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warrencheswick
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- Posted No on Seniors and students. October 30, 2019 7:41 PM
- Posted You're correct that you did not have to report its purcha... on Investors and rental owners. October 30, 2019 7:40 PM
- Posted You can't. You have to file an amendment to your 2017 ret... on Seniors and students. October 30, 2019 7:40 PM
- Posted The CRA carry over amounts are from previous years tax fi... on Investors and rental owners. October 30, 2019 7:39 PM
- Posted If no capital gains was paid (by the estate) when you inh... on Investors and rental owners. October 30, 2019 7:38 PM
- Posted No, these are deemed as cost of sale. on Investors and rental owners. October 30, 2019 7:38 PM
- Posted 1. No 2. Yes 3. Yes 4. If cosmetics were required out of... on After you file. October 30, 2019 7:35 PM
- Posted Only legal fees related to s to collect (or establish a r... on Credits and deductions. October 30, 2019 7:32 PM
- Posted You'll need to fill out your taxes with all relevant info... on Seniors and students. October 30, 2019 7:30 PM
- Posted They are certainly not capital expenses since they don't... on Investors and rental owners. October 30, 2019 7:30 PM
- Posted Sounds like you have already applied for the program. You... on Seniors and students. October 30, 2019 7:18 PM
- Posted If you haven't paid taxes on the severance amount, you wo... on Seniors and students. October 30, 2019 7:18 PM
- Posted No you cannot. You will be penalized 1% interest per mont... on Seniors and students. October 30, 2019 6:31 PM
- Posted SSN is the US equivalent of a SIN, but no, the two are n... on Getting started. October 30, 2019 6:26 PM
- Posted So you got proceeds after 15 years from refinancing, didn... on Investors and rental owners. October 30, 2019 6:26 PM
- Posted You don't need to include any of these papers when submit... on Seniors and students. October 30, 2019 8:22 AM
- Posted You can't claim legal expenses incurred if you're the pay... on Credits and deductions. October 30, 2019 8:02 AM
- Posted Yes. In shared custody situations if you paid for child c... on Credits and deductions. October 30, 2019 7:23 AM
- Posted Sorry for your loss. Expenses related to funerals are con... on After you file. October 30, 2019 7:23 AM
- Posted You cannot combine tool expenses over several years. You... on Credits and deductions. October 30, 2019 7:22 AM
October 30, 2019
7:22 AM
Medical expenses are a non-refundable tax credit, so including them wouldn't be any benefit. The exception is there are certain cases for low income individuals with enough medical expenses in which case it could become a refundable tax credit. Also to remember is that medical expenses are more flexible in the period in which they are claimed. You can claim medical expenses for any 12 month period ending in the current tax year. So some of the expenses incurred in 2017 could be instead used on your 2018 year tax return.
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October 30, 2019
7:22 AM
Since you provided receipts and your friends are thus claiming this child care expense, you must claim this income (I mean you would legally have to claim it regardless but it would be more under the table otherwise). You need to fill out T2125 Business and professional income reporting form. Read https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/daycare-your-home.html for more details. There are expenses you may be able to claim.
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October 30, 2019
7:16 AM
Just put the total from box 14 into box 15 - regular benefits. It doesn't much matter where it goes, the total is really what matters. TurboTax is just looking to get a total of the other boxes to match box 14.
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October 30, 2019
7:15 AM
You may need to prepare the returns separately. Returns in Canada are always filed separately, but TurboTax allows preparing together to save re-entering the same data. ie You'll need the SIN and net income from your spouses return to include on your return and vice versa.
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October 30, 2019
6:30 AM
If the prize won has increased in value from the day you won it til when you sold it, you should declare the increase in value as a capital gain. ie if you win a $20,000 car and sell it for $20,000 theres no tax owed. If you win a $1000 piano and sell it in a year for $1500, there would be a $500 taxable gain.
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October 29, 2019
9:41 PM
No you can't. Child support (anything that is not explicitly spousal support) cannot be claimed, regardless of a court order or not. Payments for a court order explicitly for spousal support can be claimed, and the spouse would have to claim the income. But in your case, no you cannot make any claims.
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October 29, 2019
9:18 PM
If your husband doesn't 100% own all rental properties and you have been claiming as such, you should amend the returns since that's offside. Rental income should be claimed in proportion to the amount the property is owned. IF you now became a co-owner in the property, your husband must claim a capital gain/loss on the proportion of the property that you now own. So you don't have to amend previous returns to change ownership percentages, but you do have to claim capital gains to do so. You do have to amend previous returns if you have been mis-reporting your proportion of rental income.
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October 29, 2019
7:02 PM
They are one in the same. Certain financial institutions use the term RSP instead of RRSP. They are both terms for a registered retirement savings plan.
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October 29, 2019
6:57 PM
Charitable donations can be claimed in either spouses name. Turbotax defaults to what is most beneficial. Try using the easy step method. At the very end it will bring up charitable donations optimizer where you should be able to override the optimal allocation of donations claims
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October 29, 2019
6:51 PM
Yeah you'd better check your entries. There's a mistake somewhere. Not sure how you can get a 70 thousand dollar rebate on 26 thousand gross income.
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