Sign In
JeffL-Intuit
New Member
Member profile
Activity Feed for JeffL-Intuit
- Posted Thanks! =) I'll answer in the other thread so that all th... on Investors and rental owners. October 29, 2019 8:19 PM
- Posted I'm very glad I can help! I've answered your question in... on Investors and rental owners. October 29, 2019 8:19 PM
- Posted Hi, are you in Ontario? If that's the case, you can find... on Investors and rental owners. October 29, 2019 8:19 PM
- Posted Yes, unfortunately it's most likely because $525.07 is no... on Self-employed. October 29, 2019 8:19 PM
- Posted According to our help: This cost includes any GST and pro... on Self-employed. October 29, 2019 8:19 PM
- Posted Here are some details on Deduction for Tools and how it's... on Self-employed. October 29, 2019 8:19 PM
- Posted Hi, this CRA article will give you the information you're... on Getting started. October 29, 2019 8:18 PM
- Posted Hi, Assuming this is a business expenses, according to th... on Troubleshooting. October 29, 2019 8:18 PM
- Posted Since you've indicated that you filed already, if you wan... on After you file. October 29, 2019 8:15 PM
- Posted Hi, I believe the question you're looking for is in the P... on After you file. October 29, 2019 8:15 PM
- Posted Just to add on to this, you can review the amount you ent... on Seniors and students. October 29, 2019 8:06 PM
- Posted Hi, I've attached a screenshot that shows the Tools menu... on Troubleshooting. October 29, 2019 6:50 PM
- Posted Hi Aaron, Unfortunately there's no way to downgrade. What... on Getting started. October 29, 2019 6:32 PM
- Posted Red means an amount you pay to the government and green m... on Troubleshooting. October 29, 2019 6:22 PM
- Posted Hi, I'm sorry you're having trouble with TurboTax. We ap... on Getting started. October 29, 2019 6:21 PM
- Posted Hi, can you try the steps outline in this answer: https:/... on Getting started. October 29, 2019 6:13 PM
- Posted Nancie, I totally understand your frustration. This is t... on Getting started. October 29, 2019 6:08 PM
- Posted Ah ok, thanks for letting me know. I will double check f... on Getting started. October 29, 2019 6:08 PM
- Posted Hi Scott, you're absolutely right. Thanks for keeping me... on Getting started. October 29, 2019 6:08 PM
- Posted No problem, I hope you get it sorted out soon. It's hard... on Getting started. October 29, 2019 6:08 PM
October 29, 2019
8:19 PM
Thanks! 😃 I'll answer in the other thread so that all the information is in the same place.
... View more
October 29, 2019
8:19 PM
I'm very glad I can help! I've answered your question in your other post: https://turbotax.community.intuit.ca/questions/1151265-how-do-i-claim-my-500-benefit-for-tools-as-a-tradeperson?jump_to=similar-questions
... View more
October 29, 2019
8:19 PM
Hi, are you in Ontario? If that's the case, you can find the information you're looking for here:
http://www.cra-arc.gc.ca/E/pub/tg/5006-pc/5006-pc-14e.html#energy_property_tax_credit
Amounts paid for a principal residence
If you and your spouse or common-law partner lived together on December 31, 2014, enter the total amount of rent or property tax paid for the year, including amounts paid by or for each spouse or common-law partner for a period of separation.
... View more
October 29, 2019
8:19 PM
Yes, unfortunately it's most likely because $525.07 is not high enough to claim for a credit. The calculation is explained in the CRA link, however let's go over this with your numbers: You paid $525.07 for your tools and I will use a fictional income of $50,000 just for this example. Maximum deduction for eligible tools is the lesser of: a) $500; and b) the amount, if any, determined by the formula A minus $1,127 where A = the lesser of: 1. $525.07; and 2. $50,000 Your maximum deduction is the lesser of $500 and $-601.93 ($525.07 - $1,127). So your deduction is $0 in this case.
... View more
October 29, 2019
8:19 PM
According to our help: This cost includes any GST and provincial sales tax (PST), or HST, that you paid. You may be able to get a rebate of the GST/HST you paid. Since you're in Ontario, you should only fill in the HST column. Otherwise it might claim twice. Click the blue "HST Taxable" header in order to get some information on whether you're eligible to apply for an HST rebate. If so, at the very top answer Yes to "Are you eligible to claim the GST/HST rebate?"
... View more
October 29, 2019
8:19 PM
Here are some details on Deduction for Tools and how it's calculated: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/trds/tlddctn-eng.html As you indicated, you may be eligible for up to a $500 deduction. To do this in TurboTax do the following: - Go to the Profile Section - Answer Yes to "did you work in 2014?" - Check "I was employed" - Answer Yes to "Did you have expenses related to your employment?" - Check "I had employment expenses" - Be sure to read the little Note that says you must have a T2200 from your employer to keep for your records in case the CRA asks for it. - Now in the Income section, you'll be asked for Employment Expenses. - Check "Other Employment Expenses" - On the next page, you can enter the cost of your tools and a description under "Tradesperson's Tools Expense" Be sure to enter the actual cost of your tools (as an example, a $3000 drill), not the credit you should receive. Sorry for the long winded answer! I just want to make sure you have all the information you need.
... View more
October 29, 2019
8:18 PM
Hi, this CRA article will give you the information you're looking for:
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/rtrns/t4/slps/whn-eng.html
In short, the income is reported on the T4 for the year it was paid.
... View more
October 29, 2019
8:18 PM
Hi, Assuming this is a business expenses, according to the CRA you can claim GST/HST on your business expenses which includes motor vehicle expenses.
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/bsnssxpnss/menu-eng.html
Here is additional information if you're leasing:
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/bsnssxpnss/mtr/ddctbl/ls-eng.html
... View more
October 29, 2019
8:15 PM
Since you've indicated that you filed already, if you want to make an amendment to your return, you'll need to do so by filing a T1-ADJ form. https://turbotax.community.intuit.ca/search?utf8=%E2%9C%93&q=adjustment&button Follow these steps: 1. Check that the CRA received your return (Note that it will take a couple business days for your tax return status to update after you've filed): http://bit.ly/10ta1d1 2. Follow these instructions to amend your return : http://bit.ly/10AfEGP
... View more
October 29, 2019
8:15 PM
Hi, I believe the question you're looking for is in the Provincial section. If you start at the beginning of the Provincial section, and you've selected Ontario as your province, you should see: "In your personal tax profile, you told us you lived in Ontario". If that's not the case, you can update your province of residence under Intro->"your" province of residence. In the Provincial section, you'll be presented with questions that will help you apply for various Ontario tax credits.
... View more
