Personal Tax

If you are turning 19 before April 1 of next year, you are eligible to apply for GST credit on your Tax Return for this year. You must also file the previous year’s tax return.

They need to obtain form T2202A from his school. They must file their tax return first. Based on their net income and other questions needed to be answered, the tuition fee may be able to be transferred to you.

Childcare expenses must be claimed by the person with the lower income – in this case yourself. These expenses could be claimed by the person with the higher income in some exceptions.

Private School tuition fees cannot be claimed.

You may qualify for a credit if at any time in the year, if you were Single, Divorced, Separated or Widowed. The “amount for an eligible dependent” is reduced by the income of the dependent for which the claim is made.  You do not need to be single, divorced, separated or widowed throughout the year, as long at some point in the year your dependent was living with you.   information.

On your most recent Notice of Assessment or Re-Assessment from Canada Revenue Agency, the RRSP limit calculation is indicated. RRSP limit is calculated for the current tax year once your tax return is filed.

At the same time, you will have to consider any ‘undeducted amount’ on the same Notice. Also, your Home Buyers’/Life-long Learning Plan(s) payment requirement is on there.

The withdrawal amount must be repaid over a 15-year period, starting with the second year after the withdrawal. Canada Revenue Agency notifies every year the date by which it must be repaid and yearly instalment. If repayment through investment in RRSP (even if no room to invest) does not happen before the stipulated date, it is added as income for that year.

No, you can use simplified method to claim meal expenses. You can claim three meals per day and $23 per meal (in 2021). If you go to US then you can claim US $17. You need a signed copy of TL2 form from your employer.

You can claim moving expenses to the extent of your income that you earned after your move. If you moved but could not claim all the moving expenses on the return for that year, you may be able to claim the remaining expenses on your return in a future year. In addition, you can carry forward unused moving expenses amounts until you have enough income to claim them.

Yes, you would receive taxable benefit at the time of exercising. Taxable benefit would be the calculated difference between fair market value at the

time of exercise minus option price. However, you can file an election form T1212 to defer taxes until the disposition of shares.

You can claim the cost of supplies to repair the rental property. However, you cannot deduct the cost of the work you did. You can claim reasonable expenses incurred to transport tools and material to rental property.

If your mother is 65 or older and her income is under a certain amount you can claim the “caregiver amount” for her. She must be living with you (at any time during the year) and not paying rent or taking care of any of your children.

Between you and your spouse medical expenses must be claimed by the person whose income is lower. Either of you can claim for self, spouse and dependant child who is 18 years old of age and under. However, the lower of $2421 and 3 % of your net income is not allowed. As far as claiming the medical on behalf of your son, you can claim his portion of expenses, only if he was dependent on you for support. It is reduced by lower $2421 and 3 % of his income. The claim is restricted to $ 10,000 per dependant. You can claim dental treatment, prescription drugs, eyeglasses, premium paid for private health coverage etc.

You can rent a minor part of your house; however, you should not claim capital cost allowance on your house.

You cannot claim the cost of appliances on the tax return. However, you can claim the capital cost allowance on appliances. Capital cost allowance cannot be used to create or increase rental loss.