The Tax Questions Blog

Posts Tagged ‘canada’

Question: Do I have to pay withholding tax on capital gain?

Hi,

I am a Canadian citizen living in Canada, and I own shares of an American company listed in NYSE. The price of my shares have gone up recently and I am planning to sell them at profit. My question is, do I have to pay any withholding tax on the resulting capital gain? I know that I pay 15% tax on dividends from the U.S., but I am not sure about the treatment on capital gain.

Plus, if I must pay withholding tax, what would be the rate and what will it be based on? Will it be XX% on the entire capital gain or XX% on the taxable capital gain (e.g. 50% of the capital gain in Canada)?

Thank you

Answer: There is no withholding tax on capital gains.

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Question: Is it true that the 16th amendment reguarding income taxes was never ratified?

and if so would that make income taxes unconstitutional?

Answer: If it wasn't passed. It wouldn't be an amendment. Proposed by Congress July 12th, 1909, Ratified Feb. 3rd, 1913.

Scott proposes cutting state budget

EUSTIS -- At a highly partisan tea-party event Monday, Gov. Rick Scott unveiled his first budget proposal to make sweeping changes to state government by slashing billions in taxes and spending.

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Question: We have retired and only have social security, military retirement, and disability income. What will be?

taxable in 2010 return?

Answer: My crystal ball is in the shop for repairs. Check back later.

Strategic Global Income Fund, Inc. — Distribution Declarations and Updated Price & Distribution Rate Information

NEW YORK--(BUSINESS WIRE)--Strategic Global Income Fund, Inc. (the "Fund") (NYSE: SGL), a non-diversified, closed-end management investment company seeking a high level of current income as a primary objective and capital appreciation as a secondary objective through investments in US and foreign debt securities, today announced that the Fund’s Board of Directors declared a regular monthly ...

Buying a Home in 2010... Taxes Do Matter

Question: Gst/Hst Returns in Canada can someone simplify these lines for me.?

101 Sales and revenue- I got the sales not sure what revenue means.
110 Instalments and other annual filer payments- ?.
111 Rebates-?
205 Gst/hst due on acquistion of taxable real property-?
405- Other GST/HST to be self-assessed.-?
105Total GST/HST and adjustments for period-?
108 Total ITCS and adjustments-?
109- Net Tax?
refund claimed 114-?
payment enclosed 115-?

I know when it comes to tax I'm clueless...Any help would be appreciated.

Answer: Line 101 Sales and Revenues = same thing. It's for the reporting period know much did you make

Line 110 Have you made any GST installements ?

Line 111 - Rebates - Some rebates can reduce or offset your amount owing. Those rebate forms contain a Yes/No question asking you if you want to claim the rebate amount on line 111 of your GST/HST return. If you want to offset the amount owing by the rebate, tick the Yes box on the rebate form and include it with this return. Not used often

Line 105 How much GST/HST did you charge during the period

Line 108 Total GST/HST paid for the period and adjustments

Line 109 Net of 105 and 108
If a refund (You paid more tax than charged in periond) goes to Line 114 if you have to pay (You charged more tax then paid in the period) Line 115

Line 405 Line 405 - Other GST/HST to be self-assessed
Complete this line only: if you are a registrant and have to self-assess the provincial part of HST on property or services brought into a participating province. Usually not used

Line 205 Only used if you purchased property in your business

http://www.cra-arc.gc.ca/E/pub/gp/rc4022/rc4022-e.html#P2392_230388

The World's Best Dividend Play

Using the S&P 500's Dividend Aristocrats, this is the best dividend stock today.

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