For 2021, I ended up paying tons of fines because I wasn't able to give priority to submitting my tax return promptly. By the time I was, a family situation arose that took priority for several months. Having paid an estimated amount owing on-time didn't help because this year was a black swan, and my actual amount owing was much more.
Knowing how long it takes me to prepare my return (not because my finances are particularly complicated, but...
There are quite a number of posts that list when certain tax slips, i.e. T3/T4/T5 etc. should be available to the investor. So let's pull everything together in one topic.
On one hand Tax slips - Personal income tax - Canada.ca You should have received most of your slips and receipts by the end of February. However, you may not receive your T3 and T5013 slips until the end of March.
CRA offers a bit more in Tax slips: Get a copy of your...
Is the ACB of inherited stocks and property (from a deceased parent) at the time of death or date of inheritance? Additional information: Deceased assets are abroad and being a non resident of Canada. The surviving child inheriting the stocks and property is a BC resident. The deceased parent left no will.
If it's the former and when the property is abroad, it can become tricky to trace back the value of the property at time of death (when...
If your holding an A series Mutual fund at a Broker in 2022 the broker was/were mandated to switch you to the closest F series. Was this a taxable event?
Thought I'd see if any Turbotax paper filers here:
I checked the box in the CAI worksheet in the software that I live outside a CMA but when I go to print the shortened paper return (pdf) for mailing, the X doesn't populate in the check this box if you reside outside the census metropolitan area (CMA)... on the return.
The X shows in the software program in the right place and also in the CRA full copy version pdf.
for self employed individuals, what is difference between a travel and moving expense? is it merely the duration or purpose of the move? both seem to require a trip for carrying on business..if you work from home remotely, i understand that a move for no real business reason is considered non deductible entertainment..an example is given in this document of someone moving to Toronto from Brampton because they don't like the commute.
In 2022 all the severance I received was put directly into my RRSP so I cannot deduct legal fees. I had other income but not related to the legal fees.
In 2023 I have severance that was not put into RRSP so I plan to deduct this carried forward legal fee.
Is there something I need to do in my 2022 tax return to CARRY FORWARD the legal fees or do I simply not deduct them and use them on my 2023 tax return? I'm wondering if there's some schedule...
Wife and I own a property that we rent to her family members. Rent is probably below fair market value but is not an inconsequential amount. The intent was (is) to make some income on this arrangement but allow family to have a nicer home than they could otherwise afford. The house was paid for in cash, no mortgage. In an alternate universe that cash is invested in Vanguard Total (US) Stock Market Index Fund, making some money.
I do 7 taxes ( all family members) using U-File online. It’s been great and have been using it for 20+ years. Anyways coming to the real question, my daughter worked for a company from Jan 2022 to June 2022 until they close down and filed for bankruptcy. She has no T4 for this period and it seems like the few employee/ owner is long gone and not responding to emails to send an electronic copy of T4, also her CRA my account does not have this...
I'm close to retirement but have a vacation property. Eventually, I'll probably sell the vacation property, either because I need the money for spending, or because I'm not healthy/eager enough to enjoy it. I always assumed there would be a big unavoidable capital gains tax liability on date of sale, but, I just found out that RRSP contribution room can be used to reduce capital gains income. (For some reason I didn't previously know that RRSP...
Received severance from my employer in 2022, part of it was designated as Retirement Allowance. Still have more severance coming in 2023 later.
To be honest, I always had a poor understanding of the Retirement Allowance but understood it could be directly put into my RRSP without eating up RRSP contribution room.
I was told that the Retirement Allowance shows up on my T4 in Box 66 as Other Income and I would report it on my tax return Schedule...
So I am doing a tax return for my 88 year old step father and it looks like he will owe some money to CRA for 2022. I am also going to have to amend his 2021 tax return where he will also owe CRA some money. He is a little old and in a different city then me, so getting him to pay this on his own is problematic and it might be easier for me to pay it myself and when I see him next he can reimburse me. He usually gets refunds so I have not had...
Part of my compensation consists of payment in RSUs (shares of a US corp).
Whenever I sell these (5-6 times per year), I sometimes incur a small capital gain, or loss.
Any Capital gains, I report, and deduct all transaction fees as an expense on the gain.
Any Capital losses, I cannot claim as they are by definition Superficial (purchased a few days by the company before I sell them). Sucks to be me since I have $1500 in...
I have used Studio Tax for years including pension splitting for couples. This year, it is not doing the pension splitting accurately. It tells me that a split will not be beneficial. But if I enter a $10,000 split, our taxes go down by $33! I would rather have the $33 than give it to CRA ;) Besides this would have increased cost of ST to $15+33=$48!
I may try running on other software just to confirm. I have used Genutax, but don't think it...
Suddenly we're confronted with the situation that 2 of 3 of my children worked (minimally) in 2022. Never thought the day would come and I am totally unprepared from a tax perspective. My youngest child hasn't worked, but earned a little bank interest. Eldest turned 18 in 2022.
