Curmudgeon
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Everything posted by Curmudgeon
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On the left side menu go to the bottom to Where to enter. In the search put in t5007 for info.
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Undeclared Medical Expenses for previous years not calculated
Curmudgeon replied to oldufiler's topic in NETFILE and filing
Under the Medical, disability, caregiver heading, have you selected Last date of medical expenditures and put in the date. If not, the program assumes the calendar year. -
https://www.babysits.ca/community-resources/2428/babysitting-tax-in-canada/#:~:text=Also%2C babysitters are most often,will be %2412%2C421 in 2021.
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This is usually because of the OAS clawback. Say spouse1 has taxable income of $130,00 and marginal rate of 26%. At that income all OAS has been clawed back. Spouse2 has taxable income of $80,000 and a marginal rate of 20.5%. Spouse2 is in the OAS clawback range where OAS is clawed back at the rate of 15%. This is a marginal rate on OAS of 35.5%. Shifting pension from spouse2 to spouse1 more than compensates for the higher marginal tax rate. Other factors like the seniors tax credit which is income related also come into play. There are common misconceptions that the lower marginal rate spouse should always receive the split or that the optimal split is always 50-50.
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Selling and purchasing a principal home
Curmudgeon replied to Dalia Fishman's topic in NETFILE and filing
No need to report the purchase. If sold: Click Interview setup. Go down to Investment income and expenses. Click the blue arrow by Capital gains (or losses) and capital gains history Select Personal use property (including the principal use residence) Bob's your uncle. -
From UFile In Interview setup tick Capital gains (or losses) in Investment income and expenses Click Capital gains (or losses) & ABIL Select Personal use property
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Interview setup, Student. You'll seeit there.
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It can be submitted electronically. No worry about signing.
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One Time Payment for Older Seniors ($500)
Curmudgeon replied to Patrick S.'s topic in NETFILE and filing
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Use T5008 or Capital gains (or losses) tab ?
Curmudgeon replied to samuelyoung's topic in Technical questions
Yes you can. That was the standard way prior to T5008s. -
How to report T5008 as Income (and not capital gain/loss)
Curmudgeon replied to Tax14's topic in Technical questions
Day traders usually report their gains as business income. For instance https://fbc.ca/blog/calculating-taxes-when-day-trading-canada/ https://www.daytrading.com/taxes/canada -
If you are looking for the T777s, it's in Employment and other benefits.
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File and then pay. At a bank is one way.
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Date of purchase on Mutual Funds, Stocks or bonds
Curmudgeon replied to slm's topic in Reporting income
No problem. CRA treats acquisition date as optional. -
How to split a dependent from my profile ?
Curmudgeon replied to Juyre's topic in Technical questions
Don't think it can be done. You have to start a new file. -
In Interview setup, Investment income and expenses, you'll see access to the t1135.
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There are annual limits. The GRP rebate is paid out over seven years, provided you file your taxes in Saskatchewan. Your rebate is applied to reduce the amount of Saskatchewan income tax you owe. In each of the first four tax years, you receive 10 per cent of your maximum rebate. In each of the final three tax years, you receive 20 per cent of your maximum rebate. If your rebate is more than what you owe, the unused benefit can be applied in a future tax year. You have up to 10 years after graduation to apply unused credits. https://www.saskatchewan.ca/residents/education-and-learning/graduate-retention-program
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how to input tax paid by installments?
Curmudgeon replied to Dave V's topic in Credits and deductions
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In Interview Setup, go to Employment and other benefits. You'll see reference to the T777s there.
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On the T4A form, go down to Other Information, open the box and find 205.
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A T5 has to be issued only if there is more than $50 of investment income. TD isn't issuing T5s until Feb. 28.