Personal Finance

2016 Tax Season Megathread

  • Last Updated:
  • Apr 20th, 2017 8:26 pm
Deal Addict
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Dec 27, 2009
3164 posts
1162 upvotes
Ottawa, ON
Petoria wrote:
Mar 16th, 2017 7:22 pm
My third employer knew I hit max based on a pay stub. They advised they still had to deduct. I believe they were correct.
That is correct, and a big ripoff to the employers too. You will get your overcontributions back but the employers don't. Double taxation - gotta love it.
Newbie
Feb 9, 2016
27 posts
fbjin01 wrote:
Mar 16th, 2017 12:24 pm
Ski instructor on T4. Can I claim first aid and CPR course fees? If so, under what should I claim?
Those courses were required by the company. Thanks
Any advice?
Newbie
Apr 6, 2008
84 posts
25 upvotes
TO
Cap Loss FX Conversion
Invested 1K USD in a security when FX was at par. Got rid of the security last year because it was worthless. To claim cap loss, do I use the FX rate when the security was bought or when sold. What are the steps to carryback the loss against a cap gain two years ago? tia
Deal Addict
Feb 4, 2015
2306 posts
376 upvotes
Sure it has been asked before [even by me!!] but having brain freeze right now so wanted to make sure.

Will be filling T1135 foreign property form... when reporting cost and fmv is USD cash held in Canada to be reported or only if held outside Canada?

Eg. Have BMO brokerage account with USD non registered investment account. Have $160,000 CAD cost basis in Msft and 15,000 USD cash in same account. Is the cost reported as $160,000 only OR need to add 15,000 USD [converted to CAD] as well?

My understanding is to exclude USD cash since held in Canada per:

http://www.cra-arc.gc.ca/tx/nnrsdnts/cm ... 5-eng.html


What property has to be reported?

Specified foreign property is defined in subsection 233.3(1) of the Income Tax Act and includes:

funds or intangible property (patents, copyrights, etc.) situated, deposited or held outside Canada;
tangible property situated outside Canada;
a share of the capital stock of a non-resident corporation;
shares of corporations resident in Canada held outside Canada;
an interest in a non-resident trust that was acquired for consideration;
an interest in a partnership that holds a specified foreign property unless the partnership is required to file Form T1135;
a property that is convertible into, exchangeable for, or confers a right to acquire a property that is specified foreign property;
a debt owed by a non-resident, including government and corporate bonds, debentures, mortgages, and notes receivable;
an interest in a foreign insurance policy; and
precious metals, gold certificates, and futures contracts held outside Canada.


Thanks
Newbie
Apr 13, 2006
3 posts
Toronto
DouglasM101228 wrote:
Mar 9th, 2017 2:21 pm
Yes, I too have experienced the same thing. I EFILED with studio tax, using a joint return with myself and my wife on Feb 27 . Her's went from Received to Assessed over night then Notice of Assessment today(Mar (9); however, mine has been "In Process" ever since. It is now Mar 9th, and there has not been any progress with my status.

I'm wondering if anyone else has experienced this similar situation?

Camzie/cici, has there been any update in your status or contact from the CRA, requesting anything ?
I got my refund yesterday.
Member
User avatar
Jul 20, 2016
402 posts
145 upvotes
Toronto
I'm about to send my tax return soon. As it's my first time, I'll have to send a paper version through mail. I've downloaded SimpleTax, and got all forms ready to send.

Now, quick (or even stupid) questions: Do I need to send my T4 slip with those papers - like in envelope? Do I send the "original" I got mailed by them, a copy? Also, I'm also sending my wife's (which doesn't have any income/t4/t5), should I send my T4 in hers?
huuuu! (¬'-')¬ C-('-'Q) straight!
Deal Addict
User avatar
Dec 27, 2009
3164 posts
1162 upvotes
Ottawa, ON
neonic wrote:
Mar 19th, 2017 10:43 pm
I'm about to send my tax return soon. As it's my first time, I'll have to send a paper version through mail. I've downloaded SimpleTax, and got all forms ready to send.

Now, quick (or even stupid) questions: Do I need to send my T4 slip with those papers - like in envelope? Do I send the "original" I got mailed by them, a copy? Also, I'm also sending my wife's (which doesn't have any income/t4/t5), should I send my T4 in hers?
Send the T4 in yours, do not send the T4 in hers.
Member
Jan 19, 2017
328 posts
95 upvotes
neonic wrote:
Mar 19th, 2017 10:43 pm
I'm about to send my tax return soon. As it's my first time, I'll have to send a paper version through mail. I've downloaded SimpleTax, and got all forms ready to send.

Now, quick (or even stupid) questions: Do I need to send my T4 slip with those papers - like in envelope? Do I send the "original" I got mailed by them, a copy? Also, I'm also sending my wife's (which doesn't have any income/t4/t5), should I send my T4 in hers?
You can use NETFILE to send for the first time filer now. The first time NETFILE rule was removed a few years ago.
Member
User avatar
Jul 20, 2016
402 posts
145 upvotes
Toronto
Chickinvic wrote:
Mar 20th, 2017 12:06 am
Send the T4 in yours, do not send the T4 in hers.
Do I send that one I received on my mail?
ml88888888 wrote:
Mar 20th, 2017 3:43 am
You can use NETFILE to send for the first time filer now. The first time NETFILE rule was removed a few years ago.
OttawaGardener wrote:
Mar 20th, 2017 6:56 am
Correct, as long as the CRA has the filer's full date of birth on record. http://www.cra-arc.gc.ca/esrvc-srvce/tx ... y-eng.html
Yeah, that's my case. I tried to open an CRA account month or two ago, and they couldn't cuz they didn't have my DoB... Wasn't really painful to print them and stuff, and I believe next year I can do all online...
huuuu! (¬'-')¬ C-('-'Q) straight!
Deal Addict
User avatar
Dec 27, 2009
3164 posts
1162 upvotes
Ottawa, ON
neonic wrote:
Mar 20th, 2017 8:11 am
Do I send that one I received on my mail?





Yeah, that's my case. I tried to open an CRA account month or two ago, and they couldn't cuz they didn't have my DoB... Wasn't really painful to print them and stuff, and I believe next year I can do all online...
Normally the T4 you receive has two copies, one for you and one that you send in (if you are doing a paper return).
Member
User avatar
Jul 20, 2016
402 posts
145 upvotes
Toronto
Chickinvic wrote:
Mar 20th, 2017 8:20 am
Normally the T4 you receive has two copies, one for you and one that you send in (if you are doing a paper return).
Yeah, that's what I got (2 copies), that's why I was in doubt if I had to send one on my wife's before hehe. Thanks mate, gonna send those today. :)
huuuu! (¬'-')¬ C-('-'Q) straight!
Member
Jan 19, 2017
328 posts
95 upvotes
neonic wrote:
Mar 20th, 2017 8:11 am
Do I send that one I received on my mail?





Yeah, that's my case. I tried to open an CRA account month or two ago, and they couldn't cuz they didn't have my DoB... Wasn't really painful to print them and stuff, and I believe next year I can do all online...
I don't know why CRA doesn't have your DOB. I am assuming you have SIN. You would have provided your DOB when you applied for your SIN.

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