The Federal Tax Credits Blog

Posts Tagged ‘ontario’

Question: loan for car in ontario for 19 year old?

hi there im looking to buy a car 2005 Honda accord or 2003 acura rsx 11 – 12 k including taxes and fees.
im working for about 4 months making 1900 monthly i pay no rent etc
i have a credit card for 500$ which is at 50% for the past 7 months
and i have a dell computer loan for 1000 and my cell phone that appears on my credit history also my credit score is 650 which is decent i believe

i don’t want to get financing from the dealer obviously they enjoy bending you over
what other options will be good from your experiences such as bank loan and buying private listings.
thanks.

ps. looking to get it in 3 months with 2k down

Answer: Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carinsurance.deep-ice.com

East-West imbalance unchanged

Edmonton boosters have been fighting in recent weeks to find a way to keep this city’s Indy car race without bleeding public funds.

Canadian Car Czar

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 …

Wind and Solar Power Supply

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.

2009 Realtor Party Video Contest – David Weldon

Question: canadian foreign tax credit?

I worked in Canada for some time and have unused foreign tax credit available. I am working in US now and would like to take advantage of the Foreign Tax Credit Carry Forward available. Is that possible with out working in Canada. For example through some CD, Bond investments in canada

Answer: Sorry, CD, bond investments, etc. are passive source income and only the foreign tax on passive income can be used as a credit against the U.S. tax on the passive income. And passive income is broken into two categories: passive and high withholding tax interest.

However, if your job takes you out of the country for any short period of time, say three days to Canada, then a prorata portion of your U.S. salary becomes “foreign source general limitation income”. You can use your Foreign Tax Credit Carry Forward against the U.S. tax on this portion of your U.S. salary. Better yet, you aren’t in Canada for long enough period of time for Canada to tax you on the income during your short stay.

The foreign tax credit is claimed on IRS Form 1116 which lists the “categories” of foreign income. Only the foreign tax on each category can be used as a credit against the U.S. tax on that category’s income.

The World According to Gold

Ah….Christmas in Buenos Aires. At the risk of incurring the disdain of the family oriented, I revel in the absence of the cumbersome familiar Yuletide agenda. Instead of turkey, this year there will be steak and steak, with some more steak.

Investment TV-howto save Tax through Charity Donation