Personal Finance

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

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  • Dec 13th, 2017 8:37 pm
Member
Jul 22, 2015
305 posts
60 upvotes
Kitchener, ON
I need to file by paper since I tried to file electronically and am getting the error message "File Rejected". What pages do I need to print off? My options are (1) all pages including diagnostics, (2) Federal tax return only, or (3) selected pages - and what are they?

TIA
Member
Apr 29, 2012
271 posts
131 upvotes
Toronto
If you are still monitoring this thread I would appreciate some advice. Doing some work that involves a vulnerable security scan. I paid for the scan myself and my employer later reimbursed me. There was a separate line item on my pay stub titled “expenses” and it went towards my total gross pay. Does this mean I’ll be taxed in this extra income? Is there a way I can get this expense deducted since it is not actual income to me?
Thank you.
Last edited by rfduser199 on May 6th, 2017 2:57 pm, edited 1 time in total.
Member
User avatar
Aug 13, 2004
352 posts
19 upvotes
Toronto
Thanks in advance - I'm wondering about this example:

Age: 68 (Retired)
Account #1 = RRSP w/ available contribution room: $15,000
Account #2 = RRIF

Would it ever make sense to withdraw from the RRIF (account#2) and contribute to the RRSP (the full $15,000 of room) in the same year in order to maximize the RRSP before age 71 assuming the person isn't going to work anymore? or is this question way more complicated?

Thanks!!
Deal Addict
Apr 18, 2012
1145 posts
57 upvotes
Menthol wrote:
May 6th, 2017 10:02 pm
Can you claim internet Cable as a utility if you are providing that in the rental agreement?
TIA
yes
Member
Jul 22, 2015
305 posts
60 upvotes
Kitchener, ON
If you submit a paper copy of your taxes to CRA, do you also have to provide copies of the T4 and medical receipts? I can't file electronically due to an error.
Deal Addict
Jun 12, 2015
1808 posts
489 upvotes
Ontario
Acheewawa wrote:
May 7th, 2017 11:59 am
If you submit a paper copy of your taxes to CRA, do you also have to provide copies of the T4 and medical receipts? I can't file electronically due to an error.
No you keep them yourself. If cra wants to see them, they will contact you. As for t4, they already have it on file. 7 year you have to keep records.
Penalty Box
User avatar
Aug 23, 2006
3078 posts
191 upvotes
Acheewawa wrote:
May 7th, 2017 11:59 am
If you submit a paper copy of your taxes to CRA, do you also have to provide copies of the T4 and medical receipts? I can't file electronically due to an error.
As far as I know when filing paper you have to submit it. Unless the procedure is changed. But paper means you have to provide paper details also.

the copy marked as "attach to your tax Return".
“There are some things money can’t buy, and for everything else there’s MasterCard. Well, get out your checkbooks ladies and gentlemen, because it seems like the entire liberal cabinet can be bought. TRUDEAU: I CAN’T BE BOUGHT...LMAO. Because its 2017
Member
Jan 19, 2017
484 posts
128 upvotes
FJ2067 wrote:
May 6th, 2017 5:39 pm
Thanks in advance - I'm wondering about this example:

Age: 68 (Retired)
Account #1 = RRSP w/ available contribution room: $15,000
Account #2 = RRIF

Would it ever make sense to withdraw from the RRIF (account#2) and contribute to the RRSP (the full $15,000 of room) in the same year in order to maximize the RRSP before age 71 assuming the person isn't going to work anymore? or is this question way more complicated?

Thanks!!
You are not going to get anything from these 2 transactions. The RRIF withdrawal is added to your income, while the RRSP contribution is deducted from your income. So the net result is the same as nothing is done. It might even reduce your GIS because GIS qualification is based on your total income, not taxable income.
Member
Mar 13, 2012
314 posts
79 upvotes
Sarnia
If the person in your example is already retired (i.e. not working this year), he/she can't contribute to an RRSP. As far as I know RRSP contribution room is derived from earned (job/career) income, not investment income. Once you quit working, any contribution room left in your RRSP is no longer relevant, except if you were to take a job before the RRiF conversion deadline.
Deal Fanatic
User avatar
Apr 29, 2008
5867 posts
1602 upvotes
Montreal
kellymisty wrote:
May 7th, 2017 7:31 pm
I Once you quit working, any contribution room left in your RRSP is no longer relevant.
What the?
If you have contribution room from previous years, you can contribute to RRSP.

You could use RRSP contribution to lower income from investments / capital gains / etc.
Sr. Member
Oct 16, 2007
717 posts
11 upvotes
A colleague sold his condo(principal residence) in 2016. However he forgot to put it in schedule 3.he already net file his 2016 return. How does he file the forgotten schedule 3 in studio tax?
Member
Jan 19, 2017
484 posts
128 upvotes
boumbo wrote:
May 7th, 2017 9:37 pm
A colleague sold his condo(principal residence) in 2016. However he forgot to put it in schedule 3.he already net file his 2016 return. How does he file the forgotten schedule 3 in studio tax?
You can't file another return. You have to do an adjustment to your return by writing a letter to CRA.
Deal Addict
Jan 28, 2014
2952 posts
438 upvotes
FJ2067 wrote:
May 6th, 2017 5:39 pm
Thanks in advance - I'm wondering about this example:

Age: 68 (Retired)
Account #1 = RRSP w/ available contribution room: $15,000
Account #2 = RRIF

Would it ever make sense to withdraw from the RRIF (account#2) and contribute to the RRSP (the full $15,000 of room) in the same year in order to maximize the RRSP before age 71 assuming the person isn't going to work anymore? or is this question way more complicated?

Thanks!!
Is this a hypothetical question? If so, the answer is that it does not make sense to borrow from the RRIF to contribute to the RRSP.

However, every situation is different - should the 68 year old have room in tax year 2016 and cash available to deposit to his/her RRSP - plus owe a lot in taxes and the contribution would reduce the taxes, then it could/can make sense. Eventually the deposit to the RRSP would be taxed once the 68 year old has to RRIF (emphasis on the "has") but it could make a difference.
Deal Addict
Jan 28, 2014
2952 posts
438 upvotes
ml88888888 wrote:
May 7th, 2017 4:21 pm
You are not going to get anything from these 2 transactions. The RRIF withdrawal is added to your income, while the RRSP contribution is deducted from your income. So the net result is the same as nothing is done. It might even reduce your GIS because GIS qualification is based on your total income, not taxable income.
Do you mean OAS rather than GIS?

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