I need more time to gather invoices and etc to complete my T1, so i am going to pay an estimated amount before April 30 for my T1 before filing it maybe in a few days past April 30th.

Under My payment-T1, should I pick

1. 2023 Tax-Return
2. Installment

1 says payment of 2023 tax return on filing, but I am not filing yet.

2 seems to be for 2024 calendar year installment.

Which one should I choose?

Hi, i sell used clothes on poshmark as a side gig. I’m filling out my T2125 through turbo tax and I’m not sure where to put the commission / platform fee that poshmark takes (about 20% of my sales). Does this expense fall under management and administration fees, or something else?

Last year I claimed it under this section but turbo tax has renamed this section as “bank fees” so I’m thinking maybe that’s wrong. I’ve tried searching the CRA website and have found nothing, just that I am able to claim this expense but it doesn’t tell me where -.-

I could put it under “miscellaneous expenses” but turbo tax does not ask me to describe what the expense is. And I fear putting in such a large number (a few thousand $$) without a description will look fishy to the CRA.

TIA for your help!

Is VTI considered a 'non resident corporation' or a 'non resident trust? or both??

And do I also need to put VTI under the 'held funds' section, or is that just for cash? (as I seem to be putting the same thing in multiple places :/ ) thanks

I had a nice chunk of unused tuition credits. Then I left Canada for a few years, filing as a non-resident. Now I'm back and realizing it looks like I didn't get my tuition carry-forward?! It's not on my Notice of Assessment from last year.

Do you lose your unused tuition amounts when you cease to become a resident, even if you come back? I paid my Canadian taxes as required the whole time.

Hello everyone,

Could someone answer this query?

Lets say, my RRSP deduction for 2023 limit was $23,000

But I have contributed $24,100 from Mar 2023 to Mar 2024

Now, I have an option to carry forward $1100 (unused amount) to future year so that I do-not over contribute.

But I also have to pay $1200 for HBP repayment. I have option to :

1. “RRSP contribution designated as a repayment under HBP”

2. Include it in 2023 income (if I choose this then I have to pay tax)

If I go with option #1, Can I use that unused amount $1100 to pay part of $1200 (HBP amount) ?

If yes, then what will be my RRSP deduction limit and will I be having any carry forward amount?

If I work for a US company but through their division in Canada, and was given stock options (not RSU) for the US company, do these count as contractor stock options or employee stock options? Contractor stock options seem to be taxed when granted, https://www.lexisnexis.ca/en-ca/ihc/2019-03/equity-compensation-for-independent-contractors.page

I mistakenly did not file T1135 for 2021 and 2022 when I filed my taxes in those years. I just realized this today when I was preparing my taxes for 2023. How can I do this now? Any help would be appreciated.

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I'm trying to understand which of these values can be used for my taxes- I had an accountant do my taxes for years, and am now learning to do it myself. I know that the NOA is supposed to name the values, but for the life of me, I can't see it there. Could someone explain if there's anything left for me to claim, and what each of these columns actually means? I've scoured old posts and would just love a line by line explanation. Thanks so much!

Hi all. Before reading please do not judge me. And also, thank you to whoever takes the time to read this and offer some insight, I really appreciate it.

Context: I (27F) have put myself into quite the pickle with regards to taxes and I have nobody to help me figure it out. I have been avoiding dealing with the problem for quite some time but woke up today and decided enough is enough. I am here to ask for some help or guidance as to how I can proceed.

In late 2020 I went through a very messy breakup and also dealt with some severe family trauma, as well as long-Covid. I was laid off of work at the time, so was collecting CERB, until August or September 2020 when I went back to work full time. I have not done my taxes since then, and have been ignoring the letters I have been receiving from the CRA as I have been in a pretty serious state of depression.

Since that point I have been working full time (~70k/yr), paying taxes of course but have been too depressed and scared to deal with the stress of figuring out what I owe, or even what to do. I have never done taxes myself in my life - my boyfriend helped me do them while I was in a relationship and prior to that I had family do them for me.

I of course have not received GST cheques as I'm sure they are withholding that money due to what I owe. And I receive letters often from the government which I have not opened.

I know that I should open the letters that I keep receiving but am worried that once I do, reality will set in and I will have no clue what to do next.

I do have some money saved (~10k) and am prepared to pay back whatever is owed, and am sure there is compound interest on the CERB payments.

If anyone here has any idea of what may come next for me, or what to do once I open one of these letters, that would be tremendously appreciated. I am trying to get my life back together and this is the scariest thing I have to face. I just want to avoid a scenario where I open one of these letters, and am hit with a severe panic attack due to the overwhelming confusion and uncertainty of my situation.

If possible I would like to avoid dealing with a person face to face for this as I am beyond ashamed and embarrassed. But if that is what has to happen I understand

Thanks to anyone who can offer some advice. And please do not judge me. I am just thankful that I'm still alive and wanting to begin the rest of my life.

