| Canada Taxes |
| Is there a statute of limitations on Canadian tax debts owing? |
There is, but after 222(4) was amended in 2004, CRA basically has to leave the debt unworked for 10 years, starting from March 4, 2004. There are numerous actions they can take (or you can) that re... |
| What is the most you can claim for Education Amount (full time) for Canadian taxes? |
The education amount is actually a non-refundable tax credit, so the limit does depend somewhat on your actual income for the year(sometimes you don't need all of it to reduce your income taxe... |
| I evaded paying my income taxes because of my accountant's fraud. Can I fix the situation? |
leaving in the middle of this crisis may be percieved by the CRA as an admission of guilt. Ensure you can find a good lawyer to negotiate on your behalf with the CRA, and that the issue is resolve... |
| CDN Dollar: Is the leaping loonie good for Canada? |
As a consumer its made a lot of things cheaper for me.
However if I look at my business its really hurting. The decline of the dollar has made it not worth my time to bid on jobs in the USA. W... |
| Taxable benefits? |
No medical insurance premiums paid by your employer and not considered a taxable benefit.
Here's a link to a CRA document which defines taxable benefits. Its written for an audience of emp... |
| Tax return credit, sharing condo need help? |
You don't mention for which province this is. Rent credits are provincial income tax.
You could make a copy of the rent receipt and write a note on it that $400 is the roommate's share... |
| Disability Income Tax in Canada? |
The amount from the private disability insurance company will be tax-free. Canada does not tax insurance pay-outs.
I cannot comment on your SSDI. You might also want to look into receiving CPP... |
| What is my itemized midedical deduction ( how much)? |
Vet bill NIL for pets.
Only allowed if it is an animal trained for coping with an impairment (seeing eye dog, for example)
Over the counter medication: NIL
Medical Transportion: depends..... |
| Canadian Tax Rate?!? |
That number is still wrong.
... |
| Are disposition costs taxable for capital gains? (Canada)? |
The costs of disposition are included in the calculation of the cost base.
POD $10,000
ACB ($5,000 + $1,000)
Capital Gain $4,000
Taxable Capital gain: 1/2 x $4,000 = $2,000 ... |
| Which year was the GST STARTED? |
GST started officially January 1, 1991, but it started applying in the fall of 1990 to contracts like Gym memberships that would last into 1991.
I don't remember them actually giving a dead... |
| How much will I have to pay in taxes if I sell stock? |
You will have to pay tax at your regular marginal tax rate on 50% of the gain (Proceeds of sale less cost)
Depending on your income level and province of taxation the rates can vary. Assuming y... |
| How much income tax will be taken from my pay-cheque in Toronto Canada ? |
There's a handy tool the CRA has for calculating all of the withholding taxes.
... |
| Can anyone summarize the key differences between the Canadian GA-AP and the Mexican GA AP? |
This is more of an accounting question than a tax question. International GAAP rules are covered in Advanced Accounting courses, but are only a small part of what is covered. The only comment in ... |
| Does anyone know the process of registering for a GST# for non-residents of Canada? |
Visit ... |
| How much taxes ? |
Depends on the cost of the item, the cost is subtracted from the sale price. Depends on your income level and the marginal tax rate you are in.
Example cost 1,100 therefore 1,000 profit only ... |
| Canadian gst? |
You can order online services as well as books at both ... |
| When was ontario provincial sales tax applied and by what party? |
1 September 1961
Started at 3%
Enacted by Parliament 26
Leslie Frost was the Premier, a Conservative. ... |
| In Canada, what is the process to report suspected tax evasion? Is there any reward for the informant? |
There is no reward.
Go here, the CRA's site:
... |
| Can you exchange shares of a Canadian corporation for a US corporation on a tax free basis? |
If there is no Capital gain involved (if the cost of the US shares is the same as the cost for the Canadian shares).
Private Canadian corporations have some rollover rules that can apply, but no... |
| Tax on purchased items in the us brought into canada? |
How long are you planning on staying, and how many people are going with you?
For example each person is allowed to bring the following back duty free:
After 24 hours - $50 per person
After 48... |
| Taxes on american purchases brought into canada? |
How long are you planning on staying, and how many people are going with you?
For example each person is allowed to bring the following back duty free:
After 24 hours - $50 per person
After 48... |
| Can I place assets in my spouse's name to avoid Canada Revenue's callous hand? |
Assets can be placed in anyone's hands, but a little more information is needed to answer your question.
If the asset is a capital asset, whoever owns it will pay taxes on the disposition (... |
| Do I have to pay for a tax if I bring a custom-built computer into Canada? |
Yes, you'll have to pay the tax. ... |
| Can some one tell me about benifits, rules or any info on tradespersons (flooring installers) charging GST..? |
If his gross income is over $30,000, he will not be a small supplier, and then MUST register and charge GST. Below that amount, he can register on his own. Once he registers, he has to charge, an... |
| If I purchase a video camera from the US and the purchaser ships it to me in Canada, how much duty will i pay? |
You will have to pay PST and GST on the item.
Its important to see how the seller will be shipping the item. If its via USPS (United States Postal Service) - Canada Post will only charge $5 for... |
| Deductions? |
I use the Payroll deductions online calculator from the CRA website.
... |
| Common law in Canada? |
You had received really bad tax advice. In the eyes of the CRA you should have been common law on your 2006 taxes. Your accountant should be making advice based on tax law, not the the probabilit... |
| Tax Percentages?!? |
As long as you are asking specifically Income Tax based on the amounts you provided with no other variables.....
$200,000 * 13% = $26,000
$70,000 * 10% = $7,000 ... |
| Buying House in Canada: Should I self own, or set up a holding company? |
I guess the answer depends on where you are a resident. If you are a cdn resident and intend to live in the house then hold it personally as the gain on the eventual sale would be sheltered by the... |
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