Tax deductions or tax write-offs are the cash amounts that the Canada Revenue Agency (CRA) lets you take away from your total taxable income. If your business qualifies for sufficient tax deductions, this can bump you down into a lower tax bracket. That could then reduces your tax bill fo...
As trusts, they must distribute most of their taxable income to shareholders. In 2007, Canada's federal government legislated thatincome trustsmust convert to ordinary tax-paying corporations by January 1, 2011, but many REITs were spared from this legislation. The new trust rules require a REIT...
The federal tax system in Canada is administered by the Canada Revenue Agency (CRA). The CRA also administers provincial income tax and/or sales tax for a number of provinces. For example, in Ontario, the CRA collects both provincial income tax and sales tax, while in British Columbia only...
Check out the CRA Guide T4037, Capital Gains for further information. Net capital losses before the year of death If the deceased incurred a net capital loss before the year of death but never applied it, you can apply it against taxable capital gains on the final return. For net capital...
What Information Is Included in a T4 Issued by an Employer? The details included in the Employer's T4 form are generally the taxable income, benefits, allowances, deductions, and pension plan contributions. Here's a breakdown of some of the main boxes within a T4: Employer's Name...
Most of your work takes place away from your employer's place of business Your work contract makes no provision for motor vehicle expenses and your employer has not offered any form of reimbursement or allowance The employer offered no non-taxable allowance based on a reasonable per-kilometre rat...
Loans (net of Allowances for loan losses) were up $37 billion or 6%, largely due to volume growth in residential mortgages. Higher wholesale loans, in part to support our clients during this unprecedented time, also contributed to the increase. Derivative assets were up $56 billion or 55%,...
My father lives in Saudi Arabia where there are no tax laws. He has been supporting me for the past few years, but can these amounts be considered as a gift and not be taxable and therefore not make me a dependent? What is the difference between a gift and financial support? How...
rate and the federal ITC will not be refundable. The ITC limitations will also be applicable in situations where a CCPC’s taxable capital for federal purposes, on an associated group basis, exceeds certain limits. Consider paying a bonus, in order to reduce the current year’s taxable income...
(C) sequestration and financial benefits of C sequestration according to Quebec’s Cap-and-Trade System for Greenhouse Gas Emissions Allowances (C & T System) or the Système de plafonnement et d’échange de droits d’émission de gaz à effet de serre du Québec (SPEDE) program for two...