Financial Planning Q 'n A

List of articles in category Personal Taxation
Title
Why, on my tax return, do I have to repay the Employment Insurance I received last year?
My child had major orthodontic work this past year not covered by my health plan, can I claim any of this?
I receive child support and report it for tax purposes, but my friend does not. Why is this?
I receive Alimony from my former spouse, is this reportable for income tax? I also received a large payment on settlement, is this also taxable?
I sold some stocks at a loss in 2000, but have never had any gains since. I was told that I can use these losses against income in other years. How long do I have before I can no longer use these losses?
My friend tells me he has always reported a loss from his rental property and has reduced his income taxes as a result even though the value of the building has increased. How is this possible?
Why does my annual investment statement report that I received $1,000 in dividends, but I have taxable dividends of $1,380 on my T5 slip?
My financial advisor has told me if I take too much money out of my RRIF, I may lose my Old Age Security. Is this correct?
My spouse took money out of her RRSP last year but, I am being taxed on it. Why is that?
I receive a pension from the UK, U.S., Germany or Italy. Is this taxable in Canada?
I plan on emigrating, what happens with my taxes?
I borrowed money from my RRSP this year to buy a home. What do I do now?
Why do I report income from my mutual funds every year even though I don’t receive anything?
I have sold some mutual funds for much more than I paid which I have held for many years. Is it possible that I may pay income tax on less than my actual gain?
As a result of filing my taxes late and/or an audit, I owe a substantial amount to CRA, is there a way I can reduce this amount?
My notice of assessment appears to be incorrect, what can I do about it?
My spouse and I spend several months each winter in Florida. Do I need to file any returns in the US?
I had several jobs during the year and had CPP/EI deducted twice, do I get any of this back?
How do my charitable donations affect my taxes?
I pay a large amount for medical insurance and have additional medical expenses not covered by my plan. Can I claim these expenses for tax purposes?
We have a babysitter who wants to be paid cash and does not want to give us a receipt, how does this affect my taxes?
If I am a student, do I get to claim my tuition, interest on student loans or books? Can I transfer anything to my parents/spouse?
Can I claim my spouse and children as deductions?
I use my car for my job, can I claim any of my expenses?
I used my line of credit to purchase investments, can I claim the interest on this?
I moved but, my employer covered a portion of my moving expenses. Can I still claim any expenses as a deduction?
I invested in my friend’s business and lost my investment. Can I deduct this loss?
My elderly parent lives with me. Are there any deductions/credits available?
What is the definition of disability?
I pay dues to my union/professional association, are these deductible?
My spouse has RRSP room, can I contribute to a spousal RRSP?
How is my RRSP limit calculated? What if I contribute over my limit?
I cashed in part of my RRSP and the bank only deducted 10% tax. Is that all I have to pay?
I have a rental property. What can I deduct against the income received?
I rent out a room in my house. Do I have to report the income? What can I deduct against it?
How are my investments taxed?
I receive a disability pension from my employer, receive workers compensation and a CPP pension, do I have to report this income?
What tax deductions and credits are available if my child, my spouse, parent or I am disabled?
I am turning 65. Are there any income, deductions , or credits available?
I receive tips as a waiter/waitress
I earn commissions, can I make any deductions?
I have moved from one province to another.
I have recently married. How does this affect my tax filings?
I am thinking about purchasing a condominium in the United States.
I am turning 71 next year. How does this affect my RRSP’s?
My parent/spouse recently passed away. What needs to be done for income tax?
My new employer asked me whether or not I wanted to be an employee or sub-contractor. Does it make a difference?
I was told by my employer that I am being let go and will receive a severance package. Are there tax implications?
I have a same sex partner. Are there any special rules?
I just separated from my spouse. Will this affect my taxes?
We have just started a family. How does this affect our taxes?
Do I need to make tax installments?
When are my taxes due? What if I file my income taxes late?
What is my tax rate? My financial advisor has told me that I am paying 46 cents on every dollar earned, do I really pay this much?