Studio Tax questions

Income tax policy, rules, problems, strategy and software. Property and consumption taxes too.
Inquiring Mind
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Studio Tax questions

Post by Inquiring Mind » 05 Apr 2014 14:05

I am using Studio Tax for the first time and have a question. How do I list all the sources of my interest income? The T5 section allows me to list each amount separately, and when I look at Schedule 4, the total of all the amounts I included appears. However, there is insufficient room to list each source and amount on that schedule. There is a statement (From information slips) beside the total. Is that sufficient?

ig17
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Re: Studio Tax questions

Post by ig17 » 05 Apr 2014 14:44

Inquiring Mind wrote:There is a statement (From information slips) beside the total. Is that sufficient?
Yes.

You enter the T5s. StudioTax consolidates the T5s on Schedule 4. The total from Schedule 4, Part II goes on line 121 of T1.

If you choose to Netfile, CRA will see the total on line 121. Netfile doesn't send the breakdown to CRA.

Inquiring Mind
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Re: Studio Tax questions

Post by Inquiring Mind » 26 Apr 2014 08:37

I just want to say how easy I found Studio Tax. I am technology- and math-challenged, but our Notices of Assessment confirm nothing owed to or from us. I have used Ufile in the past, but Studio Tax was much more intuitive. And free to boot!

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Re: Studio Tax questions

Post by Springbok » 26 Apr 2014 10:47

Inquiring Mind wrote:I just want to say how easy I found Studio Tax. I am technology- and math-challenged, but our Notices of Assessment confirm nothing owed to or from us. I have used Ufile in the past, but Studio Tax was much more intuitive. And free to boot!
I have used TaxFreeWay for past number of years, but always used Studio Tax as a check. The hand-holding on TFW is better than ST and it also allows capital gains to be prorated between couple. But other than that, ST is fine and I will probably use it for filing this year because of a problem with T5013 on TFW. It's a good idea to use two free programs as one will sometimes alert you to something that the other does not.

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Re: Studio Tax questions

Post by George$ » 26 Apr 2014 11:15

Inquiring Mind wrote:I am using Studio Tax for the first time and have a question. How do I list all the sources of my interest income? The T5 section allows me to list each amount separately, and when I look at Schedule 4, the total of all the amounts I included appears. However, there is insufficient room to list each source and amount on that schedule. There is a statement (From information slips) beside the total. Is that sufficient?
I am just finishing the 2013 taxes for my spouse and myself. I also like using Studio Tax - this is our 3rd year with Studio Tax - and we send them a payment as our thanks. A welcome aspect.

The following may help you and others - if you have our complexity (and aging mind :oops: ). Together we receive about fifteen "T" tax forms (T3, T4A, T4RIF, T4A(P), T5 etc). It can become confusing for my age 73. The box #s (from box #10 to box # 109) are not identical in meaning for all "T" forms.

- Thus I generate an Excel table for each year - listing each T form as a line - we have mine, spouses and joint ones - with all the box numbers plus what $ amounts are listed for each box number. Then from that I fill in the Studio Tax forms. Seems easier for me.
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Re: Studio Tax questions

Post by Koogie » 29 Apr 2014 15:29

Inquiring Mind wrote:I just want to say how easy I found Studio Tax. I am technology- and math-challenged, but our Notices of Assessment confirm nothing owed to or from us. I have used Ufile in the past, but Studio Tax was much more intuitive. And free to boot!
Also decided to give Studio Tax a try this year (previous Turbotax user). Found it quite easy and quite intuitive and similar in many ways to Turbotax and refreshingly simpler. Also tried TaxFreeWay in order to doublecheck the Studio Tax figures. Same out within 0.61$ of each other but I found TaxFreeWay less "user friendly", not as easy on the eyes and less well laid out.

This was just for the personal tax returns for myself and She Who Must be Obeyed. They're just simple little T4 type returns. All our complicated financial arrangements are tied up in our small businesses and I leave that to our CA. Wouldn't even attempt them myself, let alone with free software... :?
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Irwin
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Re: Studio Tax questions

Post by Irwin » 24 May 2015 13:13

I have a T5 slip with amounts denominated in USD.

Do I enter the USD amounts (column 1) and StudioTax makes the appropriate adjustment to CAD?

Or do I have to calculate the exchange, then enter the amounts in CAD?

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Re: Studio Tax questions

Post by CROCKD » 24 May 2015 13:25

I have used StudioTax for a number of years. In past years when I had foreign income ($US) reported (TDDI reports US ETFs this way) I used an exchange rate BOC average rate for the year and reported it on ST as $C.
As far as I know StudioTax does not have a currency converter built into it like some other programs.
Last edited by CROCKD on 24 May 2015 13:29, edited 1 time in total.
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Irwin
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Re: Studio Tax questions

Post by Irwin » 24 May 2015 13:29

Thanks CROCKD - that's what I needed to know.

ig17
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Re: Studio Tax questions

Post by ig17 » 24 May 2015 13:41

Crockd is correct.

You can easily verify this by doing the following:

- enter T5 box 15 in ST, unconverted
- take note of the number on T1 line 121
- bump T5 box 15 by $100
- T1 line 121 goes up by the same $100

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Re: Studio Tax questions

Post by Irwin » 24 May 2015 14:05

Thanks ig17

Next question for anyone:
2014 is the first year that I've used StudioTax - I downloaded the 2014 version.

Is there a way to enter 2013 tax info to this version?
In the summary page I see two blank columns - 2012 and 2013.

Or do I need to download the version where I want to start (as far as 2004) and then move forward from there?

