Personal Finance

2016 Tax Season Megathread

  • Last Updated:
  • Mar 24th, 2017 9:00 pm
Member
Dec 26, 2013
273 posts
46 upvotes
Switched over to simpletax this year from many years with turbotax, couldnt be happier, even found the software simpler to use Thumbs Up Sign.
Deal Fanatic
User avatar
Nov 19, 2004
6733 posts
737 upvotes
Cambridge, ON
Jucius Maximus wrote:
Mar 9th, 2017 11:52 pm
I'm getting nervous about the Federal government in potential tax increases they could sneak in, and thinking about cashing in all of my charitable donation receipts on this year's tax return, rather than waiting the maximum 5 years to stack the receipts and get the best benefit.

Is there any real chance they might claw back charitable donation tax breaks, especially for people above a certain income?
It is a credit, so income doesn't factor in other than to determine the maximum you can donate.

There is always a chance they will change the percentage credit for the amount over $75, but haven't heard anything. The only changes were surrounding capial gains for donations.
Newbie
Sep 6, 2013
36 posts
4 upvotes
Generic RRSP Question:

If I know my contribution room for the coming year, can I deposit that into my RRSP the first day of the year and claim it for that year's return?

For example, for 2018:
2017 RRSP room - $26,000
2018 RRSP room (I would estimate this from 2017 income) - $27,000
From March 1-December 31, 2017 I max my RRSP room of $26,000.
On January 1, 2018 I contribute $27,000 after guessing my limit for 2018.
On Schedule 7 of 2017 return, I fill out Schedule 7 accordingly:
Line 245 - $53,000 ($26,000 March 1-December 31, 2017 + $27,000 January 1-March 1, 2018)
Line 208 - $26,000

Would I get a 2017 NOA with a carryover amount of $27,000? Or would I get penalized for over-contribution?
Deal Fanatic
User avatar
Nov 19, 2004
6733 posts
737 upvotes
Cambridge, ON
mky160 wrote:
Mar 11th, 2017 1:52 pm
Generic RRSP Question:

If I know my contribution room for the coming year, can I deposit that into my RRSP the first day of the year and claim it for that year's return?

For example, for 2018:
2017 RRSP room - $26,000
2018 RRSP room (I would estimate this from 2017 income) - $27,000
From March 1-December 31, 2017 I max my RRSP room of $26,000.
On January 1, 2018 I contribute $27,000 after guessing my limit for 2018.
On Schedule 7 of 2017 return, I fill out Schedule 7 accordingly:
Line 245 - $53,000 ($26,000 March 1-December 31, 2017 + $27,000 January 1-March 1, 2018)
Line 208 - $26,000

Would I get a 2017 NOA with a carryover amount of $27,000? Or would I get penalized for over-contribution?
If I followed correctly, it sounds correct. That 27,000 would be a contribution for 2018 made in 2018 so no over contribution (except that it may be slightly over the maximum allowed for 2018). You report it on your 2017 return as a first 60 day contribution but do not deduct it until 2018. It would just carry over to your 2018 taxes.
Newbie
Sep 6, 2013
36 posts
4 upvotes
don242 wrote:
Mar 11th, 2017 3:07 pm
If I followed correctly, it sounds correct. That 27,000 would be a contribution for 2018 made in 2018 so no over contribution (except that it may be slightly over the maximum allowed for 2018). You report it on your 2017 return as a first 60 day contribution but do not deduct it until 2018. It would just carry over to your 2018 taxes.
Yeah, the contribution would be in the first 60 days of 2018 and claimed in the 2017 return, which then shows up in 2017 NOA as carryover for 2018 tax year. Thanks for the help! It's more coherent with your description. This helps me better organize my contributions against my employer group contributions.
Deal Addict
Oct 9, 2005
1800 posts
171 upvotes
Jucius Maximus wrote:
Mar 10th, 2017 12:01 am
I have often wondered about this. If that's the case, why doesn't everyone do this? Don't you get additional interest from the CRA if you get money back from adjusting an old return?
Because you're losing out on using the money and the gain is not that great. Generally people just want their refunds and to forget about their past returns. You can also overpay your tax return and get 3%.
Newbie
Dec 26, 2015
19 posts
Soo my husband's CRA account says his refund is issued March 13th.. we didn't get it yesterday, and when we called they said everything looks fine and there's no reason we shouldn't have it by the end of the day. It's now 8 am of the 14th and still nothing.. anyone else having any issues? Is there maybe a delay because the banks were down over the weekend?
Deal Fanatic
User avatar
Nov 19, 2004
6733 posts
737 upvotes
Cambridge, ON
NicoleS620099 wrote:
Mar 14th, 2017 8:01 am
Soo my husband's CRA account says his refund is issued March 13th.. we didn't get it yesterday, and when we called they said everything looks fine and there's no reason we shouldn't have it by the end of the day. It's now 8 am of the 14th and still nothing.. anyone else having any issues? Is there maybe a delay because the banks were down over the weekend?
Which bank? Some people said they got their's the following day. It seems to be partially dependent on the financial institution you are using. No need to be concerned just yet.
Sr. Member
User avatar
Aug 31, 2006
863 posts
21 upvotes
Can I claim the amounts I've paid for my professional exam, liability insurance and registration fees?
This is the one thing that's got me stumped. Don't want to bring it to an accountant for just this Confused Face

Thanks
Member
Feb 21, 2010
239 posts
26 upvotes
Scarborough
I have US-employer employment income (W2) and capital gains from that country. So I do not have a T1/ Schedule 3. When I filed with IRS, I paid taxes for both employment income and capital gains - I do not have a bifurcation. Now when I enter income for CRA, I am putting W2 income as Other employment Income and putting whole foreign taxes paid. Then, where do I put the capital gains? Will it come under foreign income - capital gains (schedule 3) or should i put it as capital gains on the canadian side?
Deal Fanatic
User avatar
Nov 19, 2004
6733 posts
737 upvotes
Cambridge, ON
vanessie wrote:
Mar 15th, 2017 11:52 am
Can I claim the amounts I've paid for my professional exam, liability insurance and registration fees?
This is the one thing that's got me stumped. Don't want to bring it to an accountant for just this Confused Face

Thanks
Line 212 is for annual dues and liability inurance.

Licensing exam fees are claimed as tuition credits in Schedule 11.
Newbie
Mar 14, 2017
4 posts
3 upvotes
My wife's application was assessed within a couple days of filing. I have been 'in process' for a week since. First time that has happened before and I have filed larger deductions for a vehicle, entertainment, etc. on commissioned income. I suspect I am in some sort of queue to manually verify my first large RRSP contributions. It is unfortunate that we cannot tell if CRA received the RRSP slips yet when you file. I would have waited to file until I was certain it was received. I wonder if this means they will become interested in receipts for taking out clients.
Newbie
Jul 20, 2006
30 posts
Toronto
I legally changed my name this year and have already updated all institutions including CRA about the change to reflect the new name. My T4 for 2016 is in my old name, but should I use my new or old name to file the tax return? New name, right?
Deal Fanatic
User avatar
Nov 19, 2004
6733 posts
737 upvotes
Cambridge, ON
fandom-high wrote:
Mar 15th, 2017 3:44 pm
I legally changed my name this year and have already updated all institutions including CRA about the change to reflect the new name. My T4 for 2016 is in my old name, but should I use my new or old name to file the tax return? New name, right?
Yes, file with the new name.
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