开个回答问题贴，请大家有问题都放这里

[lahaya]

Question: Assume to get LOC loan to purchase an investment property in US. Are interests on LOC and associated fees deductible from the rental income? I know they are if you buy rental properties in Canada, but not sure in a foreign country.

Thank you for your answers/info in advance.

 

[OCAC]

Question: Assume to get LOC loan to purchase an investment property in US. Are interests on LOC and associated fees deductible from the rental income? I know they are if you buy rental properties in Canada, but not sure in a foreign country.

Thank you for your answers/info in advance.

Yes, the interest is deductible.

 

[pyottawa]

想請問一下以下問題,大家的回覆好像不太一致:

父母同住,應分開報稅還是一起報稅?

父母均已退休,加籍,父已過六十五,有老人金.母還沒到六十. 之前我和老公還在外頭租屋住, 報稅報在父母的地址, 稅局當兩個家庭處理. i.e. hst rebate 各收一份.

去年買了新屋, 父母把舊屋賣了, 也暫時搬到新屋一起住, 可能會住幾年, 幫忙照顧孫子. 遲些再考慮買另一間屋自住或投資.

請問一起報跟分開報的差別在哪裡? 父已過六十五, 好像可以當caregiver credit報, 那麼母親怎麼辦? 仍一起報稅嗎?

孫子今年才出世, 如果pay child care to them, 當 expense, 明年父母要分開報嗎?

請高人指點.

謝謝.

 

[lahaya]

Tax differences in investment property between individual and a corporation

Scenario: when you decide to buy an investment property, you have a choice to register the property under a corporation or under you and/or your spouse.

Question: from the tax perspective, which way we should go? I know it is a complicated question, but specifically, for example, when you sell the property later, you have some capital gain. For both individual and corporation, you need to pay tax on 50% of these capital gains. For the individual ownership, you just pay tax on the capital gain based on your tax bracket (marginal tax rate). What tax rate does a corporation pay on the gain? Furthermore, when your corporation distributes these profits to yourself, do you need to pay tax on it again?

Thanks for your answers in advance.

 

[qilu8989]

如果你的RRSP over contribution 没有超过$2,000可以不用管它，明年contribute的时候记住少contribute $2,000. 如果超过了$2,000要把超过的部分取出来。你需要fill T3012A form 去银行 withdraw. 这样你的银行不会扣你的税。 而且你还有fill T1-OVP form给CRA 计算你的over contribution penalty. 千万不能直接去银行取钱。

我遇到的问题是一样的，bonus百分比没来得及调整，就全部超过了。当时银行说法和上面这位兄弟一样。我有几个问题希望你能帮忙回答。
1.我当时超出4000多，NOA出来以后我马上就取了5000出来，银行扣了10%的税。我的1%的interest是从什么时候开始算了（我2010年2月bonus超过）。
2.我是netfile，这种情况怎么补救呢？

3.请问去年NOA出来LINEB-LINEA-2000就是我要交的interest base吗？

RSP真麻烦

 

[CONTROL SYSTEM]

顶。。

 

[OCAC]

pyottawa的问题：

你可以claim caregiver amount for your parent, if your parent was born in 1945 or earlier,并且你的parent和你住在一起。for 2010 tax return, you claiming caregiver amount 那个人的net income (line 236) 必须要少于$18,645。

报税的时候不论是分开报和在一起报都无所谓，只要在你的tax return上填上dependant information就可以了: 注明他们的personal info. 包括年龄，收入，是否claim gst/hst credits.
我不太清楚你用的是哪个报税软件。我用的软件可以把所有的family members link在一起，这样当我输入parent information的时候，就会自动link到自己的tax return 上。如果你还是不清楚，可以QQH我。
你如果claim你的父母as dependent, 你不可以给他们发child care 工资。

 

[OCAC]

Scenario: when you decide to buy an investment property, you have a choice to register the property under a corporation or under you and/or your spouse.

Question: from the tax perspective, which way we should go? I know it is a complicated question, but specifically, for example, when you sell the property later, you have some capital gain. For both individual and corporation, you need to pay tax on 50% of these capital gains. For the individual ownership, you just pay tax on the capital gain based on your tax bracket (marginal tax rate). What tax rate does a corporation pay on the gain? Furthermore, when your corporation distributes these profits to yourself, do you need to pay tax on it again?

