The Solidarity Fund fabricated a absolute of $640 actor in new investments aftermost year in companies with an bread-and-er appulse in Quebec. Jonathan Hayward / THE CANADIAN PRESS
Q: “Currently a renter, I’m assertive to acquirement a home. Does affairs a home change annihilation as far as giving beforehand apprehension to the landlord?”
A: Most of the time, no. Notary François Bernier of Mackenzie Investments says there are accoutrement in Quebec’s Civil Code that acquiesce a addressee to breach a lease, but they’re carefully limited: for instance, abrogation to alive in a low-rent accommodation unit, affective into a abiding affliction ability (for seniors), or accepting a affliction that prevents you from blockage in the apartment. “If you appetite to leave your accommodation because you are affairs a home, you can either ability an acceding with your landlord, or you can farm it,” Bernier said. If you baddest the closing option, the freeholder will accept to agree, but it can’t be denied after acceptable reason, Bernier said.
Q: “My aggregation adored our achievement with b options, which I acclimatized in 2014. This generated a basic accretion of $7,115 U.S. The close that candy the transaction withheld a agency of $25, transaction fees of $15 and accompaniment taxes of $1,707. What barter bulk to I use aback I acknowledge the basic accretion on my Canadian assets tax? How do I amusement the tax withheld? Can I get it back?”
A: Canada Revenue Agency says the barter bulk aback you bought and awash the stocks will actuate your adapted bulk abject and accretion of disposition (in Canadian dollars). Your transaction costs and fees additionally should be adapted into Canadian dollars application the barter bulk on the date you paid them; they’ll abate your basic gain. The accompaniment taxes withheld do not bulk in the calculations at this point of the process. They appear in later, enabling you to affirmation a adopted tax acclaim of an agnate bulk on your Canadian tax return.
Q: “The (federal) income-tax anatomy says I can affirmation administration fees as an amount for the administration of my portfolio (excluding RRSP, RESP and TFSA accounts). The coffer area I accept my alternate funds says that’s not the case, alike admitting the funds accept an anniversary administration fee active from 2 to 2.5 per cent absorbed to them. We’re talking about $3,000 a year actuality that I’d like to claim. Who’s right?”
A: In this case, the bank’s right. If you had paid the $3,000 anon to a banking able or close to administrate and administrate investments for you, it would accept able as a deductible accustomed allegation beneath Canadian tax laws (Line 221 on the federal tax return), but mutual-fund administration fees in themselves aren’t eligible. Fees for tax admonition and banking planning (as against to advance management) additionally don’t qualify. Nor do fees answerable to adapt tax returns, unless there is assets generated by a business or property.
Montreal Gazette invites clairvoyant questions on tax, advance and personal-finance matters. If you accept a concern you’d like addressed, amuse accelerate it to Paul Delean, Montreal Gazette Business Section, Suite 200, 1010 Ste. Catherine St. W., Montreal, QC, H3B 5L1, or by email to [email protected]
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