According to the Canada Revenue Agency (CRA), there are deductions you may apply against your US military pension. Under Line 11500 - Other pensions and supernnuation, you are to report your gross foreign pension income received. Due to the tax treaty between the two countries, you can deduct any U.S taxes paid on your pension, as well as 15% of any U.S Social Security Benefits.   Note: If you have been receiving U.S Social Security benefits continuously since 1995, or if you are receiving death benefits for a spouse, you may be eligible for a 50% deduction. For more information, check out: TurboTax - Are US pensions taxed to Canadians? Also, Canada Revenue Agency (CRA) - Foreign Pension   Thank you for choosing TurboTax. ... View more

According to the Canada Revenue Agency (CRA), the calculation of capital gain/loss is: Proceeds of Disposition - (Adjusted Cost Base + Outlays and Expenses) = Capital Gain/Loss   The definitions of the 3 goes as follows: Proceeds of Disposition: Usually the amount you received or will receive for your property. In most cases, it refers to the sale price of the property. This could also include compensation you received for property that has been destroyed, expropriated, or stolen. Adjusted Cost Base: Usually the cost of a property plus any expenses to acquire it, such as commissions and legal fees. The cost of a capital property is its actual or deemed cost, depending on the type of property and how you acquired it. It also includes capital expenditures, such as the cost of additions and improvements to the property. You cannot add current expenses, such as maintenance and repair costs, to the cost base of a property. Outlays and Expenses: Amounts that you incurred to sell a capital property. These types of expenses include fixing-up expenses, finders' fees, commissions, brokers' fees, surveyors' fees, legal fees, transfer taxes, and advertising costs. For more information, check out: Canada Revenue Agency (CRA) - Capital Gain/Losses   As the Canada Revenue Agency (CRA) recognizes Outlays and Expenses as commissions you may add it in your Capital Gain/Loss transaction.   Thank you for choosing TurboTax. ... View more

According to the Canada Revenue Agency (CRA), commissioned employees may deduct expenses associated with commission income as long as they meet certain conditions.   To deduct employment expenses you paid to earn commission income, you have to meet all following conditions: Under your contract of employment, you had to pay for your own expenses. Note: You are not considered to have paid your own motor vehicle expenses if your employer reimburses you or you refuse a reimbursement or reasonable allowance from your employer. You were normally required to work away from your employer's place of business. You were paid in whole or in part by commissions or similar amounts. These payments were based on the volume of sales made or the contracts negotiated. You did not receive a non-taxable allowance for travelling expenses. Generally, an allowance is non-taxable as long as it is a reasonable amount. For example, an allowance for the use of a motor vehicle is usually non-taxable when it is based solely on a reasonable per-kilometre rate. You keep a copy of Form T2200, Declaration of Conditions of Employment, which has been completed and signed by your employer.   After you have met these conditions there are certain categories that you can report expenses for. These categories are as follows: * Accounting and legal fees * Advertising and promotion * Allowable Motor Vehicle Expenses * Food and Beverages * Entertainment Expenses * Lodging * Parking * Supplies * Licences * Bonding Premiums * Medical Underwriting fees * Computers, cell phones, and other equipment * Salaries for an assistant * Office rent * Training Costs * Travel Fare * Home office expenses for employees * Excess Employees profit-sharing plan (EPSP) amounts   For more information, check out: Canada Revenue Agency (CRA) - Commission Employees Also, Canada Revenue Agency (CRA) - Employment Conditions   Thank you for choosing TurboTax. ... View more

According to the Canada Revenue Agency (CRA), there are a select following of categories that can be considered as business expenses. The list goes as follows: advertising allowance on eligible capital property bad debts business start-up costs business tax, fees, licenses and dues business-use-of-home expenses capital cost allowance delivery, freight and express fuel costs (except for motor vehicles) insurance interest and bank charges fees, penalties or bonuses paid for a loan fees deductible over five years fees deductible in the year incurred interest deductible on property no longer used for business purposes interest on loans made against insurance policies capitalizing interest interest related to workspace in your home legal, accounting and other professional fees maintenance and repairs management and administration fees meals and entertainment (allowable part only) long-haul truck drivers extra food and beverages consumed by self-employed motor vehicle expenses office expenses other business expenses prepaid expenses property taxes rent salaries, wages and benefits (including employer's contributions) supplies telephone and utilities travel After investigation of the miscellaneous category (Other Business Expenses) there is nothing for course fees. It may be deducted as tuition fees, however. For more information, check out: Canada Revenue Agency (CRA) - Business Expenses And also, Canada Revenue Agency (CRA) - Eligible Tuition Fees   Thank you for choosing TurboTax. ... View more

