I had to incorporate a business last February. An accountant will do my corporate taxes as this is my first year but I would still like to do my own personal taxes with just basic medical and bus pass write offs. No RRSP's this year as work is very slow out here. Since I am the director/only employee of the company, I am paying myself as an employee but going with EI exempt status as a director.
Which version of TurboTax will allow me to make myself EI exempt? My accountant will make me up a T4 slip based on the taxes & CPP I have paid.
Am I correct to assume I am a salaried employee when I do my personal taxes since I paid the monthly CPP & taxes; or should I enter my earnings as self employed still?
Thanks
As your company is incorporated, and you will be getting a T4 with your earnings, you’re no longer “Self-Employed” (even though you own the company). And if your return isn’t going to be complicated, then TurboTax Standard should meet your needs. You can even buy it as an 8 pack, which saves you money if you are also doing returns for your spouse or other family members. Here’s the link for the 8 return package: https://turbotax.intuit.ca/x/offers/turbotax-standard.jsp?src=care&cnm=care_fy18_tto_8
If you just want a single return in TurboTax Standard Online, or just want to compare versions: https://turbotax.intuit.ca/personal-tax-software/online-tax-software.jsp
If want to compare the different versions TurboTax Standard CD/Download: https://turbotax.intuit.ca/personal-tax-software/download-tax-software.jsp
When you are filling out your T4 slip in TurboTax, at the very bottom there is a box 28 group that includes EI. That’s where you would indicate that your income is EI exempt. This is the same in all versions (including Standard) when you use the EasyStep Interview mode.
FYI: For 2018, the Federal government no longer offers a credit for transit passes. The province/territory that still does is Ontario, but it is only offered for seniors (66 years old or older).
As your company is incorporated, and you will be getting a T4 with your earnings, you’re no longer “Self-Employed” (even though you own the company). And if your return isn’t going to be complicated, then TurboTax Standard should meet your needs. You can even buy it as an 8 pack, which saves you money if you are also doing returns for your spouse or other family members. Here’s the link for the 8 return package: https://turbotax.intuit.ca/x/offers/turbotax-standard.jsp?src=care&cnm=care_fy18_tto_8
If you just want a single return in TurboTax Standard Online, or just want to compare versions: https://turbotax.intuit.ca/personal-tax-software/online-tax-software.jsp
If want to compare the different versions TurboTax Standard CD/Download: https://turbotax.intuit.ca/personal-tax-software/download-tax-software.jsp
When you are filling out your T4 slip in TurboTax, at the very bottom there is a box 28 group that includes EI. That’s where you would indicate that your income is EI exempt. This is the same in all versions (including Standard) when you use the EasyStep Interview mode.
FYI: For 2018, the Federal government no longer offers a credit for transit passes. The province/territory that still does is Ontario, but it is only offered for seniors (66 years old or older).