Curmudgeon
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Posts 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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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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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.
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Click Interview setup. The first box of choices is Specific situations. Scroll down the page to Other topics. Select Other deductions and credits.
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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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Tax filing
in 2016
Interview setup, Student. You'll seeit there.
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In Interview setup, go to Other topics and select Other deductions and credits.
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Yes you can. That was the standard way prior to T5008s.
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Day traders usually report their gains as business income. For instance
https://fbc.ca/blog/calculating-taxes-when-day-trading-canada/
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File and then pay. At a bank is one way.
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No problem. CRA treats acquisition date as optional.
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Don't think it can be done. You have to start a new file.
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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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In Interview setup, go down to Carryforward amounts and prior year information, check prior information box. Prior information will be in left-side menu (maybe have to save first) and look at Line by line. It should show up there.
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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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Was there any business activity reported? No data, no need to enter business information.
Climate Action Incentive
in Credits and deductions
Posted
If you are filing from AB, SK, MB or ON, the CAI is not claimed on the tax return. Instead, you'll receive quarterly payments.