Tax & Accounting for Appliance & Equipment Repair

Income tax starts once taxable income passes the basic personal amount, and a separate provincial or territorial amount applies on top, so the break-even point shifts every year with indexation and differs by where you live. Look up the current amounts on the CRA site or in the year's return package. Credits for tuition, disability, pension income or dependants push the point higher. Filing can still be worthwhile or required with no tax owing, for benefits and credits.

Most municipalities do not take credit cards for property tax directly. They accept pre-authorised debit, online or telephone banking, cheque, and in-person payment. Third-party payment processors will charge a property tax bill to a card for a service fee, which normally costs more than the rewards earned. The CRA works the same way for income tax and GST/HST: no direct card payment, but authorised third-party providers accept cards for a fee.

Different deductions, not different rules. Withholding follows the TD1 forms you filed, so a colleague claiming more credits, tuition or a disability amount has less tax taken off. Other causes are a different province of employment, a second job where each employer applies the basic personal amount, taxable benefits added to your pay, a higher salary reaching the next bracket, and pay-period timing. CPP and EI also stop at their annual maximums, which higher earners reach sooner.

Yes, indirectly. Provincial assessment authorities value a home from its characteristics, including lot size, living area, age, construction quality, bedrooms and bathrooms, and recent sales of comparable homes nearby. Your municipality then multiplies that assessed value by its rate. So a bigger lot or more finished square footage generally means a higher assessment and a higher bill, while bedroom count alone matters less than total area. Your assessment notice lists the details on record.

Federal income tax, GST/HST and excise duties flow into general revenue, which funds transfers to the provinces for health care and social programmes, benefits such as the Canada child benefit and old age security, defence, federal departments and interest on the public debt. Provincial income and sales taxes fund schools, hospitals and municipal transfers. Canada Pension Plan and Employment Insurance premiums sit in separate accounts and are not part of general revenue. The federal budget publishes the yearly split.

Holding a share outright cannot leave you owing money. The worst outcome is that it becomes worthless. You can end up owing money if you bought on margin, sold short, or invested with borrowed funds, because the debt survives the loss. On the tax side, a fall in value creates nothing to report; a loss only crystallises when you dispose of the shares, and a capital loss is applied against capital gains rather than against ordinary income.