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 29, 2019
6:50 PM
You can claim expenses for packing, hauling and movers. CRA specifically mentions in-transit storage. I don't think 6 months of storage fees would pass the sniff test as it seems like an unreasonable amount of delay but that's a judgement call. The flight back for the guy you hired is also a grey area since travel costs are only deductible for moving yourself or family members, but he as the mover so would it be considered moving costs? Probably best to call the CRA for their advice cause the language they use is ambiguous.
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October 29, 2019
6:50 PM
For electronic submitted returns, it will be processed in as little as 8 days, but it's not usual to take longer. CRA says not to call about it until it's been 4 weeks.
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October 29, 2019
6:49 PM
$5000 in donations would be $1422 federal tax credit, and more for provincial. The credit is non-refundable so if you have less than $1422 in taxes owed, it will only reduce the amount owed to $0. ie if you only owe $50 in tax for the year, you'll only receive $50 credit. You can carry forward any unused amounts for upto 5 years.
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October 29, 2019
6:47 PM
Use the T5 entry screen, and manually convert your figures to $CDN before entry.
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October 29, 2019
6:21 PM
Yes. Declaration is not a choice. If you meet the criteria to be considered common-law you must declare as such.
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October 29, 2019
6:12 PM
Unfortunately not. While you can prepare the returns together they are always treated as separate filings in Canada. You don't have to submit them at the same time. So you could submit your spouses right away, then wait til the final day to submit yours. You may receive your spouses rebate back by then.
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October 29, 2019
6:12 PM
Well the fact that it's your nephew wouldn't prevent you from claiming it. A direct relative like a sister or spouse would cause an issue. However to claim it your step-nephew would have to provide you with a receipt in addition you will need his social insurance number. He would then have to claim this as income on his tax return. Also if you paid for his services in your home, you may have additional responsibilities as an employer which you should contact CRA about. In most cases when you are paying a close acquaintance like this its assumed to be more of an under the table situation where they don't claim it as income and you don't claim it as well. Since if there are tax implications for the person providing the service they may have charged more.
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October 29, 2019
6:09 PM
Eligible medical expenses for CRA are based on the province they practice in. There is no separate Canada list. So in you case this would not be an eligible medical expense as they are not an authorized medical practitioner in your province.
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October 29, 2019
6:07 PM
The acquisition itself wouldn't have tax implications. The final taxes of your fathers estate should have dealt with the tax implications of the property. I'm not very familiar with the probate process but I assume that it involves an updating of the values of the assets. If that's the case then you certainly can claim the capital loss on the property since it depreciated from when you inherited it til when you sold it. I would use a bit of judgement here as well. Does it pass the sniff test? If you sold the property a week after acquisition and claim a substantial loss, then the initial value is probably not very accurate. If the loss that you would be claiming is somewhat in the realm of realistic for the length of time you owned it, then it should be alright should the CRA come asking about it.
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October 29, 2019
5:17 PM
To repay HBP you have to contribute to an RRSP, alternatively the amount that you are required to repay can be included as RRSP income. So since you haven't been contributing to RRSP, you accountant has been including the required payment as RRSP income. So do not indicate that you are making a HBP repayment cause you are not. You cannot since you haven't contributed to your RRSP.
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