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TurboTaxTatsiana1
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- Posted If your T4 box 14 is under max CCP pensionable earning (5... on Self-employed. October 31, 2019 4:15 AM
- Posted You might be allowed to report a loss as ABIL ( allowable... on Self-employed. October 31, 2019 2:47 AM
- Posted You are not allowed to deduct any expense against your T4... on Self-employed. October 31, 2019 1:37 AM
- Posted The only way to record it is to assign % of use. You don... on Self-employed. October 30, 2019 4:57 PM
- Posted Turbo tax does not split CCA because there a cases where... on Self-employed. October 30, 2019 4:56 PM
- Posted You might be eligible to deduct the loss under ABIL. Plea... on Troubleshooting. October 30, 2019 4:50 PM
- Posted This box is automatically calculated and will switch to... on Self-employed. October 30, 2019 4:50 PM
- Posted There is no Straight line depreciation allowed on Canadi... on Investors and rental owners. October 30, 2019 4:49 PM
- Posted Here is what can help you to sort it through: 1) Box 118... on Self-employed. October 30, 2019 4:47 PM
- Posted Credit calculation is not available to see on T1C . you... on Troubleshooting. October 30, 2019 4:44 PM
- Posted In order to remove rental form, please visit the Rental s... on Investors and rental owners. October 30, 2019 4:24 PM
- Posted To reduce your future capital gains you can increase your... on Investors and rental owners. October 30, 2019 4:23 PM
- Posted This is a known display only issue, calculations are cor... on Investors and rental owners. October 30, 2019 4:17 PM
- Posted The other reason you may see limited CCA claim is because... on Investors and rental owners. October 30, 2019 4:10 PM
- Posted You have entered correctly 50% on your side. You also sho... on Investors and rental owners. October 30, 2019 4:10 PM
- Posted Confirm that you have entered total #km driven for the ye... on Self-employed. October 30, 2019 3:56 PM
- Posted You are allowed to claim only Mortgage Interest paid, no... on Investors and rental owners. October 30, 2019 3:55 PM
- Posted Based on the information you provided you have changed... on Investors and rental owners. October 30, 2019 3:49 PM
- Posted We had a defect earlier in the season and it was resolved... on Self-employed. October 30, 2019 3:47 PM
- Posted It is normal. Software detects that income was entered b... on Self-employed. October 30, 2019 3:35 PM
October 31, 2019
4:15 AM
If your T4 box 14 is under max CCP pensionable earning (55900) it will be more beneficial to claim it on business as log as business has income (not 0 and not loss) . Business expense will save you not only the taxable amount but also employed CCP contribution. However if you business income is already reduced to 0, you are better off to use it as other deductions against T4 income .
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October 31, 2019
2:47 AM
You might be allowed to report a loss as ABIL ( allowable business investment loss) check out if it fits your situation. You might have to refile you taxes for the year corporation was dissolved to add the loss there.
https://www.taxtips.ca/smallbusiness/businessinvestmentloss.htm
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-217-228-business-investment-loss/lines-217-228-what-a-business-investment-loss.html
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October 31, 2019
1:37 AM
You are not allowed to deduct any expense against your T4 income unless you have T2200 from employer. Cost of your Real estate license courses should be treated as Tuition and if you had to pay for exams it is also claimed under tuition. For business expenses in 2018 that you had in Real Estate sales you have to complete Business form T2125 even though you did not generate any income.
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October 30, 2019
4:57 PM
The only way to record it is to assign % of use. You don need to put it in km, you can just assign % as 1/5 if your average use was 20% Make sure you indicate that this is last year of business so the form does not come up next year .
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October 30, 2019
4:56 PM
Turbo tax does not split CCA because there a cases where depreciable assets belong and are used only by one partner: example is a vehicle ( each co owner has a vehicle with different cost and usage ) computer and so on.
You need to calculate partners portion for each asset and enter it on appropriate tax return.
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October 30, 2019
4:50 PM
You might be eligible to deduct the loss under ABIL. Please check your eligibility.
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...
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October 30, 2019
4:50 PM
This box is automatically calculated and will switch to box 3 once you enter more than one property.
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October 30, 2019
4:49 PM
There is no Straight line depreciation allowed on Canadian tax returns for Real properties. For depreciation ACB for Canadian property you need to use FMV of the property at the time of deemed disposition from personal use to rental. If you converted property in 2016 or 2017 you also need to report deemed disposition of your principal residence on your tax return.
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October 30, 2019
4:47 PM
Here is what can help you to sort it through: 1) Box 118 (Gross business income) Any amount showing in Box 118 for a Limited partner should not be entered. The instruction to report the amount on line 162 is incorrect. Box 118 applies only to a General partner (code 2 in Box 002, Partner code). Moreover, according to the CRA Certification specifications, when Box 118 is present, Box 116 must also be present along with a NAICS Industry code. The confusion arises from the changes made in the new T5013 slip. There used to be a general purpose Box 34 (Partnership's total gross income) that was used for Limited partners. That box has been eliminated.
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October 30, 2019
4:44 PM
Credit calculation is not available to see on T1C . you can calculate it using information at https://www.taxtips.ca/dtc/smallbusdtc.htm It should match what is reported on T5. The reason it can be different is if you are preparing joint return and your T5 income is split with the spouse ( or another beneficiary on the account)
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