 I'm claiming working tax credits but each week my hours change from 0-40hrs should i tell the government ? |
Additional Details
to elaborate i'm self employed and was very busy until the end of the tax year
hopefully soon i will get some more work but have not worked for 2.5 months ... |
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 Liable for future hubby's past due child support? |
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My fiance, who is working and paying child support, owes from back child support when he was unemployed.... |
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 What is medium household income? |
| I've tried looking on yahoo answers and want a straight answer to what is "medium household income." Our combined income is around 80,000+/- and want to know if we will be getting ... |
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 Not being paid overtime after 40hours.? |
| Here is the situation. My mom earns 10.56 an hour. She worked 40 hours at regular rate and 32 hours overtime. Total of 72 hours. Her employer calculated her overtime as 10.72x32. Instead of ... |
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 My bank sent my refund check back to the IRS because my name isn't on my parents bank account, what do i do? |
| I was supposed to be added on to the account but the day we were to go to the bank my purse was stolen with all my stuff in it. Now the bank has the money but they are going to send it back to the IRS... |
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 If I Had No Income For 2007, Do I Have To Joint File? |
| My wife and I are filing, and even though I had no income this past year she thinks I have to file with her. Is she right, or am I a dependent or some other entry on the form? Thanks for any ... |
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 Do I need to file? |
I only made $1400 last year and I was wondering if I need to file taxes. I have been told that you don't have to if it is anything under $1500 and I was wondering if that was true.
T... |
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 What is this tax rebate or what ever it is that I've been hearing about? |
| I've heard something about $600 for single and $1200 for married couples. What is this all about, and is this in addition to what we might be getting back? Also when did it pass and when will ... |
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 What are your plans with your stimulus check ? |
| I am just kinda of curious of what peoples plans are with there stimulus check...?... |
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 Do you think we are taxed enough? How are we going to pay these bailouts back? Read this n think...? |
What about a personal bail-out for each American taxpayer a decent stimulus check?.... It really all does not matter.They(government) ain't gonna give the working man poor a dime...
W... |
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| 17 year old working and will file a tax return to get refund of state and local taxes? |
| The 17yo will check on his taxes that someone else can claim him. The parents of the 17yo will claim him on their taxes. Who gets the tax rebate? The 17yo filing as an individual, the parents ... |
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 My uncle is being denied soc. sec. benefits, is this right? |
| (age 68)worked for the city of dallas for 20+ years, he is recieving his pension but was told by ss that he does not qualify for benefits because the city of dallas never deducted any from his ... |
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 I got married in October, but my husband is not living in the US yet and doesn't have a SSN. Can I claim him |
I am sending him money every month and started doing so long before we got married.
Additional Details
He's not physically with me. When I was married to my first husband we ... |
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| Is there fines and late fees for filing tax for refund? |
| If I will be getting a refund, is it ok if I file late? Is there any penalties for filing late?... |
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 I have not file my taxes for three years....the last time i did they reached in and took my return for a stude |
| nt loan.... i would like to file these myself with this years return...how do i do it without getting hit by my student loan....how i do it online myself.....how do i get all my money back owed to me ... |
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Ted D | What taxes do canadians pay on money they inherit? |
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colinsmumplus1
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As far as I know, inheritance money is tax free. Same as lottery. |
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LaLa
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Like lottery, most gifts and inheritances are not taxed in Canada. If you received an inheritance of money, the amount itself is tax free. However, you do have to pay taxes on any money earned on that amount, such as bank interest or proceeds from an investment - which you would generally receive a tax form for. If the inheritance was an investment that was cashed in or property that was sold, anything that you made money on, I believe you have to claim that. But that's when it starts to get a little more complicated so I recommend talking to someone at CRA or a tax agency. |
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CanadianBlondie
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You won't pay tax on the inheritance, however after it is yours, if you earn money with it through investments, you will pay tax on interest, dividends, or capital gains that inherited money makes for you. |
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TIM H
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Lala's answer was pretty good but incomplete.
When a person resident in Canada dies, they are deemed to have disposed of all their property on the date of death at its fair market value. This would include investments, real estate, art work, collections etc. The estate of the deceased pays income tax on any "deemed capital gains" on this property. In many cases assets of the estate have to be liquidated in order to pay the income taxes.
If a deceased leaves everything to a serviving spouse this deemed disposal at death is deferred until the spouse dies, at which time the spouse's estate will be liable for any income taxes in the same manner.
The primary assest that most people own is their personal residence. The gain on the sale of a principal residence is not subject to tax on any realized gain. Therefore the estate can liquidate a personal residence and distribute the resulting net proceeds (after disposition costs) to the beneficiaries free of any further taxes.
The beneficiaries of an estate are not subject to any direct taxes on their inheritance at the time that the assets are bequethed to them.
If a beneficiary receives assets in the form of say, shares of a public company, then the beneficiary has a 'deemed" acquisition cost equal to the fair market value of those shares at the deceased's date of death. This is the value against which subsequent proceeds of sale are measured to determine whether or not the beneficiary has a capital gain or loss for income tax purposes.
Hopefully between LaLa nad myself you have an idea as to how the system works in Canada |
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retroguy01
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none. Money put in the bank is already considered taxed. When it is inherited it is not considered income. |
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up_4_anything
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br ce.a orppfvvv |
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biteme
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Depends on province. If you get an inheritance the taxes are already paid. You do not pay again |
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Da Ben Dan
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Nothing |
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Terry M
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believe it or not, quite a bit. it depends on the tax bracket that you are "bumped" into. it is calculated into your earnings for the year, and you pay income tax on the entire earnings for the year.
you will receive a tax form for this money, don't think you can bank it and it will be tax free. you pay nothing when you receive it, only in april when you do your taxes. |
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