A few really newbie questions if you don't mind:
1. Do my kids that worked in 2022 have to submit their own tax return? My two older children worked at Christmas time,...
Would anyone know the answer to the question of who would pay tax on a RRIF payment in the year the annuitant dies? Not sure if it matters if the payment had already been paid before or after death but in the case I am interested in the payment was physically made after death, for the year of death. So the annuitant was alive on January 1st of that year but the payment required for that year was paid after their death.
Last year I received a sizable severance payout. I had a fairly large amount of RRSP contribution room so had my employer contribute the severance to my RRSP. I paid for an Accounting firm for advice on how to best distribute the severance and apply RRSP. The severance was actually paid mostly in 2022 but part in 2023.
Question: Suddenly I am hearing about Alternative Minimum Tax and wondering if it applies to those using significant amount of...
Just wondering if anyone else noticed when downloading their T5013 tax slips for Brookfield Infrastructure LP and Brookfield Renewable LP that the individual boxes with the types of income/cashflows (return of capital, income, capital gains, dividends etc.) do not add up to the total distribution on the tax slip. i.e. the Total Distribution on the tax slip is $4,070 (CAD$) and the underlying types of income/cashflows total $5,230....
I started a sole proprietorship side hustle in 2022 that generated a relatively small amount of gross income (< $10,000). I purchased a modest amount of computer equipment (<$1000) in 2022 exclusively for the business. I believe this equipment is a capital expense (Class 8?), so would typically be depreciated each year.
Is anyone familiar with the immediate expensing property which would allow me to expense 100% of the equipment in its...
Decided to log into MyAccount today (Jan 14, 2020) and noticed that CRA says I have $12,000 in current available TFSA room (when I know I actually have zero room).
I know there is some lag between investor contributions and CRA getting notified by financial institutions, however I have allocated to my TFSA the first week of each year since inception. Is it possibly my brokerage is more than 1 year behind schedule in reporting to CRA? Or do...
I am wondering if a person would be eligible for the First Time Home Buyers Tax Credit of $10,000 in 2022 resulting in tax savings of $1500 under the following scenario.
The person purchased the property in 2022 and lives in the house, but also rents out 3 of the 4 bedrooms in the house to others. At first glance it looks like it may qualify as the person occupied the home and it is their primary residence. If the person only stay there a year...
Can someone throw some breadcrumbs for me to follow please. Right now I am just digging up blind holes.
will the CRA consider the entire capital gains on primary residence in the US, from purchase in 2010 to sale in 2022, when we were tax residents of Canada for less than 6 months by the time the sale was consummated ?
Situation:
Wife and I sold our primary residence in Florida in 2022. We purchased in 2010. It was our primary residence...
Hi,
We are returning to canada next yr after 27 years in USA, both Canadian/USA citizens, lived in canada for 22 yrs then moved for work.
I know we have to file USA taxs for life, and also Cdn taxs, I am just a bit fuzzy about the T1135,
we will have >$100,000 cdn$ in our american bank account, do we file T1135 for the first yr upon our return, or do we have a exemption for the first year ?
we have IRA,ROTHS,HSA . I believe IRA do not...
In 2022, my son has a smallish net capital loss on his Schedule 3 Line 19900. Something in the neighborhood of $250. In 2020, he had a smallish taxable capital gain on his Schedule 3 Line 19900, which was reported on Line 12700 of his T1. Something of the order of $400.
He's hesitating between the following 2 plans:
Plan A: Using form T1A, apply the 2022 net capital loss of $250 against the 2020 taxable capital gain. This will reduce his 2020...
Not sure how common spousal loans are, but was wondering how they work in practice. Typically you have one high income earner and the spouse a stay at home parent who makes very little or nothing.
OK, high income earner loans 100K to spouse and then of course needs to charge interest at the prescribed rate. OK fine. So now in 12 months that 100K loan requires a $1000 payment. How exactly is the $1000 supposed to be repaid? Would it be from a...
This is a question relating to the Canada T3 form of the ETF that is iShares S&P 500 CAD hedged, held at a Canadian brokerage, the Montreal office of Interactive Brokers. Some units of the ETF were sold during the tax year.
What is the meaning of the quantity of the Canada T3 box 21 labelled capital gains ?
Is this quantity the capital gain calculated by the brokerage on the owner's transactions? Is this quantity the capital gain within the...
Hypothetical question for me, but this happened to someone we know in another country.
Suppose we have an upcoming need for U$, so convert C$10,000 into US$. We let it sit there for a year and then decide to convert back to C$. Meanwhile the C$ has weakened against the US$ and we make a 15% gain. Say C$1580 gain?
Same question, except in this case we used the C$10,000 to buy Bitcoins. In this case, Bitcoin price increased from US$12k to...
My broker sent me both the T5 and Form 1042-S for the foreign income received and taxes withheld. Is the Form 1042S reportable or is it a duplicate of the foreign income in the T5?
I''m using UFILE tax program 2022. (many years)
I'm filling out taxes for Dad who is 80+ and widow.
