Personal Finance

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

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Deal Fanatic
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Jul 4, 2005
9018 posts
2816 upvotes
Ottawa
Another q regarding principal res: the other owner had this property as their principal residence for the first few years before moving out. Would "Adjusted cost base at the time of the disposition" = the price of the house at the move out time? We should have an official appraisal value from that time.
Sr. Member
Jun 2, 2017
787 posts
390 upvotes
Hi, for equities, can you deduct the commission for when you both buy and sell? Or only when you sell?

Ex. I buy X share and get charged a 9.99 commission. I Sell X share and get charged a 9.99 commission. Can I deduct the $19.98 (9.99x2) against capital gains?
Deal Fanatic
User avatar
Nov 19, 2004
9356 posts
2211 upvotes
Cambridge, ON
CEOofPopeyes wrote: Hi, for equities, can you deduct the commission for when you both buy and sell? Or only when you sell?

Ex. I buy X share and get charged a 9.99 commission. I Sell X share and get charged a 9.99 commission. Can I deduct the $19.98 (9.99x2) against capital gains?
Short answer, yes. Longer answer, the buy commission is part of your ACB calculation so it is reducing your gains there. The sell commission is an outlay and reduces your capital gains.
Member
Aug 7, 2006
287 posts
87 upvotes
Toronto
My company granted me some shares which i paid taxes on when I received. After which I requested an xfer into my personal trading account (Margin) in Questrade. From there i then moved all the shares split between my Questrade TFSA and RRSP account.

On the transaction summary the amounts for gross amount and commission are zeros. The xfer into Margin has a code of TFI (transfer in of shares) and the move to RRSP/TFSA has a code of CON (for contribution). On the T5008 Questrade provided, it shows the shares but I'm unsure how to represent this on a T5008 or Schedule 3.

Looking for some help.
Sr. Member
May 24, 2018
799 posts
757 upvotes
Ontario
mclazy wrote: My company granted me some shares which i paid taxes on when I received. After which I requested an xfer into my personal trading account (Margin) in Questrade. From there i then moved all the shares split between my Questrade TFSA and RRSP account.

On the transaction summary the amounts for gross amount and commission are zeros. The xfer into Margin has a code of TFI (transfer in of shares) and the move to RRSP/TFSA has a code of CON (for contribution). On the T5008 Questrade provided, it shows the shares but I'm unsure how to represent this on a T5008 or Schedule 3.

Looking for some help.
While you wait for other experts to weight in on your question, this link may offer some general guidance
http://www.canadiancapitalist.com/tax-t ... -benefits/

Hope this helps.
Sr. Member
Dec 25, 2015
530 posts
329 upvotes
Canada
Great thread man thanks for all the posts and help you/ve done... Hoping you can help me with trying to carryback my losses from 2018 to 2017, here are the #s:

2017: Gains: $10K
2017: Taxable Gains: $5K

2018: Losses: $10K

When I apply my tax loss from 2018 to 2017 in T1A, am I inputting a) $5K of losses b) $10K of losses or c) some other number?

Logic would dictate answer a) - I am applying $10K of losses to reduce the capital gains to zero in 2017 ($10K gain [2017] - $10K loss [2018) = $0

Not sure if answer is a) though.. cant seem to find anything online about this and don't want to apply unnecessary capital losses if I don't need to.
Sr. Member
May 24, 2018
799 posts
757 upvotes
Ontario
wolfs004 wrote: Great thread man thanks for all the posts and help you/ve done... Hoping you can help me with trying to carryback my losses from 2018 to 2017, here are the #s:

2017: Gains: $10K
2017: Taxable Gains: $5K

2018: Losses: $10K

When I apply my tax loss from 2018 to 2017 in T1A, am I inputting a) $5K of losses b) $10K of losses or c) some other number?

