Personal Finance

2016 Tax Season Megathread

  • Last Updated:
  • Apr 20th, 2017 8:26 pm
Newbie
Jun 13, 2016
8 posts
2 upvotes
Hi, I'm a self employed person who files my income under T4A and T2125 as a unincorporated business. Turbotax seems to believe I can claim GST/HST rebates on my expenses but I cannot find a simple answer as to why or how I would go about it. When doing my write offs I simply included the HST with them as they are taxable. If I were to claim the GST/HST components of my expenses separately would that not be double dipping or can I really write off the tax separately on top of the expense itself?
Deal Fanatic
User avatar
Nov 19, 2004
7041 posts
866 upvotes
Cambridge, ON
ottlife91 wrote:
Apr 20th, 2017 9:03 am
Hi, I'm a self employed person who files my income under T4A and T2125 as a unincorporated business. Turbotax seems to believe I can claim GST/HST rebates on my expenses but I cannot find a simple answer as to why or how I would go about it. When doing my write offs I simply included the HST with them as they are taxable. If I were to claim the GST/HST components of my expenses separately would that not be double dipping or can I really write off the tax separately on top of the expense itself?
Are you registered for HST? If so, HST credits are part of your HST return. So on your income tax return you show the expenses without HST.

If you are not registered for HST, then just include the full amount as the expense on your tax return. You are right in that either way, you cannot double dip.
Deal Addict
Nov 24, 2013
3704 posts
888 upvotes
Kingston, ON
don242 wrote:
Apr 20th, 2017 9:25 am
Are you registered for HST? If so, HST credits are part of your HST return. So on your income tax return you show the expenses without HST.

If you are not registered for HST, then just include the full amount as the expense on your tax return. You are right in that either way, you cannot double dip.
I'd add, if you're not registered for HST, confirm whether or not you have to (generally, gross revenue > $30K/yr).
Deal Addict
Nov 25, 2007
2600 posts
475 upvotes
Toronto
Need some tips for filling out tax for the first time.
- Have a job with T4 slip (filled that out in SimpleTax)
- All investments are in TFSA (so nothing to fill out)
- Bought a house last year (and redeemed the $5000 credit)
- Couldn't find my T5 slips from my bank interests, will this be a problem?

Anything else I can claim?
[OP]
Sr. Member
Jul 22, 2015
930 posts
268 upvotes
Saint-Hubert, QC
Sepharite wrote:
Apr 20th, 2017 8:14 pm
Need some tips for filling out tax for the first time.
- Have a job with T4 slip (filled that out in SimpleTax)
- All investments are in TFSA (so nothing to fill out)
- Bought a house last year (and redeemed the $5000 credit)
- Couldn't find my T5 slips from my bank interests, will this be a problem?

Anything else I can claim?
Bank doesn't always send out slips, it is your responsibility to report the correct amount.
Newbie
Apr 20, 2017
2 posts
This is my first time doing taxes for myself. I got married last year in July. My wife and myself have a T4 slips and we have been renting a condo since July. My investments are essentially TFSA and my wife has TFSA and RESP. I would appreciate if you guys can give pointers whether this is going to be straightforward or not.

Thanks
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