Canada gift tax law
We will review your form before we assess your return to see if you are eligible.
If your net income was: 36,430 or less, claim 7,225 on line 301; or more than 36,430 but less than 84,597, complete the chart for good gifts to get mom for birthday line 301 on the federal worksheet to calculate your claim.Carryforward of your unused tuition, education, and textbook amounts You can carry forward and claim in a future year the part of your 2017 tuition amount you cannot use (and do not transfer to another person) for the year, as well as your unused tuition.Reimbursement of an eligible expense You can claim only the part of the amount for which you have not been or will not be reimbursed.If you own a rental property or a real estate investment in Canada, and have sold or are thinking of selling, read this blog for helpful tax tips that can save you thousands.These activities include: Collecting rent Paying mortgages and taxes Maintenance Repairs Upgrades All tenant management For individuals looking for a hassle free real estate investment, a limited partnership is definitely a great choice.This is known as recapture.Complete Schedule 11 to calculate your total eligible tuition amount for 2017 and any unused tuition amount that you may want to transfer to another person.How to claim this amount To claim home accessibility expenses complete Schedule 12, Home Accessibility Expenses, and report the amount from line 4 of Schedule 12 on line 398 of Schedule 1, Federal Tax.Receipts or invoices must show that bills were paid in full or be accompanied by other proof of payment, such as a credit card slip remove team win recovery project or cancelled cheque; and a statement from a co-operative housing corporation or condominium corporation (or, for civil law, a syndicate.It includes existing homes and homes under construction.Limited Partnership A limited partnership is a separate legal entity where investors own units representing their ownership interest in the partnership.This applies even if you got married or got back together with your spouse in 2017 or you became a common- law partner or started to live with your common- law partner again.The net sales proceeds are the selling price and the cost is the original purchase price.These amounts are shown in box 24 of your T4 slips for 2017 (or box 14 if box 24 is blank).If you are filing a paper return, attach your completed Schedule 9 but do not send your other documents.The day to day activities of the properties is left up to a general partner.To do this, complete the Transfer or carryforward of unused amount section of Schedule 11 to calculate this transfer.In this case, do not enter any premiums on line 312.For each other dependant 18 years of age or older, who is not your spouse or common- law partner or an eligible dependant for whom senior us open prize money an amount is claimed on line 305, you may be entitled to claim an amount up to a maximum.You may be claiming expenses that would be allowable only for a person who is eligible for the disability tax credit.Line 326 Amounts transferred from your spouse or common- law partner You may be able to claim all or part of the following amounts for which your spouse or common- law partner qualifies if he or she did not need the whole amount to reduce his.
Here is a list of the most common situations where you may have to pay minimum tax : You reported a taxable capital gain on line 127 of your return.
Claim any overpayment on your provincial income tax return for Quebec.
Generally, you can claim on line 340 all or part of the eligible amount of these donations, up to a limit of 75 of your net income for the year.
You can claim eligible medical expenses paid in any 12-month period ending in 2017 and not claimed for 2016.