Personal Finance

2016 Tax Season Megathread

  • Last Updated:
  • Apr 20th, 2017 8:26 pm
Deal Fanatic
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Nov 19, 2004
6942 posts
829 upvotes
Cambridge, ON
braveblade wrote:
Apr 19th, 2017 10:49 am
Just got my 2016 NOA and found out I lost all of my province tuition carryover amount because of moving. I had 0 federal tuition carryover amount and 20k province tuition carryover amount. I moved from SK to ab in mid 2016. Cra states since I moved, I need to use my federal amount as my new province amount, which is 0. Ouch! Is there anyway I can fight for it? And in the past years, turbotax always used my federal amount first, then my province amount. Is it possible to use province amount first?
When you move provinces, you use your federal amount as your provincial amount. Usually works out in your favour.

Seems odd you have so much provincial left. The federal or provincial credits apply to the federal or provincial returns. So one doesn't get "applied" first. It gets applied to the applicable return.
Deal Fanatic
User avatar
Nov 19, 2004
6942 posts
829 upvotes
Cambridge, ON
kl2017 wrote:
Apr 19th, 2017 1:23 pm
Thank you!
I think my plan is a group RRSP and not a pension plan since they don't do defined contribution or defined benefit pension.

Yes, I have box 20 amount, a contribution slip and an amount in box 52 which is the employer contribution's portion (which I also receive the contribution slip for) and this amount is also added to box 14 - employment income. I think as far as box 52 goes, it won't affect my net tax balance and only adjust my contribution room for the year. I guess at this point it is the mistake that the company made based on their incorrect definition of and RPP vs. a group RRSP. But you are right, maybe I should not include that contribution slip in my tax return?
You must have a combination of pension and rrsp plan then. Box 52 is also for pension plans. Something is still weird because you would not receive also contribution slip for the box 52 amount either.

Box 20 should equal your portion of the contributions to the pension.
Box 52 equals the employer portion to the pension. You are right in that no impact here other than contribution room.

The added amount to box 14 suggests there is also a RRSP plan that you are receiving, and this amount should equal a contribution slip.
Deal Addict
Jan 22, 2009
2215 posts
369 upvotes
don242 wrote:
Apr 19th, 2017 1:35 pm
When you move provinces, you use your federal amount as your provincial amount. Usually works out in your favour.

Seems odd you have so much provincial left. The federal or provincial credits apply to the federal or provincial returns. So one doesn't get "applied" first. It gets applied to the applicable return.
Thanks! I checked my carryover amount history, and it shows the amount of federal carryover applied is always about 2k more than the amount of province carryover since the first year I started to work, which created the gap between federal and provincial.
I did another calculation. Since Albertans pay less provincial tax then Saskatchewaners, in the long run, I will gain more tax refund by moving to AB, even I lost all of my SK provincial tuition carryover amount.
Member
May 23, 2014
471 posts
224 upvotes
I got a friend of mine who's a pharmacist to get his taxes done thru a Accountant last year. The accountant gave the pharmacists t-4 to his intern and filled out a software page kinda like ufile or soemthing. 8 minutes later it was all done.

My question is could I duplicate the accountants results thru simple tax or ufile or any free software??

The pharmacist has simple taxes .. he makes 98k a year .. and he has $500 in expenses related to his job i believe it's a license he has to renew


I believe the accountant got paid $100 for his 8 min job
Member
Jul 13, 2007
469 posts
58 upvotes
Toronto
thesick wrote:
Apr 19th, 2017 6:46 pm
I got a friend of mine who's a pharmacist to get his taxes done thru a Accountant last year. The accountant gave the pharmacists t-4 to his intern and filled out a software page kinda like ufile or soemthing. 8 minutes later it was all done.

My question is could I duplicate the accountants results thru simple tax or ufile or any free software??

The pharmacist has simple taxes .. he makes 98k a year .. and he has $500 in expenses related to his job i believe it's a license he has to renew


I believe the accountant got paid $100 for his 8 min job
Assuming the friend is just working as an employee, the tax return is very simple and straightforward on Studiotax or some other program with the CRA's import tool. Friend should have some investments to keep track of if they're making $98k though...
Are you sure you wish to carry out this operation? You betcha.
Jr. Member
Jan 19, 2017
104 posts
33 upvotes
don242 wrote:
Apr 19th, 2017 12:59 pm
Not sure I know what you are asking. The HBP is a withdrawal made from your RRSP to go towards purchasing your first home. It needs to be used for that purchase.