Thanks for your answers in advance.

My suggestion is to buy the property under your and/or your spouse's name.

Investment income earned in a corporation is considered as passive income and does not have the advantage of active business income which is taxed in the corporation at much lower rate. Capital gains are also 50% taxable for the corporation.

There are some ways that your corporation can distribute the profit to you:
- dividends and capital dividends
- salary and bonus
- management fees
for each way, the tax implication is different and has its advantages and disadvantages. Dividend is more tax favorite to individual, but it has to be taxed in the corporation first. Salary to you would be a deduction to the corporation, however it's taxed at the individual's personal marginal rate.

As you said, this is a very complicated question. It will depend on your personal needs.

 

[dong2008]

各位好，我现在有个关于报税的问题，麻烦各位达人帮忙解答。

我今年是第一次报税，现在已经用UFile软件算好了应该交的税额，并且到邮局取了寄往CANADA REVENUE AGENCY TAX CENTRE的信封(地址：PO BOX 4000 STN MAIN SHAWINIGAN-SUD QC G9N 7V9)，我知道报税表应该寄到这个地址，但是付税的支票该怎么办呢?是附在报税表里一起寄到这个地址吗？另外支票的抬头应该是什么呢(或者说支票该写给谁)？

我不知道到哪里查这些信息，所以麻烦各位高人指点，谢谢了！

 

[OCAC]

(1) You have mentioned in a previous post that phone expense is deductible. Where should I put this expense in Form T776? Under other expense? How about internet cost?
(2) If I drive and look around the property that I am interested in purchasing (e.g. visiting sales office, visit open house, etc.), can I deduct the expense for this type of mileage?

Thanks.

1) I would include the phone expense in either line 8810 (office expense) or line 9270 (other expense). Same for the internet expense.
2) In my opinion, if you are in the business of buying rental properties and renting homes, and you are going to buy more than one rental properties, you should claim vehicle expense for house hunting. However, you might need to try harder to argue that the vehicle expense is deductible, if you did not end up buying the property, and/or you are only going to buy one.

 

[OCAC]

各位好，我现在有个关于报税的问题，麻烦各位达人帮忙解答。

我今年是第一次报税，现在已经用UFile软件算好了应该交的税额，并且到邮局取了寄往CANADA REVENUE AGENCY TAX CENTRE的信封(地址：PO BOX 4000 STN MAIN SHAWINIGAN-SUD QC G9N 7V9)，我知道报税表应该寄到这个地址，但是付税的支票该怎么办呢?是附在报税表里一起寄到这个地址吗？另外支票的抬头应该是什么呢(或者说支票该写给谁)？

我不知道到哪里查这些信息，所以麻烦各位高人指点，谢谢了！

Following are some popular payment methods:
-set up a payee via your bank web, and pay directly from your bank to CRA (put your SIN# as reference #)
- attach a cheque to the front of your paper return and your cheque is payable to Receiver General of Canada and note your SIN# on the cheque.
- pay at your bank/financial institution. Please note that you have to bring the remittance form with you.

 

[dong2008]

Following are some popular payment methods:
-set up a payee via your bank web, and pay directly from your bank to CRA (put your SIN# as reference #)
- attach a cheque to the front of your paper return and your cheque is payable to Receiver General of Canada and note your SIN# on the cheque.
- pay at your bank/financial institution. Please note that you have to bring the remittance form with you.

非常感谢您的细致解答，受教了！

 

[m234]

请问, 美国的RENTAL INCOME 在加拿大报税时也用T776吗?

除直接INCOME & EXPENSES 外, 还有起它应报的吗? 好象有CCA要报?

先谢了.

 

[VickyZeng]

请教一问题：我们2010年11月短登渥太华，2011年8月重登渥太华，老婆孩子留下，我先回国，牛奶金怎么申请，税要现在报吗，国内房产存款什么时候申报？可以联系我们推荐谁给代理一下吗？Email：yjmzt@tom.com。谢谢

 

[OCAC]

请问, 美国的RENTAL INCOME 在加拿大报税时也用T776吗?

除直接INCOME & EXPENSES 外, 还有起它应报的吗? 好象有CCA要报?

先谢了.

是的，也用T776.
报CCA (building only, not including land) 是optional. 自己可以决定报不报。