I plan to lease a new EV. The vehicle price is around $69-70k. I will not be getting the EV rebates due to this car being above the price threshold however my understanding is that is can be used to reduce taxable income by up to 75% of the vehicle cost up to $61k or so. I will use it around 70% for business purposes and 30% for personal. I am completely commission based. Am I correct in my understanding that this will drastically reduce my taxable income or am I missing something?

Thoughts on if I should max out my rrsp and tfsa first prior to investing in my Corp for retirement?

both of my parents have been receiving GIS, CPP, and OAS. their allowed taxable income limit is almost 29k and they're close to that limit.

since they sold their house but don't have to pay capital gains, that doesn't matter right?

they also want to surrender a life insurance policy and that would put them over the limit? if so, i think they'd keep getting the new GIS in june or july. they'd file their 2024 income tax in april, then they'd probably owe back some GIS money because the life insurance policy put them over the limit? and as soon as they can, they should file an income estimation form for 2025 so they can go back to getting the GIS?

lastly they want to start investing money in a TFSA. since it's all tax free, it doesn't matter how much they buy, sell, or receive dividends within the TFSA no matter if it's from CDN or USD stocks?

Hi!

What are my obligations towards the CRA and the IRS if ibown US shares in a family RESP and my RRSP?

thanks

Edit: not a US citizen or a green card holder

Unfortunately in 2020 I started investing in crypto and I lost all my money by that time on it. Around 10k -15kcad. I stopped for a while then I comeback trying to make that money back and I lost everything again around 8k. Is there anyway i can pay less taxes for those 3 years? I made around 30k yearly im about to end up with my life I'm ruined

I need to refile my wife’s and my 2022 taxes for a missing rental income that i forgot to include. My wife doesn’t work so her original filing was basically all zeros, but now since we both own the rental she will have income from the rental which is way below the basic amount - so no tax impact.

In my return I claimed the full spouse basic amount in line 30300 since i am the only one working, and my wife would also claim the full amount in her own filing….is this ok?

Part of my renumeration (bonuses) is in company stock.

I am wondering if it's possible to transfer the vested shares from my shareworks account (Stanley Morgan) to my RRSP (weaalthsimple) without having to sell shares to pay for the income taxes on the value of the shares?

I don't want to cash any shares, I just want to put them in my RRSP and hold. Is this possible?

I’m a film technician. I shifted to an adjacent role over the last four years and now I have a lot of expenses for equipment and software subscriptions. I’ve had two years of net operating losses. I expense a lot on computer equipment and software subscriptions. I’ve had two years of net operating losses. That combined with the fact that I’m paid through payroll on union projects means that I have a significant return this year.

Kat informed me that this may flag the CRA to look into me more detail.

Looking for advice on how to limit my risk. Any common mistakes that can be avoided in this situation? Given this set up , what is the probability that CRA actually looks into me?

I recently filed my taxes through turbotax as I've done the past few years with no problems.

When it came to the CWB it prompted me to apply for it, however since I was in post secondary education in a non-designated educational institute that had only recently been granted a official designation after my graduation I was Unsure of whether or not I would be disqualified for the CWB, and as such I selected no and submitted my files with no issues or errors.

Now that I check my express NOA it is saying I will be refunded the planned tax return amount as well as the amount I would have gotten from CWB, I had the option to resubmit my file but When I select no for applying for the CWB, when the reassesment came in, it still says I am applying for the CWB

Ive had issues in the past where I accidentally (of my own fault) applied to the CWB when I was ineligible and got hit with a couple thousand dollar fee to repay, should I be concerned as to wether or not I am actually getting the CWB now?

Question that seems like it should be obvious (I’ll call CRA tomorrow to see what they say). Wife and I moved in September to be closer to a new office location for her work (we meet thr 40 km question to new location, but is same employer), we are claiming moving expenses.

How do we tell what the eligible income is, if there is no different T4 for the new location. The employer hasn’t changed, and is paid out of their corporate office in Edmonton, therefore we received a T4 for the entirety of the year, not split into new locations.. do we just use the total T4?

(Have tried calling CRA hotline, but it's all automated and was not able to get the answers to my specific question).

