Personal Finance

2016 Tax Season Megathread

  • Last Updated:
  • Apr 20th, 2017 8:26 pm
Sr. Member
Feb 3, 2006
952 posts
19 upvotes
Great thread everyone.

I just completed my taxes using Studio Tax 2016.
I was about to file it when I came across the requirement to report the sale of my primary residence in 2016.

Here's some more information about my situation:

I took possession of my second home on June 30, 2016 while still owning my primary residence.
My primary house was sold and transferred to the new owner on July 29, 2016. So I essentially owned two homes for 29 days.

What I need help with is how I would handle this on my taxes considering this new requirement to report the sale of your primary residence??

Any help would be appreciated.

Cheers
Last edited by fogo on Apr 9th, 2017 3:08 pm, edited 1 time in total.
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Nov 19, 2004
7098 posts
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Cambridge, ON
fogo wrote:
Apr 9th, 2017 3:08 pm
Great thread everyone.

I just completed my taxes using Studio Tax 2016.
I was about to file it when I came across the requirement to report the sale of my primary residence in 2016.

Here's some more information about my situation:

I took possession of my second home on July 1, 2016 while still owning my primary residence.
My primary house was sold and transferred to the new owner on July 29, 2016. So I essentially owned two homes for 28 days.

What I need help with is how I would handle this on my taxes considering this new requirement to report the sale of your primary residence??

Any help would be appreciated.

Cheers
I'd just report the sale of your first home at the bottom, and assuming it was always your primary residence and not used for business, just go with that option.

You are not likely to have capital gains during that 28 day overlap since you likely sold the first home before july 1 or it was still listed at the original list price and you were just completing the transaction.
Sr. Member
Feb 3, 2006
952 posts
19 upvotes
don242 wrote:
Apr 9th, 2017 3:14 pm
I'd just report the sale of your first home at the bottom, and assuming it was always your primary residence and not used for business, just go with that option.

You are not likely to have capital gains during that 28 day overlap since you likely sold the first home before july 1 or it was still listed at the original list price and you were just completing the transaction.
Yes it was sold before July 1st. It was actually sold in May of 2016 and we were simply waiting for them to take possession.

You said to just report the sale of your home at the bottom, what bottom are you referring to???

Isn't there a schedule 3 to fill out. I remember reading something about filling out a schedule 3 when selling your home????

Thanks for your help.
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Nov 19, 2004
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Cambridge, ON
fogo wrote:
Apr 9th, 2017 4:37 pm
Yes it was sold before July 1st. It was actually sold in May of 2016 and we were simply waiting for them to take possession.

You said to just report the sale of your home at the bottom, what bottom are you referring to???

Isn't there a schedule 3 to fill out. I remember reading something about filling out a schedule 3 when selling your home????

Thanks for your help.
Yeah, I was a little vague. But on the bottom of schedule 3 (2nd page).
Sr. Member
Feb 3, 2006
952 posts
19 upvotes
don242 wrote:
Apr 9th, 2017 5:07 pm
Yeah, I was a little vague. But on the bottom of schedule 3 (2nd page).
Thank you, that's what I thought.

Now I need to figure out where on Studio Tax this form is????
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Nov 19, 2004
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fogo wrote:
Apr 9th, 2017 5:09 pm
Thank you, that's what I thought.

Now I need to figure out where on Studio Tax this form is????
There is a button on the toolbar. I think it is just called "Forms", you can move the form down into the active side so you can see it on the main screen. Or you can probably just double click on line 127 and it should take you to schedule 3.
Sr. Member
Feb 3, 2006
952 posts
19 upvotes
don242 wrote:
Apr 9th, 2017 5:15 pm
There is a button on the toolbar. I think it is just called "Forms", you can move the form down into the active side so you can see it on the main screen. Or you can probably just double click on line 127 and it should take you to schedule 3.
Thank you!
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Jul 20, 2016
376 posts
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Toronto
Asker123 wrote:
Apr 9th, 2017 3:08 pm
I advise getting it done by an accountant the first time. It's not that expensive
Well I sent mine couple of weeks ago.
It was actually rather simple. It did help that I didn't have any T5 to add, just put my T4 and was ok... Also didn't have any RRSP contribution (as I knew I wasn't supposed to contribute this year)
huuuu! (¬'-')¬ C-('-'Q) straight!
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Mar 1, 2006
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So let's say I pay my parents $500 a month for rent. Am I allowed to apply for the Ontario Trillium Benefit, namely the Ontario Energy and Property Tax Credit portion?

If yes, are my parents suppose to declare rental income on their returns?
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Newbie
Apr 7, 2017
3 posts
My employer is from Ontario but my work is done in Mb. Yet on T4 it reads Province of employment : ON
This is not right. I live and work in MB. Has anyone seen this before?
Newbie
Jul 12, 2015
93 posts
12 upvotes
Brampton, ON
I'm not sure how to fill this out.

I have a T5/NR4 SUMMARY OF INVESTMENT INCOME AND EXPENSE for 2016, but it doesn't have the usual T5 slip that I just copy over to my tax software.

It is just a dividend payment by a Hydro One for $21 once. What am I filling out? A T5 slip? I'm not quite sure what my Box 24, 25 and 26 would be then.

There's also a T5008 Trading Summaries I'm trying to decipher as well. First time dealing with trades outside a tax free account.
Sr. Member
May 22, 2012
703 posts
36 upvotes
MONTR
Hi i have some medical expense questions:

1. I got sinus outside canada and went to doctor many times and now it's ok. Can i claim these expenses? I only saw online that i can claim service fee but not drug costs?

2. I also checked my eyes and got astigmatism. I bought a frame and made glasses. Can i claim these expenses also?


These are both outside canada.


Thanks in advance :)
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Nov 19, 2004
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Cambridge, ON
lachdanan wrote:
Apr 14th, 2017 3:23 am
Hi i have some medical expense questions:

1. I got sinus outside canada and went to doctor many times and now it's ok. Can i claim these expenses? I only saw online that i can claim service fee but not drug costs?

2. I also checked my eyes and got astigmatism. I bought a frame and made glasses. Can i claim these expenses also?


These are both outside canada.


Thanks in advance :)
As long as they are eligible medical expenses, it doesn't matter that they were outside of Canada.
Deal Addict
Dec 21, 2011
2960 posts
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London
If 2014/5 taxes were not filed yet can netfile be used to file 2015 and 2016? 2014 is with an accountant and won't be going in for a couple of months max.

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