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Kyle_12
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- Got Cheered for Re: I had a condo that I sold in Jan 2020 so it was never rented out that year. All expenses were part of the sale price, on which we made a profit. Where do I enter that the rental property has been sold and the sale price and the profit made?. April 25, 2021 3:48 PM
- Posted Re: Can I claim mortgage interest as a commission salesperson with a home based office? on Self-employed. April 20, 2021 2:37 PM
- Posted Re: If I claim the Canada trainign Credit, does it take away my tuition credits? on Seniors and students. April 20, 2021 2:35 PM
- Posted Re: How do I enter my RSP? on Self-employed. April 20, 2021 10:11 AM
- Posted Re: How to claim rental expenses? on Investors and rental owners. April 20, 2021 9:52 AM
- Posted Re: How do I claim T657, capital gain deduction on disposal of a qualified farm? Schedule 3, line 25400 on return. I was a qualified farmer. on Getting started. April 20, 2021 9:49 AM
- Posted Re: Does cra ask for anything further than your mailing address? Do you need to state your actual place of residence on your tax return? I'm not living at my mailing addres on Troubleshooting. April 19, 2021 1:28 PM
- Posted Re: Do i have to claim my common law partner when I am just claiming myself? on After you file. April 19, 2021 1:06 PM
- Posted Re: I had a condo that I sold in Jan 2020 so it was never rented out that year. All expenses were part of the sale price, on which we made a profit. Where do I enter that the rental property has been sold and the sale price and the profit made? on Investors and rental owners. April 19, 2021 1:03 PM
- Got Cheered for Re: Am I better off file my taxes separate to my spouse. April 17, 2021 6:20 PM
- Posted Re: When claiming employee expenses in the simplified method do I enter the total amount of all meals x 23.00 in the cost of meal line? Or total amount x 23.00 divided by 2 on Troubleshooting. April 17, 2021 5:06 PM
- Posted Re: How do i add address of rental property on Investors and rental owners. April 16, 2021 3:42 PM
- Posted Re: How can I save a condensed version of my tax return? on Getting started. April 16, 2021 3:41 PM
- Posted Re: Unused provincial tuition - how to claim on Troubleshooting. April 16, 2021 3:37 PM
- Posted Re: Last year my wife and I filed for a regular tax return. For 2020, my wife has a small business. How do we file with business expense included? on Self-employed. April 15, 2021 5:13 PM
- Posted Re: I did not claim my medical plan premiums for 2019 on my 2019 tax return. Can I claim them on my 2020 tax return? on Credits and deductions. April 13, 2021 8:00 PM
- Posted Re: Trying to figure out capital gains on US stock sold. I sold mutiple shares of same stock but not sure how to calculate and enter it in to Turbo tax. on Investors and rental owners. April 13, 2021 7:59 PM
- Posted Re: I had a condo that I sold in Jan 2020 so it was never rented out that year. All expenses were part of the sale price, on which we made a profit. Where do I enter that the rental property has been sold and the sale price and the profit made? on Investors and rental owners. April 13, 2021 7:57 PM
- Posted Re: I am an apprentice electrician. How do I claim expenses for equipment and clothing I use for work? on Self-employed. April 13, 2021 7:55 PM
- Posted Re: I have paid tax installment three times, where do I input this in my tax return? on Investors and rental owners. April 13, 2021 7:53 PM
April 20, 2021
2:37 PM
Yes, a s a commissioned employee, you can claim the mortgage interest, the property taxes, and the insurance. You are limited not only by the home use percentage but also by the commission paid since your expenses cannot exceed your commissions.
Thank you for using TurboTax.
For more information on how mortgage affects your taxes, please see our TurboTax blog below:
When Does Mortgage Affect Your Taxes?
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April 20, 2021
2:35 PM
No, if you claim the Canada Training Credit it does not take away your Tuition Tax Credit completely. However, if y ou are able to claim both the Canada Training Credit and the Tuition Tax Credit in the same year, in calculating your tuition tax credit, your eligible tuition and fees paid for the year will be reduced by the Canada training credit you claim in that year.
For example, if your tuition amount is $6,000 and you claim $250 for the Canada training credit, the amount of tuition used in the calculation of the tuition tax credit will be $5,750 (plus any unused tuition credits, if applicable).
For more information on the Canada Training Credit, please see our TurboTax blog about it below:
Canada Training Credit
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April 20, 2021
10:11 AM
To enter any RRSP contributions in TurboTax Online, you may use the following steps to guide you:
In the upper-right corner of your screen, click on the "Find" icon with the magnifying glass.
In the Find window, type “RRSP profile” in the search field, select it from the list and then click "Go".
Select the checkbox for “Made RRSP contributions during 2020 or the first 60 days of 2021,” as well as any other options that apply to you, and then click "Continue".
Follow the on-screen instructions and TurboTax will guide you through the steps for entering your RRSP contributions.
Thank you for using TurboTax.
