Top Tax Questions | Pinnacle Accounting Calgary

Top Tax Questions

Personal:

  • What is the 'Working Income Tax Benefit' and why can't I claim it with my own tax software?
  • What do I need to claim the 'Children's Fitness Amount'?
  • How do I capture my childcare expenses?
  • Is the 'Children's Art Amount' still available?
  • How do I capture my moving expenses
  • I'm an employee, but I want to deduct my expenses like a business owner — how do I do that?
  • How much of my spousal & child support payments can I deduct?
  • How do my pension plan contributions affect my taxes?
  • What do I need to claim my public transit costs?
  • How do I claim my medical & dental expenses?
  • How do I claim my professional dues? (Engineer, Nurse, Lawyer, etc.)
  • Someone else paid for my education; can I still claim my tuition and text book credits?
  • I don't consider myself disabled, what do you mean 'we can still claim the Disability Tax Credit?

Investment:

  • How do I claim the interest on money borrowed to invest?
  • I've set up a mortgage reduction plan which has preferential tax treatment; how do I claim it?
  • Can I claim my accounting fees?
  • How do I eliminate the taxes on my rental properties?
  • My investment's returns are in the form of 'Return of Capital'; can I still claim interest on money borrowed?
  • My investments provide me with a T5013 slip and my tax software won't let me claim it; what should I do?

Business:

  • What can I deduct against my business revenues?
  • My business is already in a loss, is there a benefit to further deducting expenses?
  • Should I lease or purchase my new car?
  • What % of my home should I claim?
  • Do I have to keep a km log?
  • How do I expense medical and dental against my business?
  • At what point should I corporate?
  • At what point should I make a 2nd corporation?
  • What are the benefits of incorporating?
  • Should we declare dividends?
  • What the heck is the Shareholders' Loan account & how do we use it to reduce & defer taxes?
  • How do declaring bonuses defer my tax bill?
  • What strategies can I use to split income with my family?
  • How should I structure my shares?
  • What is a 'Kiddie Tax' and what should I watch out for?
  • What is a 'Minute Book'? Do I need one?
  • What is a Holding Company & how does it help me?
  • When should we add a Family Trust to our structure?
  • How do we maximize the small business deduction limit?
  • We are going to raise money for our business; how do we need to structire things to be tax efficient and securities complaint?
  • What investments are tax efficient in my corporation?