Donation credits are completely different.
He was asking about the 5000$ first time house buyer credit, not HBP.
The answer is yes you have to use for the tax year you bought the house. I bet you situation is your taxable income was too low and can't use the whole $5000 credit to reduce your federal tax payable to zero so you would waste the credit.

So the warning to people is to make sure your income is high enough in the year yo are going to buy your first real estate in the last 5 years or you will waste the credit..
Jr. Member
Jan 19, 2017
104 posts
33 upvotes
braveblade wrote:
Apr 19th, 2017 1:47 pm
Thanks! I checked my carryover amount history, and it shows the amount of federal carryover applied is always about 2k more than the amount of province carryover since the first year I started to work, which created the gap between federal and provincial.
I did another calculation. Since Albertans pay less provincial tax then Saskatchewaners, in the long run, I will gain more tax refund by moving to AB, even I lost all of my SK provincial tuition carryover amount.
You will also loose the Sask. graduate retention credit. It can be worth up to $20000 over 10 yrs.
Deal Fanatic
User avatar
Nov 19, 2004
6942 posts
829 upvotes
Cambridge, ON
ml88888888 wrote:
Apr 19th, 2017 7:42 pm
He was asking about the 5000$ first time house buyer credit, not HBP.
The answer is yes you have to use for the tax year you bought the house. I bet you situation is your taxable income was too low and can't use the whole $5000 credit to reduce your federal tax payable to zero so you would waste the credit.

So the warning to people is to make sure your income is high enough in the year yo are going to buy your first real estate in the last 5 years or you will waste the credit..
Thanks. I completely misread that one!
Jr. Member
Nov 26, 2015
178 posts
51 upvotes
Montréal
1 March I filed the return

13 March they asked me for my T4, I submitted on the same day.

When should I expect I get my NoA? 6 - 8 weeks?

They asked for my T4 because my employer didn't upload the T4 punctually and I asked for EI Premium refunds
Newbie
Jan 15, 2017
27 posts
9 upvotes
I contributed some USD to RRSP but didn't realize that should have been treated as a disposition with the capital gains calculated. In reality any gain from it isn't huge. Is this likely to be an issue or can I forget about it?
Member
Jan 9, 2011
438 posts
190 upvotes
Vancouver
How long does it take for an onlinetax return payment through your financial institution to be posted? I paid online on Easter Sunday, it's now Wednesday and the CRA site has no record of any payment. The bill payee I specified was CRA (REVENUE)-2016-TAX RET and used my SIN as the account number. Did I do it wrong?
Deal Addict
Nov 23, 2008
1829 posts
371 upvotes
Not sure if this is the right place to ask specifics about tech support for StudioTax....

Anyways, I've been looking all over on how to add LINE 229 "other employment expenses"

My employer gave me a letter, and it says it can be claimed "as a repayment of T4 earnings on line 229 - other employment expenses of your personal income tax return"

But I've been looking all over and I can't seem to find a way to add it. Its driving me insane!
please help if you're familiar with studiotax
thanks so much :)
Deal Addict
User avatar
Dec 27, 2009
2486 posts
781 upvotes
Ottawa, ON
Kiraly wrote:
Apr 19th, 2017 10:57 pm
How long does it take for an onlinetax return payment through your financial institution to be posted? I paid online on Easter Sunday, it's now Wednesday and the CRA site has no record of any payment. The bill payee I specified was CRA (REVENUE)-2016-TAX RET and used my SIN as the account number. Did I do it wrong?
That is correct. You should be okay.
Deal Fanatic
User avatar
Nov 19, 2004
6942 posts
829 upvotes
Cambridge, ON
SomeOtherDude wrote:
Apr 19th, 2017 11:20 pm
Not sure if this is the right place to ask specifics about tech support for StudioTax....

Anyways, I've been looking all over on how to add LINE 229 "other employment expenses"

My employer gave me a letter, and it says it can be claimed "as a repayment of T4 earnings on line 229 - other employment expenses of your personal income tax return"

But I've been looking all over and I can't seem to find a way to add it. Its driving me insane!
please help if you're familiar with studiotax
thanks so much :)
Double click on line 229, something should pop up. Probably option to use a T777 form or some other options. If nothing else makes sense, use the T777 and there should be a line in the top section "Other expenses". Just write in the reason and put the amount there.
Deal Fanatic
User avatar
Nov 19, 2004
6942 posts
829 upvotes
Cambridge, ON
digger314 wrote:
Apr 19th, 2017 9:05 pm
I contributed some USD to RRSP but didn't realize that should have been treated as a disposition with the capital gains calculated. In reality any gain from it isn't huge. Is this likely to be an issue or can I forget about it?
Were the gains under $200? I don't think you need to worry about currency exchange gains if it is under $200.
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