The only reason for going back would be to enable StudioTax to keep track of carry forward amounts. And also to have a handy record of tax returns.

ig17
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Re: Studio Tax questions

Post by ig17 » 24 May 2015 14:21

You need to move forward from the previous years. You have to do this before you start your 2014 return.

See "Create a new 2014 return from the 2013 return..." on the main page when you launch ST.

Going back to 2004 is useless. The summary page shows 3 columns at most: the current year, and the two prior years.

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Re: Studio Tax questions

Post by Irwin » 24 May 2015 14:26

Okay - sounds good.
Thanks again.

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Re: Studio Tax questions

Post by CROCKD » 31 Dec 2015 14:01

I have just downloaded StudioTax 2015 and done a first rough cut of my taxes. Do not have any T3s but know interest earned for T5s. Because RRIF minimums were reduced I overpaid with Tax Installments. Also I notice that this preliminary version of ST on the Schedule 1 calculates the 2nd section of taxes owing at 22% for income between $44,701 and $89,401. I believe this will be lowered to 20.5% in the forthcoming budget.
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Re: Studio Tax questions

Post by Shakespeare » 31 Dec 2015 14:16

I believe this will be lowered to 20.5% in the forthcoming budget.
AIUI it will be lowered for 2016, not 2015.
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Re: Studio Tax questions

Post by CROCKD » 31 Dec 2015 14:24

Right. OK thanks for the correction.
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Re: Studio Tax questions

Post by steves » 31 Dec 2015 15:38

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Re: Studio Tax questions

Post by longinvest » 08 Feb 2016 12:04

I'm thinking of trying StudioTax, this year. Is there anything I should watch for?
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Re: Studio Tax questions

Post by CROCKD » 09 Feb 2016 16:26

longinvest : I am a long time satisfied user of StudioTax. I have been wondering how to answer your question. The way I use it now is that I just import data from the previous year. And then start working on the various forms which I am pretty familiar with having manually done returns for years before using software.
As a first time user you may want to use the Wizard to start. If you need forms that you don't see after the initial run through you can add them with the Button at the top. The various forms are listed in the Sidebar as is the Summary.
If you want to get a feel for the program you could Download StudioTax2014 and put in the information for 2014 and see how it compares with what you used.
Then when you Download ST2015 you could just import your information.
Different folks will use it the way it suits them. I start inputting data as soon as the program is available each year e.g. as I am retired I know what my RIF/LIF payments were so put them in and double check the nos. when the T4RIFs arrive. Also I know how much interest income I had from various sources I put in a pseudo T5 for the total and update it as T5s arrive. Also the worksheet for Schedule 9 charitable donations can be filled in. As I make my donations online I already have the eReceipts. Items such as professional dues can be added. The medical expenses worksheet can be done but as I do not have enough expenses for a deduction I don't bother.
Even before arrival of T3s you can fill in Section 3 of the Schedule 3, gains or losses on publicly traded shares and mutual funds sold.

Our late FWF member George$ was an enthusiastic user of StudioTax. He reported earlier in this thread
The following may help you and others - if you have our complexity (and aging mind :oops: ). Together we receive about fifteen "T" tax forms (T3, T4A, T4RIF, T4A(P), T5 etc). It can become confusing for my age 73. The box #s (from box #10 to box # 109) are not identical in meaning for all "T" forms.

- Thus I generate an Excel table for each year - listing each T form as a line - we have mine, spouses and joint ones - with all the box numbers plus what $ amounts are listed for each box number. Then from that I fill in the Studio Tax forms. Seems easier for me.


Another consideration: If you have a spouse which I don't there is an Optimiser button in the top panel. I don't know how good it is so perhaps other FWF members could comment. In any case if one was not satisfied with the splits I presume you could manually change them to maximize the refunds.

Also I use another program as a check. That program is TaxFreeway which you can download and use free as long as you don't want to print or netfile.
The current unfinished state of my tax return shows a 2 cent difference between the two programs.
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longinvest
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Re: Studio Tax questions

Post by longinvest » 09 Feb 2016 16:39

CROCKD,

I like the idea of downloading StudioTax2014 and filling last year's data.

Thanks. Your post is really helpful.
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Studio Tax

Post by bpither » 28 Apr 2016 22:16

Anyone know how to just print the "summary" in studio tax?
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Re: Studio Tax questions

Post by AltaRed » 28 Apr 2016 22:34

I would create a PDF and then just print the pages you want. From their FAQ
Q.10 - How can I create a PDF file from my return
As of StudioTax 2008 you can generate a PDF version of your return by using the Print button and checking the PDF option on the second page of the Print wizard.
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Re: Studio Tax questions

Post by bpither » 29 Apr 2016 02:36

I would create a PDF and then just print the pages you want
Yes ... I tried that before posting but the summary isn't included in the PDF. It did last year when I was using Windows. I'm using a Macbook Air now ... don't know if that's the issue. Thanks
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Re: Studio Tax

Post by eezee » 29 Apr 2016 08:47

bpither wrote:Anyone know how to just print the "summary" in studio tax?
open the return, choose print (it displays a reminder) NEXT, you get the 'print wizard' (a bunch of print options)
at the bottom is a choice for individual forms which gets you a panel with the individual forms,
select the form you want, click on the right arrow, the selected form(s) appears as 'forms to print.
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Re: Studio Tax questions

Post by AltaRed » 29 Apr 2016 11:12

We may be misinterpreting what Bpither means by Summary....who may be looking for a summary only of the 9 T1 lines that shows up in the bottom left panel when a return is open. If so, I agree that I see no way just to print that panel....but then, why is that so important?

I'd suggest a a Print Screen of that page and then cut and trim what is wanted from the JPEG. And maybe provide some feedback to the programmer to provide that as a feature for next year.
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