There are lots of questions when it comes to taxes. Let us answer them for you. With members averaging 18 years of experience, the Tax Advisory is your trusted source of tax information.
FAQ Categories
- 50 Plus
- General Tax
- Life Events
- RRSP & Investments
- Students and Young Adults
- Working For Yourself
- Your Health
You Asked
I have already borrowed money from my RRSP to purchase my first home but six years ago, I sold my house and have not owned one since. I would like to buy another home next year but I still have about $3,000 to repay to my RRSP through the Home Buyers Plan. Can I re-use the program next year when I buy another house since it has been six years?
The fact that you have participated in the Home Buyers Plan in the past does not stop you from doing so again. However, your Home Buyers Plan balance must be zero at the beginning of the yea...Most Frequently Asked Questions
50 Plus
My parents are dependants as I support them financially via cash transfers through Western Union. Can I claim this support on my tax return?
To claim your parents as your dependants, they must be living with you and have a limited income. If you are sending money to support them elsewhere, there is no deduction available....
General Tax
What is the deadline for filing taxes in Canada?
The deadline for filing your personal income tax return is April 30th of each year. If April 30 falls on a Saturday or Sunday, the deadline will be extended to the next business day. If you ...
Life Events
My spouse and I were separated in September. Do we need to do our taxes together?
I am sorry to hear about your separation. Your tax return is based on your marital status as of December 31 so you will need to indicate the change on your return. You can file your return w...
RRSP & Investments
My wife and I were married in March 2010. She has over $30,000 in unused RRSP contributions. I'm in the top income bracket. Can I achieve more tax savings by contributing the maximum amount including the $30k in unused contributions to a spousal RRSP to take advantage of the difference in tax rates?
Congratulations on your marriage. Your RRSP deduction limit is your own and cannot be transferred to a spouse meaning only your wife can use her $30,000. When you contribute to your personal...
Students and Young Adults
Can you claim the interest on your student loans?
A non-refundable tax credit for student loan interest can only be claimed by the student – even if tuition was paid by another person. Unused interest amounts can be carried forward for ...
Working For Yourself
I recently started my own home business and I purchased a desk and computer. Can I write the $4,500 purchase off as a business expense?
Desks and computers are capital assets so normally you cannot write off the expense in one year. You have to claim a prescribed percentage each year depending on what class the asset falls u...
Your Health
sending...