Personal Finance

Ask me anything about personal tax and accounting related

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  • Feb 1st, 2024 10:09 pm
Newbie
Nov 24, 2017
3 posts
Moved to Canada in 2016. Did not file T1135 for 2016 because of exemption for first year in Canada.But but 2016 tax return is still not assessed and still waiting on it (latest ETA 15 Jun).
For 2017, filed T1135 however I made a mistake, I failed to consider some funds in a term deposit that did not show in my bank statement, Since the remaining funds were less than $250K, i used the simplified reporting format. But I should have used the detailed format because when I include the term deposits, the total cost goes well beyond 250K. It was an honest mistake and I had no intention to cheat on taxes.

Now, should I amend the T1135? My 2017 return has been assessed and I can NETFILE the T1135 amendment. However I'm worried that CRA will assess me for gross negligence and fine the maximum penalty of $24,000 that is possible. I cannot do voluntary disclosure since 1 year has not passed. Please advise.
Sr. Member
May 3, 2016
543 posts
76 upvotes
I filed a paper return and sent out mid-April by Xpress mail at Canada Post. As of now, the package status still shows "Item on hold at recipient's request" at the Winnipeg Tax Centre. Does it make sense to you? Thanks!
Jr. Member
Mar 10, 2005
138 posts
Welland
Used the Disability Tax Credit for the first time this year. M-I-L is living in a nursing home. Her DTC was used on my husbands tax form - all required forms are in CRA and approved. He filed his taxes and was no problem. I used a computer program (Studio Tax) to fill out all the forms and Netfile. I did not notice that it gave me a $10,000 medical deduction too, assuming the unused portion from hers and my husbands forms. Was reassessed by CRA, told them that, and they say everything has been reassessed and there is nothing further needed. SoWhat I am asking is when it is tax time next year, do I do the same, input on his form and let the excess deduction go on mine?
Newbie
Jun 21, 2008
25 posts
63 upvotes
Belle River
I have a question about accessing funds in an RRSP. I'm in my late 40s and work for the public sector - I'm fortunate to have a generous defined benefit pension plan that I will have access to when I retire at 56. I am aware of the withholding taxes that must be paid if I withdraw money from my RRSP prior to retirement but am not clear if I still need to pay the same withholding taxes after I retire. Given that my income will never really be that low, what are my best options to withdraw those funds if I want to access them?

Boy - how I wish I could go back and not listen to the banks when they told me to invest in RRSPs years ago!
Newbie
Mar 5, 2019
1 posts
I have a question related to restricted funds for a non-profit organization. Are restricted funds included in the overall revenue or are they kept separate as their own income when determining the overall yearly revenue for the organization.
Jr. Member
Oct 14, 2015
159 posts
56 upvotes
Thornhill, ON
Is this thread still active? I've got a question and would appreciate some help. Thanks in advance!
Deal Addict
User avatar
Dec 24, 2007
1811 posts
2410 upvotes
BC
You can post but the original OP is no longer active. There are others on RFD who are accountants.

Better to just post the question as a separate thread with a more specific headline.
Jr. Member
Oct 14, 2015
159 posts
56 upvotes
Thornhill, ON
WetCoastGuy wrote: You can post but the original OP is no longer active. There are others on RFD who are accountants.

Better to just post the question as a separate thread with a more specific headline.
Thanks! Will try that!
Newbie
Aug 28, 2020
14 posts
4 upvotes
My home is currently mortgage-free. I want to refinance it so I can rent it out and use the freed money to buy another principal residence.

From what I understand, I cannot claim the interest on that mortgage to be a rental expense as the funds will be used to buy a home that I will live in.

