I checked on this because I was interested to. What I found out was only if you have a home based business can you claim a portion of your taxes. You can also claim a percentage of heat, lights, insurance... Etc. I am not an accountant so I would double check before using any of that, but thats what i was told. Good Luck!

Powered by

Please let me know if someone can deduct from their taxes the property tax they paid for the last year on their federal income tax return if they are a resident of ontario, canada?

No, it's not a deduction from your Federal income taxes. Property taxes paid in Ontario by an Ontario resident may result in additional refundable Ontario Tax Credits. The property taxes paid are claimed on form ON479. There is a reduction of the credits based on Net Income.

Powered by

I know that the owner of a houseboat does not have to pay property taxes, as the marinas pay these, but what about income and other similar taxes, if you live in international waters. do you pay any taxes when you live in international waters? thank you. how would they enforce that. they can't just like sail up to my boat, and say "pay us taxes," in international waters.

I have lived on international waters. I was still obligated to pay income tax to my home country even though I worked and lived on a ship. You are right in saying that the government cannot just drive up and say "hey -- where's our money". However, if you are working for a landbased employer, or are making purchases on land, the government can start asking questions. For example, I can't claim that I make $0 in income (thus paying no taxes) and then submit my mortgage payment, or make charges on my credit card as this will raise a red flag to the government as I am "living above my means". It's the same way they catch people who make money from illegal acts. You can't make $0 but buy a new Lexus. You have to be a certain number of miles offshore to be in international waters. If you are planning on parking your boat out at seas each night, and then entering the jurisdiction when it's time to go to work every morning, THIS IS NOT GOING TO WORK. You will have to go through Customs & Immigration each time you return to your country. In theory, yes youo could live in international waters and deke out of paying taxes. It would be illegal, but if you aren't making that much money probably the IRS/CRA won't care. However, I would not advise this. You will give up your right to certain rights -- in Canada, say goodbye to universal health care, in Canada and the US say goodbye to your pension. Remember that when you pay tax, that money comes back to you in the form of education, health care, a democratic process, roads, airports, schools, law enforcement, etc. If you just don't want to pay tax, move to a country that doesn't have tax -- but I promise you that you will not care for their quality of life.

Powered by

Was seperated in oct 2007 so who claims the income from the income property we had and who claims the capital gains from this property when we sold in dec 07. do we share the capital gains and income generated throughout the year or do i have to claim as i make less money? do we need to file our income tax return together because we only seperated in oct?

Oops, Canada, sorry. In the U.S., you would still be considered married and could file that way.

Powered by

I am canadian and reside in canada. however, i currently own a property in the united states, pay mortgage interest and property taxes. if i were to file a tax return will i receive a refund? also, i did not have any earned income in the united states in 2007.

That's a question for the IRS, I'd imagine. But you can't claim those costs on your Canadian return. They are, as I understand it, only deductable in the US as a primary residence, which it obviously isn't. Even then they would only serve to write off earned income, and there isn't any. You could check with the IRS, but that might be opening other cans of worms, perhaps capital gains issues, etc. I'd leave well enough alone. Incidentally, if you have property over $100,000 outside Canda, you do need to report that to CRA. If/when you sell it, you'll likely be liable for capital gains taxes.

Powered by

I have sold quite a few things online and i am wondering what amount of money is needed for it having to be claimed on next years income taxes? i have sold over $1500 us worth of goods so far this year. at what point do i need to claim it? i can't find information on this topic in the canada government website. all i have been selling is odds and ends that i don't use at home any more.

The sale of personal use property (i.e. your own furniture, your household goods) does not incur a capital gain if the proceeds of disposition FOR EACH ITEM is less than $1,000. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/cmpltng/prsnls/menu-eng.html

Powered by

From the government in taxes.

You don't 'claim income taxes', you PAY them. If what you are asking is what deductions you can claim to reduce your taxes, those would include the personal deduction, the age deduction, perhaps a disability deduction, perhaps a pension income deduction, and (in ON) a rent or property tax deduction. Those are all non-refundable credits, so they can only be used to reduce your tax payable to zero, though. If you're retired, you likely have little income, would probably not have had any tax deducted at source, and so will probably not have any tax refund coming back. People in your situation often just don't pay any tax, but that can only be determined by filing a tax return.

