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.
Tax time! I'm a public accountant, so ask me, I'll try to respond frequently
- Last Updated:
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- SCORE+92
- jeeva86
- Deal Fanatic
- Jul 4, 2005
- 9018 posts
- 2816 upvotes
- Ottawa
- CEOofPopeyes
- 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?
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?
- don242
- Deal Fanatic
- Nov 19, 2004
- 9356 posts
- 2211 upvotes
- Cambridge, ON
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.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?
- mclazy
- 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.
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.
- hwyc2007
- Sr. Member
- May 24, 2018
- 799 posts
- 757 upvotes
- Ontario
While you wait for other experts to weight in on your question, this link may offer some general guidancemclazy 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.
http://www.canadiancapitalist.com/tax-t ... -benefits/
Hope this helps.
- wolfs004
- 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.
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.
- hwyc2007
- Sr. Member
- May 24, 2018
- 799 posts
- 757 upvotes
- Ontario
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 $5Kwolfs004 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.
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 ?
- don242
- Deal Fanatic
- Nov 19, 2004
- 9356 posts
- 2211 upvotes
- Cambridge, ON
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.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.
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.
- User704347
- 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
- wolfs004
- Sr. Member
- Dec 25, 2015
- 530 posts
- 329 upvotes
- Canada
Nah think you nailed it. perfecthwyc2007 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 ?
- Skilas
- Deal Addict
- 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.
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.
- Messerschmitt
- Banned
- 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
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
- Phat_cow
- 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?
- don242
- Deal Fanatic
- Nov 19, 2004
- 9356 posts
- 2211 upvotes
- Cambridge, ON
You can only use losses against your gains, not other income. So if you have $4000 in gains, you can use $4000 in losses.
- don242
- Deal Fanatic
- Nov 19, 2004
- 9356 posts
- 2211 upvotes
- Cambridge, ON
It only does anything for someone with very low income. You don't need to fill it out unless you think you may qualify.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.
- don242
- Deal Fanatic
- Nov 19, 2004
- 9356 posts
- 2211 upvotes
- Cambridge, ON
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.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
- hwyc2007
- Sr. Member
- May 24, 2018
- 799 posts
- 757 upvotes
- Ontario
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.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.
Though some tax software may give an estimate up front. Hope this helps ?
- PriceMatchMe
- 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
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
- mclazy
- Member
- Aug 7, 2006
- 287 posts
- 87 upvotes
- Toronto
Much appreciated for the great work and amazing knowledge shared!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.
- jbman024
- 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!
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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