Personal Tax

Blog_exp-claim-by-employees

Tips and Traps of Claiming Tax-Deductible Expenses by Employees Earning a Salary

 

Employees earning a salary may be able to claim some employment related expenses if their employment conditions require them to pay for such expenses and in most of the situations is certified as such by the employer in CRA …

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rental income

Deductions you can claim from your rental income

Income or loss derived from rental of property inside and outside of Canada must be reported on your income tax return on a calendar-year basis. There are two types of expenses, namely, current expenses and capital expenses. You can deduct …

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Tax Write-offs_Self Employed Individuals (1)

Tax write-offs available for self-employed individuals in Canada

Self-employed individuals here are taxpayers who operate unincorporated businesses, this may be sole proprietorship or partnership. Self-employment income usually derives from a commercial business or a professional service or a commission on sales. In all cases, they spend money to …

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RRSP Excess Contribution

How to Deal with RRSP Excess Contribution

RRSP excess contribution generally occurs when the amount of a taxpayer’s uneducated contributions exceeded his/her deduction limit by more than $2,000. Such excess contribution is taxed @ 1% per month on the unused contribution. To be specific, the excess contribution …

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