What surprised me is that he owes more taxes to the federal gov't as compared to Quebec, first time ever.
Am I the only one with this question is this weird?
My friend who is a nurse was paid too much CERB in 2020, paid it back in 2022 and now has the choice of applying the repayment amount to either tax year 2020, tax year 2022 or splitting it evenly.
What's a good sanity check to decide what year?
I don't think she wants to play with modified versions of her 2020 and 2022 tax returns.
Does CRA cross check on the Box 21 Proceeds total against our T3 Proceeds total?
I held a company which was acquired during 2022, I sold all shares a week before the merger date. These sell transactions were recorded as usual on T5008 (with Box 21 procceeds and Box 20 ACB with date of sell). However, on the date of merger, the brokerage also recorded a Exchange entry on T5008 and shows the total amount of sales proceeds above in Box 21 but...
We (my wife and I) are planning to permanently return to Ontario, Canada from the USA (having lived-in the USA for the past twenty years) and have decided to import our two automobiles. I understand that importing vehicles from the USA in to Canada can be a nightmare requiring much paperwork and I would therefore like to hear from forum members who have had to import their vehicles from USA. Some of the questions I have in mind are : Whom should...
My FIL passed away last year. My MIL is still alive. They owned their home JTWROS, all registered accounts were passed to MIL via beneficiary/successor holder designations and the only other asset was a single joint bank account with my MIL, so there was no probate, etc. - everything just flowed to MIL. MIL still lives in this house and I expect her to do so for many years to come.
I saw a piece in the G&M about designating a charity for all or a portion of your RRIF /RRSP . Perceived benefits? the estate gets the benefit of the tax credit and the charity receives the donation with no tax to the estate? Sounds like a good strategy. The down side is one would have to remove the beneficiary designations from their plan and include it in your will. It means in most cases probate and its probate costs. It crossed my mind....
I understand for foreign stocks you need to use the exchange rate on date of purchase or sale.
but like many investors you might keep the proceeds in the foreign currency, say for the next investment. in other words you rarely close out the currency after every sale.
yet t5008 could show substantial gains ( as mine did for one transaction) where the actual gain in USD was just like 100$ , t5008 showed 3000$ because the Canadian dollar...
I am a Canadian living and working in the United States now. I have a non-residence tax status with Canada for the last year. I stopped working at a company in Canada back in 2020. I just received a T4 slip for the 2022 tax year from that same company. When reaching out to the company, I was told that I was terminated years ago and they have no idea why I received that slip, but the head office says that I got the T4 slip for $15 dollars of...
We are with BMOIL. Their HISAs are classified as Mutual Funds . For example BMT104 is the BMO C$ HISA.
These funds accumulate interest on a daily basis. This could be paid out in cash or, as in our case, it is re-invested in additional $1 or fractional units. As a result, if we bought $1000 initially, after a year this might be worth $1042. IOW, we would own 1042 $1 units.
Now we decide to sell that fund and withdraw the $1042.
I don't use autofill, preferring to enter the information manually from tslips. I also check my statements to see if interest on HISAs adds up to much, and usually don't bother reporting if it's a trivial amount.
This year, while looking for my NOA for 2020, I took a look at the t-slips in my CRA account. There was an unexpected T5 there, and the only thing on it was $0.30 in interest :roll: (for tdb8150 that I held briefly in my unregistered...
After many years of having our taxes done by my SIL who is a tax prep professional, I have to do them myself this year. What tax software should I use? It needs to be ridiculously simple, and preferably it should be free. We have nothing complicated going on in our finances - just CPP and OAS, some RRIF income, and some dividends. I didn't even sell anything last year.
I'm meeting my former co-worker who retired in 2021 next week for coffee to get details.
He is the lazy type so he had not filed his 2020 nor his 2021 tax return when he made what he thought would be his final RRSP contribution in Feb 2022.
He ballparked from previous years that he would be granted $7K of RRSP contribution room for those two years and make an $8K RRSP contribution.
When doing the two tax returns in 2022, the 2021 return said...
Or hold certificiates? :shock: :lol: How old are you? ;)
But .... This could easily also apply to those with issuer DRIP accounts.
Given Canadian rules about cost base of shares, i.e. every share you own personally is part of one big tax lot even if it's held through a variety of financial institutions, how do you keep track of ACB?
CRA says for a non-registered account ...Claiming the following carrying charges and interest that you paid to earn income from investments includes the interest on money you borrowed for investment purposes, but generally only if you use it to try to earn investment income .... and ...if the only earnings your investment can produce are capital gains, you cannot claim the interest you paid....
So my assumption when I read this is, that if I...
My son went to Quebec for full time work after graduation last year (2022). He spent Xmas and the New Year in BC and he decided to quit and further his study in Ontario.
So he quit his job and got offers in Ontario this year. He will return to BC this month and leave for Ontario in August.
For 2022 tax filing, is he going to file as a BC resident or Quebec resident?
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