Hello!

I am a little bit confused and not sure if I would be considered a non resident in the plans I jave with my family for this and next year. We have had a property in BC which is our principal residence since 2020 and we are planning to travel and explore potential return to our home country in EU ( we are dual citizens). Plan is to travel back and rent our property from Aug 2024 to May 2025 and come back to just sell the property in May 2025 and then permanently move back to EU.

We already submitted an 45(2) election for the next 4 years for our property as we rented for a few months already in 2023.

Do you think we would have any issues with non residency for 2024 and 2025? We want to avoid that obviously for the capital gains and more so for the hassle of getting a certificate of compliance and potential witholding 25% of gross sale price etc.

In this year (2024) we would still be over 183 days physically in Canada and held our jobs until we start renting Aug 1st.

Any input is appreciated!

Thanks!

I am helping a friend prepare their taxes. they had employment income from 2020-2023 and do not have access to a CRA my account because they have been delinquent for so long. they do not have any of their past paper NOAs so we cannot electronically file.

their 2020 and 2021 returns gives them a total refund of around $3,000. they were a low earner and had a lot of income tax withheld.

2022 they owed around $370 and 2023 they will now owe around $50.

my question: when we paper file all of these returns, do we need to send a payment for the 2022/2023 owing amounts, or will the CRA net the refund and payable years together? we planned to mail them all in one envelope.

as well, would the CRA be charging arrears interest on the 2022 amount since it technically was not paid? I think I know the answer but I am just hopeful that I am wrong.

assuming she will have to make a payment, I was thinking either T7-DRA form or using the mypayment portal with a visa debit card.

thanks for any insight.

I'm confused as to whether my soon to be husband will have to file anything with the CRA.

The context: I'm getting married August of this year to an American (I am Canadian). Unfortunately, immigration sucks and he will be residing in the US while I reside in Canada until I can move there legally. I know I'll have to declare his income on my income taxes, but will he have to get a Canadian SIN or file anything with the CRA? Thanks!

Hi all, I'm an SP with a December 31 year end. For 2024, do I need to make my first quarterly HST payment on April 30th or June 15th? I was under the impression it's April 30th but I'm being told otherwise so just wanted to double check.

So, me and my partner have been living with about 2-3 people at our apartment since 2017, we decided to live conjugally since 2020 and have been living together without any roommates since then. We are planning our marriage and looked into the Tax implications of things. We realized the importance of filing as common law (We weren't really aware of it and decided we would just apply as married once married). Since 2021 we would officially be considered a common law couple.

How do we proceed with this?

1. Call CRA and let them know.

2. How can we prove that we started living conjugally since 2020? We still have our finance separate and split all costs evenly.

My accountant classes me as a day trader so I pay crypto gains as business income. Does this allow me to write off accountant fees as an expense?

Accountant is away right now.

Hi, can any professional help me with this confusion?

If I have an elderly parent living with me, whom I support with shelter and food, can I use line 30400 (amount for an eligible dependent)? While I live with my wife and kids. Wife has income. Not dependent on me

Any help will be appreciated.

Talked to Tax professional locally. He seemed confused.

Does CRA automatically use instalments to pay a previous year's balance? I realized today that they used a March 2023 instalment to pay my 2022 tax balance -- I don't recall ever authorizing that, or imagined that 2023 instalments would pay 2022 taxes? While on the phone today with CRA the agent asked if I wanted to use my 2024 instalments to pay 2023 and I said no.

They're now charging interest (over 200 bucks) because they say I didn't pay instalments in March 2023 when I should have, because they used that money to pay my balance.

I understand what happened but a bit confused by it all, and find it very dishonest on their end to do this.

In December 2023 I started working for a company in the US, but through their Canada division. They gave me stock options for the US company that are worth over 100k CAD but don't fully vest for 5 years. Does this need to be included on T1135? I have not exercised these and none have even vested yet.

I have never been able to claim a move before, but this time we can. Except we moved 725km away and had to do it in parts because we had 13 animals and 4 kids to move. I was on site when we got the keys on July 25th, I drove back. That weekend (28-30th) we came up to change the locks, mow the lawn, buy appliances, etc. August 5th is when we rented a 2nd vehicle and drove all the pets and 1 child up. Myself and the child stayed on site. Husband took the rental vehicle back. We bought tickets for the other 3 kids to come up on the 6th but they missed the flight so he drove them to a halfway mark where myself and the youngest met them. I took the 3 remaining kids to the new home, he went back. August 9th was the movers picked up our stuff and the 10th was when it was delivered. My husband stayed in our rental to finish his job and fix the place up. He rented a vehicle the following weekend to bring up stuff that had been left behind by the movers and then went back. When he came to live (Aug 25) he had to bring all the stuff he had been living with. He had rented a truck that needed to be taken back down, so I did the overnight drive back down and took a flight back.

