Tax season has officially arrived and for some, the first question to ask is: Do I have to file a tax return this year? You must file a tax return for 2016 if:- You have to pay tax in 2016.- You received a request from CRA to file a return.- You and your spouse elected to split pension income.- You received working income tax benefit advance payments in 2016.- You disposed of capital property in 2016.- You have to repay any of your old age security or employment insurance benefits.- You have not repaid all amounts withdrawn from your registered retirement...
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To answer this question, let us first look at what digital currency is. Digital currency is virtual money that can be used to buy and sell goods or services on the internet. An example of digital currency is the bitcoin. Bitcoins are not controlled by central banks or any country and can be traded anonymously. Bitcoins can be traded for traditional currency and can also be transferred from one person to another. So, do tax rules apply when you use digital currency? YES! If you use digital currency to pay for goods or services, the rules for barter transactions apply. A...
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Here are the other employment expenses you can deduct as a salaried employee: Parking: You can deduct parking costs related to earning your employment income. Generally, however, you cannot deduct the cost of parking at your employer’s office, such as monthly or daily parking fees or the cost of traffic infractions such as speeding tickets. These are all personal costs. Supplies: You can deduct the cost of supplies you paid for or that were paid for you and included in your income. Supplies are only those materials you use directly in your work and for no other purpose. Supplies include materials...
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As a salaried employee, you may be able to claim a deduction for employment expenses if you incurred any of the following expenses: Accounting and legal fees: You can deduct any legal fees you paid in the year to collect or establish a right to collect salary or wages. You can also deduct legal fees you paid in the year to collect or establish a right to collect other amounts that must be reported in employment income even if they are not directly paid by your employer. Please note that you must reduce your claim by any amount awarded to you...
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