TX Set 6 Other Deductions Flashcards
1
Q
Are CPP contributions deductible?
A
Employer portions yes for SELF-EMPLOYED
2
Q
How much is the enhanced CPP contribution deduction?
A
$165.60 for 2020
3
Q
Is CPP paid for employed people deductible?
A
NO but there is a credit up to the maximum paid
4
Q
Are legal and accounting fees deductible?
A
Yes, if appealing a CRA decision, whether successful or not
5
Q
What two scenarios are moving expenses deductible? Maximum deductible?
A
Moving to new business or work location in Canada - up to income
Attending qualified post secondary education on full-time basis - up to scholarships/grants received
6
Q
Conditions for moving expenses to be deducted
A
- must have moved 40km closer to new work/school location
- expenses that exceed income can be carried forward
- expenses must be paid, not reimbursed
7
Q
Childcare limits of deductions
A
Lower income spouse, within limitations
