Personal Finance

Tax time! I'm a public accountant, so ask me, I'll try to respond frequently

  • Last Updated:
  • Oct 11th, 2019 7:45 pm
Member
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Jan 23, 2018
257 posts
295 upvotes
JayTee1 wrote:
Dec 20th, 2018 9:40 pm
I had to "gift" my broker some shares, because that particular stock is no longer able to be traded by a Canadian person anymore. The lady over the phone from my broker said that I would still be able to claim the losses.

Just wanted to confirm that I would be able to claim the losses and if so, how would I go abouts doing that? Because this will not show up as a part of my yearly trades as it was not considered a trade.
The idea behind the gifting of shares to the broker is to create a formal record that you no longer own them, i.e. your position is now officially closed with proceeds of the "sale" = zero. You report the loss by itemizing it on Schedule 3 against your adjusted cost base. It doesn't matter that the share position wasn't closed out by a traditional trade, bottom line is that the property has been disposed of and that's what matters.

Note that you can only claim a capital loss against other capital gains, so if you have no gains to offset, you'll be carrying the amount forward and using it to reduce capital gains you report in future years. Having said that, I should probably add that if you reported gains within the 3 previous years, you could alternatively claim a loss carryback, but it somewhat depends on whether the loss is big enough and therefore meaningful enough tax-wise to go to the trouble of filing for a carryback rather than just carrying the amount forward until you consume it. I've had occasion to have done it both ways in my day.

https://www.canada.ca/en/revenue-agency ... osses.html
Newbie
Jul 30, 2018
58 posts
34 upvotes
badsha wrote:
Feb 12th, 2016 2:03 am
professional gambling isn't exempted.
What consistutes professional gambling?
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Feb 19, 2010
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cyberbruce wrote:
Dec 27th, 2018 3:22 pm
What consistutes professional gambling?
If you have to ask, you're not a professional gambler. :rolleyes:
Newbie
Jul 30, 2018
58 posts
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Conquistador wrote:
Dec 27th, 2018 3:40 pm
If you have to ask, you're not a professional gambler. :rolleyes:
Never said that I was? Hence why I asked the question. Maybe someone can answer me without being a smart ass. Face With Rolling EyesFace With Rolling EyesFace With Rolling Eyes
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Feb 19, 2010
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cyberbruce wrote:
Dec 27th, 2018 3:46 pm
Never said that I was? Hence why I asked the question. Maybe someone can answer me without being a smart ass. Face With Rolling EyesFace With Rolling EyesFace With Rolling Eyes
Essentially it's a question of whether you make a living at it. Do you have other income from, say, a job or a business? If so, it's less likely that you would be considered a professional gambler although it would depend on how much you're making from each source.

The upshot of being a professional is that, initially anyway, you would be able to write off your losses. The downside is, of course, if you're good at it then you pay tax on your winnings. If you weren't good at it, you wouldn't be at it for very long as for making a living, right?
Newbie
Jul 30, 2018
58 posts
34 upvotes
Conquistador wrote:
Dec 27th, 2018 3:56 pm
Essentially it's a question of whether you make a living at it. Do you have other income from, say, a job or a business? If so, it's less likely that you would be considered a professional gambler although it would depend on how much you're making from each source.

The upshot of being a professional is that, initially anyway, you would be able to write off your losses. The downside is, of course, if you're good at it then you pay tax on your winnings. If you weren't good at it, you wouldn't be at it for very long as for making a living, right?
Makes sense. Thank you for answering the question.
Deal Addict
Aug 26, 2004
1784 posts
49 upvotes
I pay professional dues for my self employment (side business) and although not necessary for my full time job it's somewhat related to the work that I do.

1. Can I claim professional dues both as a business expense as well as an employment expense (not on T4)

2 Also, I have Project Management Certification dues that helps both my self employment and at work. Can I claim both as a business expense and as an employment expense?
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Nov 19, 2004
8587 posts
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Cambridge, ON
CDNPatriot wrote:
Dec 30th, 2018 9:15 am
I pay professional dues for my self employment (side business) and although not necessary for my full time job it's somewhat related to the work that I do.

1. Can I claim professional dues both as a business expense as well as an employment expense (not on T4)

2 Also, I have Project Management Certification dues that helps both my self employment and at work. Can I claim both as a business expense and as an employment expense?
I would think the answer is clear. You can never claim anything in duplicate to receive a double tax benefit. Claim professional dues on line 212.
Member
Jul 4, 2012
224 posts
46 upvotes
What happens if i contribute to my RRSP today (January 2019) having no contribution room left for 2018? I will however have new room for 2019 once I file my taxes.
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Jan 27, 2007
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Salomon1260 wrote:
Jan 1st, 2019 10:37 am
What happens if i contribute to my RRSP today (January 2019) having no contribution room left for 2018? I will however have new room for 2019 once I file my taxes.
Two options:

Put on 2018 return as a contribution, but dont claim deduction and carryforward to 2019.

Put on as a 2019 contribution on 2019 return.

First option is more technically correct.
Deal Addict
Oct 19, 2007
1985 posts
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I have an RRSP with RBC which was opened up in 2015. Maturity is 2020. It's only $500 (I did it as a test).

It seems like RBC will charge a fee (no idea what $?) if I wanna move my RRSP to somewhere else (Manulife). So there is no way to avoid such fees?
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Feb 19, 2010
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Seks wrote:
Jan 1st, 2019 1:39 pm
I have an RRSP with RBC which was opened up in 2015. Maturity is 2020. It's only $500 (I did it as a test).

It seems like RBC will charge a fee (no idea what $?) if I wanna move my RRSP to somewhere else (Manulife). So there is no way to avoid such fees?
A test of what? :eek:

Unless you have considerable other business with RBC or have a friend where you bank, it's extremely doubtful that you'll get them to waive their transfer fee. Also, with only $500 that's not nearly enough to entice the receiving institution (Manulife) to pick up the fee on your behalf.
Jr. Member
May 1, 2004
122 posts
25 upvotes
Toronto
Hi.. I turned to Self Employed in 2018.

All the project job remotely work @ home (Ontario, Canada) but the business owner in UK.
I invoices them monthly and wire transfer funds to my bank accounts directly.

Here is my questions?
How to do the CPP?
All my income from Foreign country, do i have to charge them HST?
How can I report the Foreign income with expense deduction?

Thank you so much!
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