The IRS Deductions Blog

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Question: Are condo fees tax deductible in Canada?

If someone owns a condo as an investment property and rents it out, are condo fees a tax deductible expense?

Answer: It is fully deductible along with all of your other costs associated with owning a rental property.

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Auditors ‘distressed’ after senior tax audit official beaten

Colleagues shaken by attack on man tasked with cleaning house in department

Minimize taxes by maximizing expenses.

Question: In Canada, is international volunteer work tax deductible like in the US?

I’m looking at volunteering next year in Cambodia or Tanzania and the organization I’m currently reading about claims that all volunteer expenses (including airfare, accommodations, etc) are 100% tax deductible in the US. I’ve tried to find information online about Canada’s volunteer Tax Deductions but I haven’t been successful. Just wondering if anyone out there knows if/what any options for Canadians wanting to volunteer abroad are! Thanks.

Answer: The only time expenses are tax deductible by an employee is when your employer completes the form T2200 that stipulates that they are employment expenses. However, if you are a volunteer and not being paid, there is no income to deduct the expenses from. Also, because it is for outside of Canada, it would have to be recognized by the Government of Canada, ie: UN worker.

There is no such thing as a “volunteer work tax deductible”.

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Koppers Holdings Inc. Reports Third Quarter 2010 Results

Sales Increase 16% as CM&C Business Continues to Show Growth; Third Quarter EPS of $0.75 Negatively Impacted by $0.06 Due to Change in Estimated Taxes

Jan 6, 2010 – David Ingram – Tax Deductible Mortgages in Canada 5/5

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Donations to Haiti, Chile Can Equal Tax Deduction

Money101@FOXBusiness.com , and let us take off some of the pressure. Dear Money101: I just gave $500 to a charity for the victims of the earthquakes in Haiti. Is this considered a tax deduction -C…

If you plan to buy a home or condo, you must have Home owner insurance. Not only does it protect your home investment, it is also a requirement when you buy a house and lot through mortgage.

Home insurance is a protection given to your house in case it is damaged or needs repair.

One effective way in buying a condo insurance, another term for home insurance is to inquire first at your existing insurance, whether it is life insurance or car insurance.

Some insurance companies have different types of insurance policies. Moreover, many insurance companies grant discounts if you buy several insurance policies with them.

There are many types of coverage to choose in buying home owner insurance. HO-1 is the basic type to protect your property from 11 threats which include fire, vandalism, lightning, theft, major breakage and overflow of water from plumbing. The HO-5 policy covers everything except flood, war and earthquakes.

If you need to insure your house from natural disasters, you need to buy a separate condo insurance. Another consideration before buying your home insurance policies is to make an estimate on how much it would cost for you to rebuild your house in case it is damaged or destroyed.

The insurance company has its own guidelines to estimate the replacement expenses together with the corresponding premiums. Of course, the higher the replacement expenses, the higher the premium.

The premiums for your home owner insurance also differ depending on where you live, the value of your house, your length of stay in your house, and the number of insurance claims in your neighborhood. So better to shop around and compare home insurance providers.

If you want to save on your condo insurance, look for ways that can help get lower premium. For example, you can install effective security system, fire protection system and maintaining a 100 feet around your home.

If your neighborhood is prone to flood, your basement and its furnishing are not covered unless you have a separate flood insurance. In other words, know your major risks and do something about it to make it disaster-resistant.

Depending on your insurance company, there are policies that cover the contents of your house. Know which items are part of the home owners insurance. These can be any valuable items such as jewelry, expensive equipment, computers, artworks and more.

There are also riders that you can add on to cover your living expenses when you have to stay somewhere while your house is on reconstruction. Another coverage that you should check is your liability in case a guest is injured by slipping off your stairs. There is a type of condo insurance that covers liability expenses while you are away.

Increase your deductible. It can save you up to 25% over a 5-year or 7-year period. When you pay the lower deductible on your home owner insurance, you are only wasting your money particularly when you have never filed a claim [because you never meet the deductible].

Finally, you have to maintain a good credit rating. When the insurance company knows that you have good credit standing [by paying your bills on time], you may get good premium rates for your home owner insurance.

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Financial changes that are easy, and will put you in better financial shape

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Question: Is there a site that lists all the tax credits and deductions you can get in 2009?

Answer: www.irs.gov but best of luck finding what you need.

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NJ May Tell Public About Revenue Losses From Providing Tax Breaks

(Trenton, 12/28/2009) New Jersey may be joining the list of states that inform the public about the real costs of tax breaks given to individuals and corporations.

USSA United Socialist States of America March, 2009