As you are an artisan who purchases wood to create wood products, your inventory would simply be wood in its raw material form (and price). According to the Canada Revenue Agency (CRA), Inventory is usually a list of goods held for sale or raw materials as well as packaging material and supplies, work-in-progress ( goods and services that you have not yet completed at the end of your fiscal period), and finished goods that you have on hand. For more information, check out: Canada Revenue Agency (CRA) - Inventory   Thank you for choosing TurboTax. ... View more

According to the Canada Revenue Agency (CRA), you may only claim the interest expenses associated with a loan as long as it generates income.   If you use borrowed money to buy investments (Which in this case would be a HELOC), the interest may be deductible. As long as your investments generate income such as dividends or interest, or if you have a reasonable expectation that they will generate income, you can deduct the interest on your loan from your total income. Note: Capital gains are not income for the purposes of this deduction. If you borrow to invest only in shares that don’t pay dividends and rely on capital gains to make money, the interest is not deductible.   For more information, check out: TurboTax - Is Interest Deductible? And also, Canada Revenue Agency (CRA) - Interest Deductibility   Thank you for choosing TurboTax. ... View more

Assuming you are talking about your tax refund - According to the Canada Revenue Agency (CRA), How you file will affect when you get your refund. The Canada Revenue Agency's "Goal" is to send your refund within:   * 2 weeks, when you file online * 8 weeks, when you file a paper return   These timelines are only valid for returns that are received on or before their due dates. If you use direct deposit, you could get your refund faster. Returns may take up to 16 weeks if you live outside Canada and file a non-resident personal income tax return. Note: The CRA may take longer to process your return if it is selected for a more detailed review. For more information, check out: Canada Revenue Agency (CRA) - When To Expect Your Refund   Thank you for choosing TurboTax. ... View more

According to the Canada Revenue Agency (CRA), Buying and selling shares is considered a transaction of capital property - and so, it is seen to be reported as a capital gain/loss. Your income would still be reported through the T-Slips sections. So, the two would be reported separately in their own categories. For more information, check out: Canada Revenue Agency (CRA) - Capital Gain/Loss   Thank you for choosing TurboTax. ... View more

According to the Canada Revenue Agency (CRA), the gain/loss on capital equation is represented as so: Proceeds of Disposition - (Adjusted Cost Base + Outlays and Expenses) = Capital Gain/Loss   As the Outlays and Expenses definition is as follows: "Amounts that you incurred to sell a capital property." You can deduct outlays and expenses from your proceeds of disposition when calculating your capital gain or loss.   Therefore, if those Cryptocurrency fees are all frictional fees that pertain to you receiving your Proceeds of Disposition from the transaction, then you are indeed allowed to claim them. For more information, check out: TurboTax - Capital Gain/Loss   Thank you for choosing TurboTax. ... View more

That should then be assumed to be a business where you are self-employed. You may report the rent of business properties through the TurboTax Online software. To do so: > Sign in to TurboTax Online, and choose your tax return for the year > On the left navigation pane, choose Income, Self Employment, then Business or Professional Activities > You will then choose Edit on the right beside the business you are looking to report expenses to. > Choose Business Expense, and you will be shown a wizard of all figures that TurboTax will want you to report about. You can hit Continue and report them or just skip to the one called "Business Property Rent" as this is the place where you can report your studio rehearsal space rental. Make sure to hit Continue so that your information is saved.   For more information, check out: TurboTax - Tax Deductions for the Self Employed   Thank you for choosing TurboTax. ... View more