The movers were $7000 (plus we sent them $120 tip so they could get lunch on us). The sheer number of drives and flights and meals we ate through this killed us financially. I don't expect to be able to write off everything, but I don't know what I can claim. I remember reading that there is a basic calculation instead of a detailed one (which we'd need as I lost so much, including the receipts I tried so hard to keep track of). But, TurboTax doesn't allow for that and even the forms don't make sense to me for a simple calculation.

Is there anyone that can offer any help regarding this?

In 2018, I bought my first home and lived there for a year before turning it into a rental in 2019 when I rented an apartment closer to work.

I didn’t realize I should have submitted a 45(2), with my 2019 return, and so I submitted this election via the submit documents feature on the CRA website sometime in 2020.

I’m realizing that I never got proof of this submission and I’m afraid this won’t be on file. Is there something I can do to confirm this? I have been claiming my rental income ever since, and have not claimed CCA.

The 4 years also have now passed, do I need to anything to extend this election? Should I get a CPA to help here?

Complete tax noob here. How do I do this step by step in turbotax? Thanks

I am using Turbo Tax to file my departure return. It does not generate T1161 form. However, it can NETFILE as I am part resident.

My question is can I NETFILE using Turbo Tax and then submit the T1161 on the CRA website under Submit my Documents? Or should I paper mail the T1161 to the CRA?

My husband is an international student and I’m an open work permit holder.

I just landed a job last February this year, and my husband just secured a job this month.

Should we be filing taxes already?

If my whole family move to the US and primarily live and work there for several years but we maintain our home in Canada available to ourselves and keep our bank accounts and a Canadian corporation I own, am I still considered a factual resident of Canada? However, the treaty tie breaker will put us as tax resident of the US, so Canada may recognize us as deemed non-resident of Canada. Does that mean we are subject to departure tax even though we may come back to Canada in several years?

I was filing my taxes, and noticed that my stock brokerage i.e IBKR had provided tax forms which did not have this T5 Entry that is there on the CRA website.

This is the extra T5 item I found in the slips that are available at the CRA website.

https://i.imgur.com/iH2A3gM.png

I do hold reits/stocks on IBKR, but if I understand correctly they have their own T3/T5s. Other than those, I don't have any interest income from IBKR apart from the ~$147.21 of interest.

Can someone help me understand where this big entry of ~$14300 come from?

Thanks!

So I received supplementary examination notice for my work from home expenses in 2021 and 2022 and was asked to provide T2200 as well as supporting bills/documentation. This was the first time I've ever had to provide documents or anything to the CRA, but in the end, I was able to track down all my bills or at least provide records that showed I paid something.

Now - here's my problem. I moved apartments mid way through 2021 (I was renting) to a new place in 2022. Before the pandemic I had a living room and dining room in apartment - after a month or two working from home, I converted my living room into an office (which I only used as an office) and my dining room into a living room (because hey, I wasn't hosting dinners). In my claim, I said that my office amounted to 20% of my apartment and was a dedicated office/workspace. The CRA came back and told me that it was 5%, despite my justification of turning the space into a dedicated office during the pandemic. In my last correspondence with the CRA, they said their decision to assess my WFH space as 5% rather than 20% was final and I would have to formally appeal if I didn't like that.

My question - if it were you, would you appeal? I don't live in the apartment under question anymore, and I don't have a floor plan or anything like that to "prove" the space was solely dedicated WFH or that it was 20% of my apartment. I'm also not sure if I would be inviting a full audit or some other invasive examination of my taxes if I did decide to appeal. My WFH expenses of 2022 in the new apartment were also greater and they didn't question anything about dedicated work from home space from that examination. That said, it means I owe them a total of $1700 which isn't a small chunk of change.

Thoughts?

I accidently over contributed to my RRSP in March of 2023. For round numbers my contribution limit plus the $2,000 buffer for 2023 was $10,000 and I contributed in March 2023 $13,500. In late March 2023 I withdrew $3,500.

I've done the steps of submitting the T1-OVP form.

Question is now that I'm doing my return for 2023, what do I put as my RRSP contributions? $13,500 or $10,000?

I filed my 2023 personal tax return on April 24. The express Statement of Account said that I owed $3000. The SoA was dated May 2 and said that I had until May 22 to pay the amount in full to avoid penalties. This is contrary to the published deadline of April 30. Have others experienced the same thing?

Throwaway account for obvious reasons

Hey all, my wife and I are located in Toronto and we need some advise.

My wife is a self-employed dentist who gets paid as professional income, i.e., no T4.

She gets paid as a % of her revenues for the clinics that she works with.

Question: If for example she made 300k this year, and wants to minimize tax liability, can she report, say, 60k as Professional Income on line 13699 on the tax return?

Thoughts?