Powered by

I started working as a full timer this year and i never pay too much attention to my taxes when i was a student. i want to reserve some money to pay my tax during the march/ april tax filing period. i know that the government takes part of our money from each paycheque for fed tax,, ei, cpp. how much do we still need to pay (approx) for the tax period, assuming my annual salary is less than $36,000 (plus no tuition, rrsp or any misc to reduce tax and living in ontario)? thanks for helping

Assuming your employer makes all the right deductions, and you have filled in the TD1 (the tax forms they give you before you begin your job) correctly, you should not have to pay any more taxes at tax return filing time. To see if they have made the right deductions, use the CRA online payroll calculator. Nonetheless, I can tell based on the information you provided in the question (ie. no deductions whatsoever and assume gross salary $36,000) that your 2007 total income taxes should be $5,500. Your 2007 CPP and EI should be $1600 and $640. P.S. don't forget that if you pay rent or pay property taxes in Ontario, you can claim an Ontario tax credit.

Powered by

I live in vancouver, bc canada. i am single and have no cars, no property, no rrsp, and no investments. i rent a place and have to pay a monthly rent of $1000. i take public transportation all the time. i started my new job in january early this year. this is what i expect to have at the end of the year in canadian dollars. (1) annual gross income --- $30500 (2) annual income tax ------ $3300 (3) annual cpp --------------- $1400 (4) annual ei premiusm ---- $560 could someone please tell me how much income tax i will pay next year when i file my income return in 2014? please help me. thanks a lot.

At $30,500, on bi-weekly (27 pay periods a year)... your deductions for BC should be: Gross Pay $1,129.63 Federal Withholding $152.63 Provincial Withholding $53.03 Canada Pension Plan $49.50 Employment Insurance $21.24 Net Pay $853.23 Multiply by 27 for totals. You are in the lowest federal (15%) and BC (5.06%) income tax brackets. You will deduct your $10,822 personal exemption from your taxes and thus have a taxable income of $19,678. Paying $3,947.41 in federal and provincial income taxes. Since you would have had $5,552.82 ($4121.01 + $1,431.81) already subtracted off your pay checks and remitted to CRA on your behalf... you would likely see about $1,605.41 back from CRA after you file. I'm not sure where you get the $3300 figure. Deductions should be based of tax tables used by all employers. Various payroll deduction calculators will tell you exactly how much should have been deducted. CRA rarely allows deductions lower than this amount. If your $3300 number was accurate, you'll likely owe $647.41. These numbers will not be precise. You'll likely get some type of energy claim, GST credit, or something which will likely be in your favour. Rent and transportation won't typically affect your taxes -- unless you have self employment income in which case you can deduct a lot of expenses and these estimates quickly become meaningless.

Powered by

I bought this house last year. i filed 2007 tax but there was no option where i could claim the deductable interest. do they know it automatically or do we need to notify them. i am worried may be i'm losing whole lot of money.

Since you asked this question in Canada I assume that you live in Canada. Unlike in the United States, Canadian tax laws do not permit the deduction of mortgage interest on a principal residence. If the property in question is a rental property, then you would report the mortgage interest on form T776 - Statement of Real Estate Rentals. See the link below for more information on how to report rental income and expenses.

Powered by

Do i have to live in it a year or six months or less....can't seem to get a clear answer with revenue canada

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 property as principal residence, an individual must own the property, either solely or jointly with one or more other individuals. In addition, the owner, his or her spouse, former spouse, or children must also ordinarily inhabit the residence during some part of the year. PS. I have noted that at least two persons in this Canada tax forum have indicated that flipping principal residences year after year may result in taxation by the CRA . I beg to differ. If the tax law does not want cdn taxpayers to claim the principal residence exmeption every year, it would say so in the cdn income tax act, but it does not. I dont think there is a misuse of the principal residence exemption or an abuse of the Act read as a whole, that triggers the General Anti Avoidance Rule in section 245 of the Act.