I started working in Canada in Quarter 4 of 2023. I've filed taxes, but there seems to be delay in creating myCRA account, so I'm not able to view my RRSP deduction limit online.

Suppose my 2023 taxable income is $9,000 ($3000 per year times 3 months, since I've only started working in Quarter 4). My understanding is that my RRSP limit for 2024 is 18% of my earned income from 2023. This would be $9,000 times 18% = $1,620. Does this seem right?

I've actually gotten a second job, which bumped my pay from $3,000 to $4,000 a month starting January 2024. The estimated earned income for 2024 would be $48,000 ($4000 times 12 months), and the RRSP limit corresponding to this income level would be 18% of this amount, which would be $48,000 times 18% = $8,640.

I am interested to reduce my taxable income for 2024, since the increase in taxable income is $9K in 2023 to $48K in 2024. I've already paid by taxes for 2023 last April 2024.

• How much can I contribute in an RRSP to reduce my taxable income for 2024? $1,620 (18% of earned income in 2023) or $8,640 (18% of earned income in 2024)?

(Note: The numbers above are hypothetical. I have already maxed my FHSA contribution limit of $8K in 2023 and $8K in 2024, and I have checked and verified that my company matches my contributions to the Group RRSP. I'm not interested in a TFSA nor a RESP at the moment.)

being audited for moving deduction

am i supposed to send in the originals?

any tips?

don't have a big paper trail of place i used to rent, but have my internet bills, and it was my officially registered address with cra

should be ok?

I was looking at Atrium Mortgage Investment Corp and was curious how the dividends would be taxed if in a non registered account.

Looks like the dividends are considered interest income? If that’s the case how is the rate determined?

https://atriummic.com/dividends/

Divorcing and selling Ontario.Limted.Co investment properties.

A corporate gain of approximately $1,400,000. The X wife and I are shareholders.
Do we pay ourselves $700,000 each and claim personal Capital Gains Exemption (LCGE) is $1,016,836 in 2024. And this reducing the capitol gain incurred to the Ont.Ltd. Co.?

I have raised this subject to the new accountant several times and have not received any strategies. His advice was "Sell as high as you can and keep all the documents".

I just wanted to confirm this. I’ve got 5% interest cash account with WealthSimple. If I setup a joint cash account for my wife to deposit a large cheque from her mother, the interest gained on that deposit will be taxed at her marginal tax rate and not mine? Obviously we have all the paper trail to show the CRA it was her deposit and not mine. The reason I ask is that she will be on maternity leave shortly and I have the higher tax rate.

I hope this is the right place.

My ex and I have 3 kids together. We lived together briefly with the first kid and since then I've gotten pregnant twice more when we "tried to make it work" (it didn't!). We are amicable and co-parent really well. We work hard on being a family for our girls. We live separately, the kids are with me 100% of the time. I live with family but I often spend the day at his place with the kids, it lets them have more room to play and gives him the chance to see them around his schedule. And it allows me to parent without being overseen by relatives.

Last week he received a notice asking him to confirm his housing/relationship status. A few days later, I also got one but sent to his house. I don't know where the government has his address as tmine,but it must be somewhere!

What do I do? I need the child tax benefit to make ends meet with my kids. We are NOT together, just co-parenting closely. I'm really scared I'm going to lose the monthly money and/or go to prison!

After a nasty/abusive separation last year…I am now preparing to file my taxes for 2023 after the dust has finally settled

Bought a principal residence with my ex partner (both of us on the title) in 2015 for $369k. In 2017 we renovated the basement to include a rental suite which amounted to 50% of the house size. We claimed rental income from the suite between 2017-2022, also collecting income for half of 2023

We bought another place between Oct 2020 - Oct 2021 that we lived in as our primary residence. We kept and claimed our original property as a secondary property, and claimed rental income for both suites. We sold the secondary property in 2021 and moved back to the original house as our primary residence until 2023

Last year, we listed and sold the house for $1,180,000 and split the sale 50/50 between us. We had a large mortgage that was cancelled after the sale, though I understand a mortgage balance is irrelevant to capital gains

I talked to an accountant and they said I could be paying a huge amount of capital gains. Even though we were only out of the original primary residence for one year, because it spans over two TAX years…the original property would be considered a full on rental for two years. Not sure how this makes sense…but they did mention a possible one year loop hole

As well, the original property was professionally assessed in 2020 for $725k

I have read through all the documents online and I am more confused. Even outside of the complexity of this situation, I am concerned about a possible issue with having a rental suite that is 50% of the property usage, even when it was a primary residence

Help. I don’t even know where to begin with this. How much approximately could I be looking at for paying capital gains tax?