Logic would dictate answer a) - I am applying $10K of losses to reduce the capital gains to zero in 2017 ($10K gain [2017] - $10K loss [2018) = $0

Not sure if answer is a) though.. cant seem to find anything online about this and don't want to apply unnecessary capital losses if I don't need to.
Seems striaght forward from printed text on Schedule 3 - Assuming your line 197 (Total capital loss) is negative $10K; line 199 (Net capital loss) will be negative $5K
To make a request for Loss Carryback, you fill in the numbers in T1A Part 5 box 6638 (Net capital loss ...) ($5K - I think it should be like for like, so after the 50% )
The rest is just math. Did I miss anything ?
Deal Fanatic
User avatar
Nov 19, 2004
9356 posts
2211 upvotes
Cambridge, ON
mclazy wrote: My company granted me some shares which i paid taxes on when I received. After which I requested an xfer into my personal trading account (Margin) in Questrade. From there i then moved all the shares split between my Questrade TFSA and RRSP account.

On the transaction summary the amounts for gross amount and commission are zeros. The xfer into Margin has a code of TFI (transfer in of shares) and the move to RRSP/TFSA has a code of CON (for contribution). On the T5008 Questrade provided, it shows the shares but I'm unsure how to represent this on a T5008 or Schedule 3.

Looking for some help.
The taxes paid already are your taxable benefit from the discount received on the shares. At this point, nothing more on that. Now you own shares as if you bought them at market value when you received the shares. You should have this info already. You will hace to calculate your ACB and recalculate each time you got more.

Now for your transfers. The transfer to your margin account is irrelevant. The transfers to your TFSA and RRSP are considered deemed disposition. This means you have to claim your gains/losses at the time of the transfer, just as if you sold the shares. You need to recalculate the ACB for each transfer (assuming these were done at different days/prices).

In the end you are taxed on your gains from the value on receipt and the value at transfer. You record this on your return just like you would a buy and sell.
Newbie
Feb 10, 2018
27 posts
7 upvotes
Hello receive a small pension from the UK do i claim as taxes paid there? Also have a small share in a income property that i leave in a bank account there when i go back every summer. Also taxed at a high rate b4 deposited in account
Sr. Member
Dec 25, 2015
530 posts
329 upvotes
Canada
hwyc2007 wrote: Seems striaght forward from printed text on Schedule 3 - Assuming your line 197 (Total capital loss) is negative $10K; line 199 (Net capital loss) will be negative $5K
To make a request for Loss Carryback, you fill in the numbers in T1A Part 5 box 6638 (Net capital loss ...) ($5K - I think it should be like for like, so after the 50% )
The rest is just math. Did I miss anything ?
Nah think you nailed it. perfect
Deal Addict
User avatar
Jun 5, 2010
3150 posts
7726 upvotes
Ontario
Hi,

My brother is living in an apartment downtown Toronto. He pays rent for his bachelor apartment. We file with Ufile. Every year there's a line for "Ontario Energy and Property Tax Credit - Tenants" and asks how much rent he paid last year. We fill it out every year, but I don't recall if it actually does anything to his return. Does it even matter to fill this out?

Thanks.
Banned
User avatar
Jul 17, 2008
11042 posts
3878 upvotes
FOR DONATIONS:

By last 5 years, for tax year 2018, can I claim from 2013 or 2014?

Is it 5 years before 2018 or including tax year 2018?

Thanks
Deal Addict
Jan 6, 2006
3067 posts
1220 upvotes
How much unused capital loss can I claim for my current tax year? For example, I have $10000 in unclaimed capital loss from previous years and this year I have a capital gain of $4000. Do I claim $4000 or can I use more to reduce my net income?
Deal Fanatic
User avatar
Nov 19, 2004
9356 posts
2211 upvotes
Cambridge, ON
Phat_cow wrote: How much unused capital loss can I claim for my current tax year? For example, I have $10000 in unclaimed capital loss from previous years and this year I have a capital gain of $4000. Do I claim $4000 or can I use more to reduce my net income?
You can only use losses against your gains, not other income. So if you have $4000 in gains, you can use $4000 in losses.
Deal Fanatic
User avatar
Nov 19, 2004
9356 posts
2211 upvotes
Cambridge, ON
Skilas wrote: Hi,

