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New Member
posted Dec 21, 2024 12:50:37 PM

Many issues with initial release

This initial release has many issues.  Capital gains are not showing up in tax summary.  I did a test dividend entry and when I deleted it it changed my taxes owing from $187 to over $4 Million.  Then when i deleted another T5 my taxes owing went up to $ 20 Million!!.  It would only clear by restarting Turbotax.  t also says the TFSA limit for 2024 is $6,500.  Not correct.  It says my OAS amount for the year is too high.  Also not correct.  It is like they are using figures from 2022 or 2023.  Please do an update ASAP.  Final figures can't be trusted right now.

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2 Replies
New Member
Dec 21, 2024 1:44:36 PM

I have also just realized that Turbotax is using an inclusion rate of 66.67% on gains realized after June 2024 even if the amounts are under $250,000.  The new inclusion rate is only for amounts above 250K (if approved)

Level 3
Dec 21, 2024 9:21:45 PM

I only got a tax owing number of $13 million. I'm sending my cheque today!