The Federal Tax Credits Blog

Posts Tagged ‘canada’

Question: Can you claim Residential Window tinting on income tax in Ontario?

I’m having my windows tinted (by professionals) and was wondering if there was such thing as a tax credit/write off for Ontario residents who choose to take steps to improving energy efficiency etc… in their homes.

Thanks

Answer: If it is your rental property, the answer is yes.

If it is your personal residence, the answer is no. It is considered a home improvement and it can’t be claimed.

Timminco Announces Closing of Joint Venture With Dow Corning and Provides Update on Credit Facilities

TORONTO, ONTARIO–(Marketwire – 10/01/10) – Timminco Limited (“Timminco”) (TSX: TIM – News ) announced today that it has completed its previously announced joint venture transaction with Dow Corning Corporation (“Dow Corning”) regarding the silicon metal production facilities of Timminco’s wholly-owned subsidiary, Becancour Silicon Inc. (“Becancour Silicon”). As a result of today’s closing, Dow …

**REPRINT** Ontario Emissions Trading Code – Emission Reduction Credit Creation, Recording and Transfer Rules, Rules for Renewable Energy Projects and Conservation Projects, and Rules For… …

Wind and Solar Power Supply

Question: Disability Credit Canada?

Can a child who is under 2 and diagnosed with cerebral palsy recieve the disability tax credit in Canada? I’m waiting for CCRA to make its decision but that could take 4-6months. Just wondering if any body knows through experience.

Answer: Yes, CCRA should approve it.

Protesters disrupt McGuinty’s tax credit message

Ontario Premier Dalton McGuinty got an earful Thursday from protesters unhappy with proposed wind turbine farms planned for the southern City of Kawartha Lakes.[...]

How to renew your tax credits video 6 – disability

Question: Question about payroll, Debit and credit accounts?

Hi, I need to do the payroll part for my company.

My company has payroll liabilities and workers compensation payable as current liabilities accounts.

It has Union Dues expenses, Payroll expenses, Federal and provincial Tax expenses accounts.

I was wondering howI do the journal entries for remittance of Source deductions and Employer contributions for payroll to the government before 15th of each month.

which accounts i should Debit and Credit.

Do I need to creat EI,QPP,QPIP,QHSF expense accounts for Debit, do I need to creat EI,QPP,QPIP,QHSF payable accounts for Credit,

Or I just Debit Payroll expense, and credit Payroll liabilities account?

Thanks a lot for any advises

Answer: All this stuff is handled automatically by some computer software packages.

You need to be careful to get one that is prompt with updates when the government regulations change, which they do with regularity.

For example, everyone knows that at end of year, W2’s and related forms need to be printed. It is not unusual for the government to come out with some new rules for what belongs on those forms, and not announce them until September or October. This means the software companies have to scramble to figure out updates, test them and get them to their customers.

The good software companies typically get these fixes delivered in time for the customers to get the patches on, test them, tell the software place if there’s any problems, get them resolved, before the government deadline to do the W2’s etc.

My employer once had a place where
* September of each year the government announces a bunch of rule changes
* The softwware company typically took 2 years to get their software fixed.

So I had to figure out how do to the fixes, then when the software company finally delivered their patches, I had to merge with my patches, also test this.

While you might think that was a nightmare,
I think that doing the whole thing by hand is an even worse nightmare.

Leo Hindery, Jr.: Creating Jobs — Two Better Ways To Do It

It’s long past time for our government to stop equating a job in a sub shop selling sandwiches to a job in a manufacturing plant making real products for domestic consumption and export.

Hungary: Modernizing the Subnational Government System (World Bank Discussion Papers) $14.99 Hungary has been a pioneer in local government reform among transition economies. Through a series of legal reforms introduced since 1990, Hungary has decentralized the state administration and re-established the full autonomy of local governments. The local governments have adjusted resolutely to the changing circumstances, but are reaching the limit of their ability to adapt in the current frame…

Welfare Benefits and Tax Credits 2006 $33.02 …

2009 Realtor Party Video Contest – David Weldon

Question: Disability Amount Transfer?

I received a letter from Revenue Canada letting me know my daughter has been approved for the Disability Tax Credit she was born in Sept 2006 and recently diagnosed with Autism the letter states that because I did not have any taxable income from 2006-2008 the disability amount will not result in any additional refund for me, so my question is would my husband be able to claim the disability amount for those years as he was working and if he is able to claim it how would I go about that fill out a T1_ADJ for those years.

Answer: It is simple and straight forward.You would tell them to adjust line 318 of schedule 1 to include the “disability amount transfered from a dependent” The previous amount would be 0 the amount of change would the same as the revised amount which would be the full amount of the credit in the year applicable.
The amount for 2008 is 7,021
2007 6,890
2006 6,741
There is no calculation on your part but you must fill out one for every tax year. Be sure to include a copy of the disability tax credit letter you received from the CRA.

http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/t1-adj-08e.pdf

Special Report: U.S. data dogs on quest for sexier statistics

By Emily Kaiser

The Student Loan Scam: The Most Oppressive Debt in U.S. History – and How We Can Fight Back $22.95 Alan Collinge never imagined he would become a student loan justice activist. He planned to land a solid job after college, repay his student loan debt, and then simply forget the loans ever existed. Like millions of Americans, however, in spite of working hard, Collinge fell behind on payments and entered a labyrinthine student loan nightmare.High school graduates can no longer put themselves thr…

Myriad Canadian tax credits

Question: For my child that lived abroad with my parents, can I claim child tax credit and dependent?

My daughter spent most of the last year with my parents abroad. We did provide support for her living cost. Can we claim her as our dependent? Can we claim child tax credit? Thanks!

Answer: The following assumes your child is under 19 or under 24 and a full-time student.

To be your “qualifying child”, your child will have had to live with you or your spouse for more than half the year. Therefore, your daughter cannot be your “qualifying child.” Because of this, you will not get the child tax credit.

Are your parents US taxpayers? If so, then your child is the “qualifying child” of your parents, since your child did not provide over half of her own support. Your parents may claim her as a dependent and get the child tax credit, even if you supported the child.

If your parents are not US taxpayers, then your child is your “qualifying relative” as long as you have provided over half of her support. You can claim a dependency exemption for her but no credits associated with “qualifying child” such as the child tax credit.

Ohio Gov. Ted Strickland accuses John Kasich of helping the super rich while in Congress

Democratic Gov. Ted Strickland attacks the congressional voting record of his Republican opponent, John Kasich.

VP Biden on Economic Expansion for the Middle Class