Sentences with phrase «income for tax purposes»

Any funds you receive over and above this amount are considered as income for tax purposes.

The adjustments of principal are considered income for tax purposes, although investors do not receive the adjustments, but instead receive the coupons that result from them.

He is entitled to deduct all reasonable business expenses from income for tax purposes.

From there, your net income gets treated as ordinary income for tax purposes.

This would allow them to implement a number of targeted tax changes, the most important being the splitting of family income for tax purposes for families with children under the age of 18.

It's important to remember however that this is your total income for tax purposes only, and not your absolute total income.

The way you calculate income for child support purposes may be different from the way you would calculate income for tax purposes.

The landlord insists that the rent is paid in cash and he doesn't declare the rental income for tax purposes.

It's considered portfolio income for tax purposes and is taxed at ordinary rates.

As noted earlier, any income from royalties or book / ebook sales needs to be reported as income for tax purposes and may be subject to sales taxes, too.

This is good news because many payments for benefits which you might not think about are considered income for tax purposes.

Couples with children under 18 will also be able to split income for tax purposes by transferring up to $ 50,000 of income from the higher - income earner to the lower - income partner, effective for the 2014 tax year now in progress.

However, you will be required to repay 15 per cent of the amount by which your net income for tax purposes — including your OAS pension — exceeds $ 66,733.

Because the investment income within, and withdrawals from, a TFSA will not be taxable, interest on money borrowed to invest in a TFSA will not be deductible in computing income for tax purposes.

Similarly, this means it's also important to recognize that while long - term capital gains falling at the lower income levels may be eligible for a 0 % tax rate, it is still income for tax purposes, not only for determining which bracket to apply, but also for state income taxes (which may not be a 0 % rate!)

Based on these numbers, the insanely rich aren't using that many loopholes to shield income from taxes, since all the data is based on reported income for tax purposes.

And using offshore accounts or holding companys aren't particularly effective methods for shielding income for tax purposes (since offshore accounts are subject to a whole whack of anti-avoidance rules and holding companys are typically subject to more or less the same tax rate as people in the top marginal tax bracket - the Tax Act has tightened up a lot since the 1960s so there really aren't that many «loopholes»).

When we invest in 5 year NSCs, I get to know we need not consider interest income for tax purposes till 5th year, when the whole interest accumulated to be considered taxable.

Generally, wage - loss replacement benefits payable on a periodic basis under a group sickness or accident insurance plan to which an employer has contributed are included in an employee's income for tax purposes when those benefits are received.

The sacrificed component of your total salary package is not counted as assessable income for tax purposes.

Back in the 1970s, Ottawa decided to encourage investment in this sector by allowing investors in new apartment buildings to claim their annual depreciation against other income for tax purposes.

What with the currency risk, currency - 0conversion fees (or hassles of avoiding them like making phone calls) and drawbacks of RRSPs (e.g. convert capital gains and dividends to regular income for tax purposes, etc), it's not surprising I often hear Canadians say they don't do much foreign diversification!

Canadian residents (including individuals, businesses, corporations, trusts, and members of partnerships) are required to report their worldwide income for tax purposes.

Rental income is classified as passive income for tax purposes and is treated the same as any other form of business income except that it is not subject to self employment taxes which is a big break.

However, your government is already on record for its commitment to allow families with children under the age of 18 to split income for tax purposes; to extend the fitness tax credit to adults; to raise the threshold for Tax Free Savings Accounts to $ 10,000; and to reduce government debt.

Employer contributions are a deductible salary expense and may therefore be deducted from income for tax purposes

As we blogged about last month, a forgiven student loan is usually treated as income for tax purposes.

Remember that the OCS foster care reimbursement is not considered income for tax purposes.

Whether it's dividends, rental income, capital gains or salary, it should all be treated equally as income for tax purposes, he says.

Outside of introducing a flat tax, the best solution would be to allow spouses to file jointly and thus split their income for tax purposes.

• Dividends that are reinvested for additional shares are still considered income for tax purposes.

We all know, of course, especially in cash type businesses, that there is the possibility that the seller is not reporting all of his or her income for tax purposes.

I figure that any couple that splits income for tax purposes should be required to actually split that income — whether by putting it in a joint bank account, transferring control over the appropriate assets, etc..

Nixon's campaign said her true income was about $ 1 million in 2017, noting that the overall figure of $ 1.5 million does not reflect some expenses incurred by Nixon's corporation, while it does include receipts from the sales of securities which are not classified as income for tax purposes.

For those paid on contract or as consultants, it is probably worth finding an accountant or other financial adviser to help you determine how best to declare you income for tax purposes.

Remember that all income from self publishing — even from digital products such as ebooks — will need to be reported as income for tax purposes and may be subject to sales taxes as well.

Most of the time, those reimbursement funds can be excluded from your income for tax purposes.

Whether it's dividends, rental income, capital gains or salary, it should all be treated equally as income for tax purposes, he says.

According to the Internal Revenue Service (IRS), student loan amounts forgiven under PSLF are not considered income for tax purposes.

If it is the latter, the IRS expects you to report the canceled debt as income for tax purposes.

Your full IRA contributions can always be deducted from your income for tax purposes if you are not covered by a retirement plan at work.

With a TFSA, your entitlement to income - tested benefits won't be affected since withdrawals from your TFSA are not included in your income for tax purposes.

Tax information concerning the amount of interest you should include in y our income for tax purposes will also be provided by the broker.

Contributions do not generate a tax refund, but future withdrawals from TFSAs are not counted as income for tax purposes.

Also, it won't be added to you income for tax purposes unless you repay the loan.