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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
7:41 PM
October 30, 2019
7:40 PM
You're correct that you did not have to report its purchase because its personal use, but you do have to pay capital gains on it since it's not your principal residence. Even if you're breaking even with no taxes owed, you need to report the sale. (The CRA has made it mandatory to report home sales, even for principal place of residence, despite there being no tax consequences).
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October 30, 2019
7:40 PM
You can't. You have to file an amendment to your 2017 return. You can do that online if you have signed up for CRA my account, otherwise there form can be found here:
https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1-adj.html
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October 30, 2019
7:39 PM
The CRA carry over amounts are from previous years tax filings, with the appropriate T slips in those years. You do not need the T5008 from the previous years to verify the CRA carry forwards if that's what you're asking.
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October 30, 2019
7:38 PM
If no capital gains was paid (by the estate) when you inherited it, the value at that time was deemed to be the same as when whomever you inherited the property from acquired the property. So your land acquisition value would be that value, the amount paid by your loved one who bequeathed it to you.
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October 30, 2019
7:38 PM
No, these are deemed as cost of sale.
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October 30, 2019
7:35 PM
1. No 2. Yes 3. Yes 4. If cosmetics were required out of pocket for a particular job, you can claim the proportional amount used for work. 5. No 6. No
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October 30, 2019
7:32 PM
Only legal fees related to s to collect (or establish a right to) a retiring allowance or pension benefit can be carried forward. Fees to establish child and spousal support are claimed on Line 221 and cannot be carried forward or transferred.
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October 30, 2019
7:30 PM
You'll need to fill out your taxes with all relevant information to get the proper amount owed. As an estimate BC has a personal amount of 10,412 and the federal personal amount is $11,809. Your income would fall into the lowest tax bracket of 5.06% in BC and 15% federally. Approximate tax owed would be: (23064-10412)*0.0506 + (23064-11809)*0.15 = $2,328.44
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October 30, 2019
7:30 PM
They are certainly not capital expenses since they don't provide a lasting benefit. To me you should treat it as a rental expense, as if you had a property but had not found a renter.
If you're claiming a capital cost allowance on your properties, keep in mind that you cannot claim a cca to decrease your rental income to less than 0.
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