Personal Finance

2016 Tax Season Megathread

  • Last Updated:
  • Apr 20th, 2017 8:26 pm
Sr. Member
Jul 28, 2012
787 posts
220 upvotes
Montreal
Bellotts wrote:
Apr 15th, 2017 4:30 pm
Cheers. Thanks for the link.

I filed today and Turbo tax told me I had to pay in 5 days. Is that accurate?
You must have read a prompt asking you if you wanted to pay within 5 days of filing. (Not the same as "having to pay" or "being required to pay").

For example, the last time I owed tax, StudioTax asked me if I was paying within 5 days or at a later date. I chose the second option and I received a Notice of Assessment saying I had until April 30 to pay.

Had I selected that I was paying within 5 days, the CRA would have probably deducted my payment from the balance owing and I would have received a NOA with a $0 balance.

EDIT: If you already chose to pay within 5 days (or if for some reason TurboTax forced you to pay within 5 days) then yes, pay within 5 days of netfiling...
Deal Fanatic
User avatar
Nov 19, 2004
7050 posts
870 upvotes
Cambridge, ON
Bellotts wrote:
Apr 15th, 2017 4:30 pm
Cheers. Thanks for the link.

I filed today and Turbo tax told me I had to pay in 5 days. Is that accurate?
Anything owed is due Apr 30. The due date is right on the tax return.
Deal Fanatic
User avatar
Nov 19, 2004
7050 posts
870 upvotes
Cambridge, ON
JayTee1 wrote:
Apr 9th, 2017 8:27 pm
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?
I take it your parents aren't including your rent in their income, so you can't really claim the rent for the trillium benefits. If you do, the cra might look for the declared rent.
Sr. Member
Dec 28, 2010
537 posts
16 upvotes
Ajax
airodyssey wrote:
Apr 15th, 2017 5:36 pm
You must have read a prompt asking you if you wanted to pay within 5 days of filing. (Not the same as "having to pay" or "being required to pay").

For example, the last time I owed tax, StudioTax asked me if I was paying within 5 days or at a later date. I chose the second option and I received a Notice of Assessment saying I had until April 30 to pay.

Had I selected that I was paying within 5 days, the CRA would have probably deducted my payment from the balance owing and I would have received a NOA with a $0 balance.

EDIT: If you already chose to pay within 5 days (or if for some reason TurboTax forced you to pay within 5 days) then yes, pay within 5 days of netfiling...

Thanks for the info. I honestly don't remember being given an option. I would like to defer it obviously until the end of the month.
Sr. Member
Dec 28, 2010
537 posts
16 upvotes
Ajax
airodyssey wrote:
Apr 15th, 2017 5:36 pm
You must have read a prompt asking you if you wanted to pay within 5 days of filing. (Not the same as "having to pay" or "being required to pay").

For example, the last time I owed tax, StudioTax asked me if I was paying within 5 days or at a later date. I chose the second option and I received a Notice of Assessment saying I had until April 30 to pay.

Had I selected that I was paying within 5 days, the CRA would have probably deducted my payment from the balance owing and I would have received a NOA with a $0 balance.

EDIT: If you already chose to pay within 5 days (or if for some reason TurboTax forced you to pay within 5 days) then yes, pay within 5 days of netfiling...
Why is 5 days even an option if CRA expects it end of April?
Sr. Member
Jul 28, 2012
787 posts
220 upvotes
Montreal
Bellotts wrote:
Apr 15th, 2017 6:42 pm
Thanks for the info. I honestly don't remember being given an option. I would like to defer it obviously until the end of the month.
That's something only the CRA can confirm/change for you. Contact them directly.
Bellotts wrote:
Apr 15th, 2017 6:43 pm
Why is 5 days even an option if CRA expects it end of April?
As I explained earlier: "Had I selected that I was paying within 5 days, the CRA would have probably deducted my payment from the balance owing and I would have received a NOA with a $0 balance." So it probably has to do with the information the CRA will include on your NOA.
Sr. Member
Dec 28, 2010
537 posts
16 upvotes
Ajax
airodyssey wrote:
Apr 15th, 2017 8:56 pm
That's something only the CRA can confirm/change for you. Contact them directly.


As I explained earlier: "Had I selected that I was paying within 5 days, the CRA would have probably deducted my payment from the balance owing and I would have received a NOA with a $0 balance." So it probably has to do with the information the CRA will include on your NOA.
Cheers. Thanks a million.
Jr. Member
Apr 27, 2015
122 posts
66 upvotes
Toronto, ON
Hi,

I was thinking about switching from Ufile they haven't been too helpful with their support for the past 2 years.

I tried using Studiotax but i couldn't find a section for:
1) rental property
2) capital gains/losses (stocks)
3) expenses such as safety deposit boxes and other investment expenses

Can anyone help me? Thanks alot!
Deal Addict
Jun 12, 2015
1641 posts
398 upvotes
Ontario
nkit88 wrote:
Apr 16th, 2017 11:49 am
Hi,

I was thinking about switching from Ufile they haven't been too helpful with their support for the past 2 years.

I tried using Studiotax but i couldn't find a section for:
1) rental property
2) capital gains/losses (stocks)
3) expenses such as safety deposit boxes and other investment expenses

Can anyone help me? Thanks alot!
Form 776
Schedule 3
And safety deposit boxes are NOT deductible anymore since 2014, no matter what. But investment expense are schedule 4
Jr. Member
Jan 19, 2017
171 posts
47 upvotes
nkit88 wrote:
Apr 16th, 2017 11:49 am
Hi,

I was thinking about switching from Ufile they haven't been too helpful with their support for the past 2 years.

I tried using Studiotax but i couldn't find a section for:
1) rental property
2) capital gains/losses (stocks)
3) expenses such as safety deposit boxes and other investment expenses

Can anyone help me? Thanks alot!
Double click on line 126(rental income) to open a new T776 form. Double click on line 127 to open schedule 3.
Deal Addict
User avatar
Aug 29, 2001
1661 posts
166 upvotes
Waterlooo
How does one do taxes for the first time? My kid is now old enough to have income but it seems like a CRA account is needed first? The web site says to call a number. It is simple as call the number, get a CRA account and start using something like Turbotax?
Deal Addict
Jun 12, 2015
1641 posts
398 upvotes
Ontario
rilles wrote:
Apr 17th, 2017 2:10 pm
How does one do taxes for the first time? My kid is now old enough to have income but it seems like a CRA account is needed first? The web site says to call a number. It is simple as call the number, get a CRA account and start using something like Turbotax?
Nope just file your taxes. Use simpletax or studiotax which is free and approved by CRA.

Cra account is optional to see your return and kinda like a tax self serve vs calling cra for info.
Deal Fanatic
User avatar
Jun 22, 2004
6211 posts
63 upvotes
I was surprised, but you can also use TurboTax Free, either their web based version or download the app onto your desktop. It found an error which StudioTax did not.
Deal Guru
User avatar
Mar 1, 2006
13378 posts
173 upvotes
On the CRA Website under the list of eligible medical expenses for dental care it says: Dental services paid to a medical practitioner or a dentist. Expenses for purely cosmetic procedures are not eligible.

How do we know which dental services are eligible or not?
How do we know which services they consider cosmetic and which services they do not consider cosmetic?

For example, whenever you go to the dentist they'll charge you some kind of exam and diagnostic fee, x-ray fees etc. Are we allowed to submit those fees? or is it only fees that are procedural.

Anyone have any experience with this?
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