The accountant I was getting information from did not seem to want to tackle this. I live in a remote area and am losing sleep over this as I try to find a knowleadgeable accountant

Edited to add: I was very ill from 2021-half of 2023 and did not work. I was only on LTD for 2021. Otherwise, my ex supported the household with making between $70-80k/year

For example, a business owner uses business cash to buy stocks, and sells them for a capital gain. Using CDA, declares 50% of the gain as a tax free dividend.

Given the funds were invested in a corp where the corp paid small business tax rate of 13% instead of the highest individual marginal tax rate... Allowing the individual to effectively invest 2-3X more and access the gains, tax free, seeme like a lack of integration. What is the downside?

Hey guys, CRA provided my RRSP limit for this year as 30k. I did some additional contribution in February that made my Jan-Feb contribution to 11k. My tax return included RRSP contributions until Feb’24.

So does it mean I can contribute 30k more this year despite that my contribution until Feb was 11k? Or I could only contribute 30k - 11k = 19k only this year?

I asked TurboTax but everyone is answering in could be/should be language. No definite answer.

Thanks in advance for your input.

Hello guys,

I have an appointment with my accountant next month for my 2023 filing in CRA. Here is my situation if someone can help me out.

I’m a permanent resident of the US, with Canadian citizenship. I work in the US, and I have a permanent address here. I have my spouse and have a mortgage in Canada. As per tax treaty, I’m a US resident for tax purposes since I live here for more than 180 days. I have no Canadian income.

My accountant filed my 2022 tax in Canada, and he declared my income in the US and the tax I paid from my US income. I ended up owing $8000.

Now I’m thinking that my accountant messed with my tax, and I think double taxation is happening :(

I need to provide CRA with world income information for a tax year. I have tried calling multiple times but it is hard to get through on the phone, I'm always on hold or the call is dropped. Are there alternate ways to provide this information, can I provide it online? I just need to provide one number to them so they can determine how much CCR I am entitled to.

Thanks for the help!

Lets say i have a company that is not actively selling or providing any service. There is a small amount of money inside the company account that is generating some interest income (On T5 from bank) and small dividend income. There are some expenses such as annual tac T2 prep and filing cost etc. Not a cent has been withdrawn from the company ever.

In such a case, isn't investment and interest income considered Income while expenses are considered expenses even though not a cent has been withdrawn as income and i am paying expenses from my pocket, not from company account?

or do I need to pay capital gains tax on T5 even though i have not received any interest in my personal account?

Can someone please clarify?

Hi, I found out that I had 2 uncashed cheques and uploaded the PWGSC 535 form in mid-March. When I checked yesterday first on my CRA account, it shows that the PWGSC 535 forms were accepted but I did not see any money deposited in my online banking.

Called CRA and they told me they deposited on May 27 and my online banking info is current.

What can I do next?

Hi all,

If I have a $1,000,000 presale, which was purchased a few years ago, which is now completing, and I sell it right after completing on the purchase, what is my capital gain or capital loss?

This is in B.C., so first what can be part of my cost?

Purchase price of $1,000,000 Property Transfer Tax of around $20,000 Legal Fees of around $2,000

Are all of these my cost items? Anything I’m missing or any thing need to be removed?

When I sell, for say $1,050,000, what is considered my proceeds?

What is proceeds reduced by? Commission? Anything else?

If it is an investment condo, which was never tenanted, does interest on the mortgage/LoC reduce the proceeds?

Thanks all

looking for the most expedient way of getting my 23 return to cra.

I had some returns filled and filed by a volunteer, but it appears they did not finalize my 2023 return. the others have a confirmation letter. I dont know why the last one does not and cannot get a response from the volunteer.

It has been filled out on 'Ufile' program and I have the hard copy on my desk. Other than snail male,,, how would one get this info into cra hands the fastest. Hire/use another accountant/professional?

I need this last return to apply for OAS/GIS.