unreasonable to the extent that they exceed what they... |
| I am a self-employed jeweller. Am i eligible to claim my inventory as $0, like visual artists/writers? |
It appears that you may not be eligible as a jewller to elect closing inventory as NIL. However, the visual artists and writers are specifically provided in the cdn income tax act under subsectio... |
| Income tax 2008 canada? |
If u are a single individual taxpayer, you dont pay tax if u earn less than $9600 (your allowable annual tax exemption amount) a year. If you have wife and kids, your exemption may increase. Pls ... |
| List of tax foreclosers in canada? |
... |
| Calculation on Sales Tax? |
Your 2nd one is what the sales slips from ontario retail stores show. However, I would have thought that both of your examples would show the same amount of sales tax and total final sale price.
... |
| Can I claim ITC on GST already claimed as expense on my income tax return? |
If you are a business you have a GST number and collect GST on your sales. The GST you pay on your business expenses are netted off against the GST you collect and remit to the government.
The ... |
| How much does my business pay for taxes (Montreal, Quebec)? |
2008 FEDERAL INCOME TAX RATES FOR INCOME EARNED BY A CANADIAN--CONTROLLED PRIVATE CORPORATION
Small
Business
Income up to
$400,000 鈥?11%
General
Active
Business
Income 鈥?19.5%
Inv... |
| CGA or CMA? |
Unless a person who went thru both CGA & CMA, it would be difficult for anyone to give u meaningful answers to your questions, and such person is difficult to find.
Having said that, I wou... |
| How do you calculate monthly net income? |
If u got a raise, how much you net after taxes, will depend on your current income and your marginal tax rate. For example, if you earn less than $9000 a yr, and any income increase u get to $9000... |
| When is small business taxes due? |
If your small business is not incorporated, its income for its first fiscal year (pick any 12 months for the business) should be reported in the calendar year of your tax return, that the last day ... |
| Questions about foreign pension on taxes for Canadian seniors? |
Canada does have a Treaty with the U.K.
Article 17 deals with pensions and annuities. Paragraph 1 states that pensions arising in the U.K. and paid to a resident of Canada are taxable only in C... |
| What is the most tax efficient way to own stock in Canada? I plan on both short term and long term trading.? |
Tax efficiency has got to be way down on your list of priorities. No offense but your income is not high enough to care about taxes and if half your money is an rrsp its irrelevant.
Based on yo... |
| What to do if I didn't file my Canada tax return in 2005 and 2006? |
you should file your 2005, 2006 and 2007 tax returns together.
otherwise, the CRA will send u a letter asking for the 2005 & 2006 returns. ... |
| Tax estimater? |
You left out some important information that you require to have this question answered accurately. The missing information would be CPP premiums, EI premiums, union dues if any, work pension plan... |
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