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Is debt forgiveness taxable in Canada?

If you later decide to forgive this loan, there would likely be no adverse tax consequences to the borrower provided that the borrowing was not incurred for the purpose of earning income such that any interest that the borrower paid (or would have paid if interest was charged) would not have been tax deductible.

Where is line 21900 on tax return?

Complete Form T1-M, Moving Expenses Deduction, to calculate your moving expenses deduction that you are eligible to claim on line 21900 of your return. Complete a separate form for each move. Enter the amount from line 29 of your Form T1-M on line 21900 of your return.

Where is line 21200 on tax return?

Claim on line 21200 of your return the amount from box 44 of all of your T4 slips or the amount shown on all your receipts.

Can I deduct membership dues on my taxes?

The Internal Revenue Service allows you to deduct any dues that are required by your profession, such as bar dues or membership fees to a professional or trade organization, from your taxes. If you are self-employed, you may take the full deduction.

Can I claim uniform expenses on my taxes?

Determining if work tools and uniforms as well as works clothes are tax deductible depends on a couple of factors. In regard to uniforms, you can deduct the cost of the uniforms and their upkeep (dry cleaning) if both of the following apply: Your job requires that you wear special clothing such as a uniform.

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