My brother is living in an apartment downtown Toronto. He pays rent for his bachelor apartment. We file with Ufile. Every year there's a line for "Ontario Energy and Property Tax Credit - Tenants" and asks how much rent he paid last year. We fill it out every year, but I don't recall if it actually does anything to his return. Does it even matter to fill this out?

Thanks.
It only does anything for someone with very low income. You don't need to fill it out unless you think you may qualify.
Deal Fanatic
User avatar
Nov 19, 2004
9356 posts
2211 upvotes
Cambridge, ON
Messerschmitt wrote: FOR DONATIONS:

By last 5 years, for tax year 2018, can I claim from 2013 or 2014?

Is it 5 years before 2018 or including tax year 2018?

Thanks
You can carry them forward for any of the next 5 years. So 2013 donations could be carried forward for any of the next 5 years, 2104-2018.
Sr. Member
May 24, 2018
799 posts
757 upvotes
Ontario
Skilas wrote: Hi,

My brother is living in an apartment downtown Toronto. He pays rent for his bachelor apartment. We file with Ufile. Every year there's a line for "Ontario Energy and Property Tax Credit - Tenants" and asks how much rent he paid last year. We fill it out every year, but I don't recall if it actually does anything to his return. Does it even matter to fill this out?

Thanks.
OEPTC is included under Ontario trillium benefit (OTB). I think it will not directly impact T1 return. And for qualified applicants, it is paid out monthly from July to June next year.
Though some tax software may give an estimate up front. Hope this helps ?
Newbie
Jan 25, 2019
17 posts
4 upvotes
Dental:
I didn't realize I could claim for dental for my kids. My daughter has had extensive surgery since 2012. Can I go back to claim those amounts? Can I claim for regular dental appts? How much is the return on dental, on average?

Carbon tax benefit:
Also, I am a single mom. I know I can claim one child as a spouse for carbon tax benefits but I am pretty sure I can't claim the same child again right? I have two children so I can claim as 2 spouses, and one child?

Thank you
Member
Aug 7, 2006
287 posts
87 upvotes
Toronto
don242 wrote: The taxes paid already are your taxable benefit from the discount received on the shares. At this point, nothing more on that. Now you own shares as if you bought them at market value when you received the shares. You should have this info already. You will hace to calculate your ACB and recalculate each time you got more.

Now for your transfers. The transfer to your margin account is irrelevant. The transfers to your TFSA and RRSP are considered deemed disposition. This means you have to claim your gains/losses at the time of the transfer, just as if you sold the shares. You need to recalculate the ACB for each transfer (assuming these were done at different days/prices).

In the end you are taxed on your gains from the value on receipt and the value at transfer. You record this on your return just like you would a buy and sell.
Much appreciated for the great work and amazing knowledge shared!
Newbie
Jan 15, 2013
78 posts
26 upvotes
Hamilton
I am filling out my tax return through SimpleTax and as I inputted my T3 from Questrade (which is based on my VCN and ZCN ETFs), SimpleTax has an optional box that asks for "Foreign capital gains included in box 21". If the amount is approx. $100 in box 21, how do I know how much of that is foreign capital gains?

The only thing listed on the T3 that seems to be of any help would be box 25 which says the "foreign non-business income" is approx. $10 but I don't think that is necessarily capital gains. I have not sold any of my ETFs at all. SimpleTax has a hint for the optional box that I'm trying to fill out that says "find this in the footnotes section of your T3, it may be called for foreign non-business income included in box 21". Are they referring to my box 25 or would it be a different footnote if I had foreign capital gains?

Any help would be greatly appreciated! Thanks!

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