What are the criterias for reducing income tax ? What is a tax write-off ? Is my estimation that on $ 15,000. of declared income in Canada, I would have to pay around $ 2000 income tax ? I don't own a home yet, and live mostly in my truck when the weather is warm enough to save on rent and attempt to save toward a cabin.. Is there a way to be creative with one's taxes ? Besides personal criteria for tax exemption, how much can I donate to charity or to an individual doing charitable work ? Can I write off any percentage of what I would pay in income tax toward my 20 yr old son's college or univeristy education ? I am almost constantly driving and traveling when I do sales work.. Are there bills or receipts I am supposed to keep during the year that are helpful toward tax exemptions ? My commercial art business is not yet officially registered. To qualiify for tax exemption, is there an advantage to having your business registered or is it ta disadvantage ?
2007-02-20 20:41:57 · 1 answers · asked by Gaura 2 in Business & Finance ➔ Taxes ➔ Canada
You can donate up to 75% of your net income. The non-refundable tax credit is 15.25% of the first $200 that you donate and 29% of the rest.
If your 20 year old son attended post-secondary education and received a T2202a for the tuition, HE has to claim it first if he has income to apply it against regardless of who paid for it. If there is any left after he claims his maximum, he can choose either to transfer it to you or to carry it forward until the next year.
You are self-employed. Sorry, I don't have much experience with small business. It would be difficult to determine which percentage of your vehicle is used primarily for work and which part for personal...
You may need to speak to a tax professional or accountant to see what exactly you would qualify for as you get your business up and running.
2007-02-21 05:14:19 · answer #1 · answered by LaLa 6 · 0⤊ 0⤋