Per this article: http://www.financialpost.com/personal-f ... story.html

I need to sell then repurchase it from family. Are there any other ways? Is there an accountant who can help me with this?
Deal Expert
User avatar
Mar 1, 2006
16861 posts
1301 upvotes
If I contribute 10K to my RRSP now. Will I be able to withdraw it under the LLP and use it for school next year? The school would be in the UK though.
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Newbie
Dec 2, 2009
63 posts
79 upvotes
i made a donation to st judes hospital in the USA.... are you able to claim it like a regular donation? if it was 50 USD but came to $65 CAD, can I claim the $65?
Deal Addict
User avatar
May 19, 2015
1427 posts
847 upvotes
GTA
sven72 wrote: i made a donation to st judes hospital in the USA.... are you able to claim it like a regular donation? if it was 50 USD but came to $65 CAD, can I claim the $65?
Doubtful unless they registered as a Canadian charity with the CRA (which why would an American hospital do that)
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Deal Addict
Dec 7, 2011
3586 posts
1993 upvotes
Whitehorse
I am a partner in a very small Partnership (not limited) and have received a T5013 slip. It shows a few hundred dollars in Box 20. Where do I enter that on the Return?

Line 12200 is for "limited or non-active partners only".

Do I add the amount to my Business income in Line 13500?

Or do I add it to Line 8230 in Form T2125?

I've read the "Instructions for Recipient"
https://www.canada.ca/en/revenue-agency ... ml#head001
but they simply say "Report the information on your T1 Income Tax and Benefit Return." They don't say *where exactly* to add the information.

Thank you!
Deal Fanatic
User avatar
Nov 19, 2004
9356 posts
2211 upvotes
Cambridge, ON
sokolov wrote: I am a partner in a very small Partnership (not limited) and have received a T5013 slip. It shows a few hundred dollars in Box 20. Where do I enter that on the Return?

Line 12200 is for "limited or non-active partners only".

Do I add the amount to my Business income in Line 13500?

Or do I add it to Line 8230 in Form T2125?

I've read the "Instructions for Recipient"
https://www.canada.ca/en/revenue-agency ... ml#head001
but they simply say "Report the information on your T1 Income Tax and Benefit Return." They don't say *where exactly* to add the information.

Thank you!
Enter this amount on amount 5A of Form T2125, and report the income on line 13500 of your T1 return.
Deal Addict
Dec 7, 2011
3586 posts
1993 upvotes
Whitehorse
don242 wrote: Enter this amount on amount 5A of Form T2125, and report the income on line 13500 of your T1 return.
Thank you. It says there "Your share of line 9369 or the amount from your T5013 slip".

But what they mean is "Your share of line 9369 and the amount from your T5013 slip"?
I add those up?
Deal Fanatic
User avatar
Nov 19, 2004
9356 posts
2211 upvotes
Cambridge, ON
sokolov wrote: Thank you. It says there "Your share of line 9369 or the amount from your T5013 slip".

But what they mean is "Your share of line 9369 and the amount from your T5013 slip"?
I add those up?
Is it different business income? You need to do a T2125 for each business.
Jr. Member
Nov 8, 2006
198 posts
55 upvotes
My wife is currently on maternity leave, with minimal ei income, and planning to be a real estate.
https://humber.ca/realestate/become-a-s ... -fees.html
I contacted Humber college
Receipts are sent to Learners via email when they register, but they can also be re-printed from the Learner Portal. Humber does not issue a T2202A for this program.
If she enrolled in the course, would she be qualified for the enrollment in a full time or part time educational program on form t778?
Could we claim the tuition fee for this sort of programs?
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Deal Fanatic
User avatar
Nov 19, 2004
9356 posts
2211 upvotes
Cambridge, ON
darlee wrote: My wife is currently on maternity leave, with minimal ei income, and planning to be a real estate.
https://humber.ca/realestate/become-a-s ... -fees.html
I contacted Humber college
Receipts are sent to Learners via email when they register, but they can also be re-printed from the Learner Portal. Humber does not issue a T2202A for this program.
If she enrolled in the course, would she be qualified for the enrollment in a full time or part time educational program on form t778?
Could we claim the tuition fee for this sort of programs?
If they don't issue a T2202 then the program is not eligible for the tuition tax credit.

If she is the lower income spouse, then she claims the child care deductions. However, if she was enrolled in an eligible program, then you could claim. But if the program is not eligible (such as the one you are suggesting), then she will claim the child care deductions.

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