My 2017 T1-M has a carry-forward on line 24.
Where do I put that amount on my 2018 Tax Return?
Jan 12th, 2019 1:05 pm
Jan 12th, 2019 6:33 pm
Enter it on line 219 of your return (assuming you have the income to apply it against) https://www.canada.ca/en/revenue-agency ... eturn.html
Jan 16th, 2019 11:57 pm
Feb 8th, 2019 11:05 am
Feb 8th, 2019 11:29 am
Feb 8th, 2019 3:31 pm
Bump. Does anyone know the answer to this?minimalist wrote: ↑Dec 21st, 2018 12:00 pmI'm self employed and have a question about claiming a credit card annual fee as a business expense.
I understand that I can definitely claim this on a "Business credit card" like the Amex SPG Business Card providing I charge business expenses to it.
My question is if I use a regular, non-business credit card for both personal and business expenses (I have very few, less than 5 per year) can I claim the annual fee as above?
Feb 8th, 2019 5:30 pm
I don't know for sure, but logically speaking, at most you should be able to claim as business expense, is the pro-rated fee. Based on the business transactions out of the total number of transactions on the card during the year.
Feb 8th, 2019 7:50 pm
Thanks for your reply.
Feb 8th, 2019 9:31 pm
Yes. You would have to go back and file an adjustment for each year.Seks wrote: ↑Feb 8th, 2019 11:05 amI'm a member of a regulatory professional body/college which I pay an annual fee to maintain my license/registration. I JUST found out yesterday from a coworker that when I log in to the college's website, there are tax receipts which I can use towards my income tax filing! Would I be able to claim the previous years (2017 and earlier)????
Feb 8th, 2019 10:30 pm
I haven't checked your numbers but they sound plausible: 75% METR at your income level and family situation. Make sure you're comparing benefits with the RRSP contribution against benefits without the contribution. For example, you'd probably still get some of the CCB without it.ryareg wrote: ↑Jan 16th, 2019 11:57 pmHi Everyone,
I will start off by admitting that I haven’t consulted with a tax professional yet. I will definitely do so, however wanted to check in here to see if I was missing something…
I am looking to use RRSP contributions to lower my taxable income (Line 236) of mine and my wife’s tax returns in order to (hopefully) do the following:
1. Build a retirement portfolio;
2. Lower the taxes we pay;
3. Qualify for Child Care Subsidy, and;
4. Increase Child Benefits.
Our situation is as follows:
She - currently on EI (mat leave) making the maximum amount, roughly 25k/year (net)
Me - Working full time making roughly 80k/year (gross)
Child 1 - 18 months old and in full time daycare costing approx. $1500.00/month.
Child 2 - Due in February 2019
2017 Net income (Line 236)
She - roughly $40k
Me - roughly $62k
2018 RRSP deduction limit
She - roughly $57k
Me - roughly $44k
2017 Child Benefits (one child)
2018 child benefits (two children)
Expecting to be approximately $500/month.
https://www.canada.ca/en/revenue-agency ... lator.html
Now that we have that out of the way, if I were to make a 60k (total) lump sum contribution to our RRSP accounts by way of an RRSP loan, I have calculated the following:
Child Benefits with two kids: $940.10
Ontario child benefit monthly amount - $89.12
GST/HST credit quarterly amount - $139.67
Ontario trillium benefit monthly amount - $78.60
Ontario energy and property tax credit monthly amount - $25.53
Ontario sales tax credit monthly amount - $53.07
Total Benefits = $13,852.52/year
RRSP Refund = $15,391
Daycare Subsidy received would be roughly $15,399.96
http://webaps.halton.ca/forms/childcare ... ulator.cfm
New Daycare Payment = $216.67/month (Remainder Covered by Regional Subsidy)
Total Return through Government credits/subsidy/refunds = $44,642.52
Leaving us out of pocket $15,357.48 plus any applicable loan interest.
Have I missed something or is this pretty accurate? If 60k is going to cost us 15k plus interest, why wouldn’t everyone with contribution room be doing this?
Thank you very much for any assistance.
Feb 9th, 2019 12:04 am
Yes. You should be fine claiming that annual fee when that card is used exclusively for business expenses. CRA wouldn't mind what the card says on it.minimalist wrote: ↑Feb 8th, 2019 7:50 pmThanks for your reply.
What I'm now thinking of is using a so called "personal credit card" for only business expenses.
Let me explain. Amex has both the SPG and SPG business credit cards. Annual fees are $120 for SPG and $150 for SPG Biz. Biz version has slightly higher earning categories but they don't benefit me.
To save the $30 I'm thinking of getting the SPG and only running business expenses through it.
Do you think I'd be able to deduct the $120 annual fee seeing that I'm only running biz expenses through it despite it not saying "Business" on the card plastic?
Feb 9th, 2019 1:15 pm
Feb 9th, 2019 1:50 pm
Feb 9th, 2019 1:52 pm
Your question essentially is whether this is a capital loss or a business loss. Your original intention was to renovate and rent which would of supported a capital loss if carried out. You may have a strong case though to support a business loss. For example if you had a profit CRA would be arguing you were in the business of renovating and selling properties since you never rented. As such I would be claiming a business loss using schedule T2125.User704347 wrote: ↑Feb 9th, 2019 1:15 pmHello. I own a principle residence and bought a 50% interest in asecond property to fix and rent. Long story short renovated but never rented prior to selling. Took a loss with purchase price plus renovations minus selling price. How would i report on taxes as was a loss
Feb 9th, 2019 2:48 pm
You report contributions to a spousal RRSP. It is deducted from your income and uses your contribution space.