For Information about TurboTax's RRSP optimizer and how it makes your tax preparation easier, see the link below:
Make Tax Preparation Easier With TurboTax’s RRSP Optimizer
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April 20, 2021
9:52 AM
To claim rental expenses, use the following steps to guide you:
On the top right of your screen, click on "Find".
The Find window will pop up, in the search bar type in "Rental Properties".
Click on "Rental Properties" and select Go.
It will ask " Did you receive income from a rental property?", select Yes.
You will then be on your " Real Estate Rentals Statement".
Enter information about your rental property, scroll down to the bottom of the page and you will see that you can enter any necessary rental expenses you need to claim.
Thank you for using TurboTax.
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April 20, 2021
9:49 AM
To claim the capital gain deduction on the sale of a qualified farm, follow the steps provided below:
At the top right-hand side of your screen, click on the "Find" icon with the magnifying glass.
The Find window will appear, in the search box type in "Capital Gains and Capital Gains Deduction Profile", select it from the results, and click on "Go".
You will come to a page where it will say "Select all of the checkboxes that apply to you".
Select the "Claim Capital Gains Deduction on sale of Qualified Farming property, Fishing property, or Qualified Small Business Shares" checkbox and any more that apply to you.
You will then select the "Enter More Years" option at the bottom right of your screen.
You will then enter your eligible taxable capital gains as reported on Form T657. Once finished you will select "Continue"
Select "Done with Capital Gains", enter any necessary information if needed, then you will come to a page where it will ask to "Enter the amount you wish to claim on your 2020 tax return." once you have entered the amount select "Continue" and you are finished.
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April 19, 2021
1:28 PM
If you have moved and your mailing address has changed t he Canada Revenue Agency (CRA) requests notice of a change of address as soon as possible. You can update your information online using the CRA’s My Account service, or by calling the CRA. The Agency also accepts address changes by mail. To do this you must complete and sign Form RC325.
For more information, please visit our TurboTax blog below:
Notifying Canada Revenue Agency (CRA) of a Change of Address
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April 19, 2021
1:06 PM
You do not get to decide whether to claim your marital status on your tax return. Once you are married, you must include your spouse. Once you are common-law, you must file as common-law, to be considered common-law, two people must live together in a conjugal relationship for 12 months or immediately if you have a child.
The CRA knows your true marital status based on the information you file, credits and deductions you apply for, and based on other information that is sent in which relates to you. Failing to indicate the correct marital status is tax fraud.
For more information related to this topic, please see our TurboTax blog below:
Facts Every Canadian Needs to Know About Filing Coupled Tax Returns
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April 19, 2021
1:03 PM
1 Cheer
To claim the capital gain resulting from the sale of your condo, you will have to do the following if you are using TurboTax Online:
On the top right of your screen look for the "Find" icon, once you find it click on it and the find window will open.
Type in the box "Capital Gains and Capital Gains Deduction Profile", select it from the list then click on "Go".
Select all of the checkboxes that apply to you. In this case, you will select the first option "Sold stocks, bonds, real estate, other capital property, or sold qualified small business corporation shares and/or qualified farm property and you have a capital gain or loss to report". Then click on "Continue".
You should now be able to enter any information related to the sale such as the Proceeds of Disposition (what you sold it for), the Adjusted Cost Base (what you purchased it for, plus any legal fees), and the Outlays and Expenses (which are the fees associated with the sale). Enter the data, and make sure there are absolutely no errors. You can also enter the percentage to be claimed on your spouse's return. Once complete you should be prompt with the "Capital Gains Summary" page showing what your gain is on the sale of your condo.
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April 17, 2021
5:06 PM
Using the simplified method, you are allowed to have a meal every four hours starting four hours after your eligible travel period begins. This is up to a total of three meals per day at a rate of $23 per meal. In most cases, people who travel for work may only claim 50% of their meals and beverage expenses. However, if you are a long-haul truck driver, you can deduct 80% of these expenses.
So, for example, if you want to claim three meals per day you would do the following calculation, multiply the meal rate of $23.00 by 3 meals for a total of $69.00 and if you enter the total of $69.00 into TurboTax, the software will do the calculation and reduce that by 50% and the total will show up on your detailed tax summary as $34.50 which is the amount you may claim. Therefore, you would want to enter the full amount on the line then TurboTax will calculate and reduce the amount by 50% for you, and the amount you may claim will show on your detailed tax summary.
To find out more about employment expenses for transport employees, please see the link below:
Employment Expenses of Transport Employees
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April 16, 2021
3:42 PM
If you are using the online version of TurboTax, you can enter the address of the rental property by doing the following.
On the top right of your return, you will see the "Find" button and click on it and the find window should open.
Type in the box "Rental Properties", when you type that in click on Go.
A page will come up asking "Did you receive income from a rental property?", click on Yes.
It will then show you what you will need to complete your rental statement, click Continue.
You will now be on the "Real Estate Rentals Statement" page where you can enter information about your rental property such as the address.
Thank you for using TurboTax.
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