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clw

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Everything posted by clw

  1. You are allowed to over contribute up to 2000$; the excess is penalized at 1% per month. So if you are over by 5000$, you would pay the 1% penalty on 5000-2000=3000$. You need to figure out how many months before you can absorb the 3000$ contribution in a future taxation year. You can never deduct an overcontribution, until it becomes a contribution. You can ask for a waiver, and it may be granted; see link below: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contributing-a-rrsp-prpp/what-happens-you-over-your-rrsp-prpp-deduction-limit.html
  2. clw

    RRSP

    Taxreturn, When you contribute to your RRSP, you can choose to deduct only part of your contribution, and keep the rest for a future year. You would want to do this if your partial deduction reduces your income tax to 0$, there is no point in deducting more. Or, if you anticipate changing tax brackets in a future year. So, if you enter 4000$, you are using all your contributions in the 2023 taxation year. If you enter 1000$, the remaining 3000$ will be available as a deduction next year.
  3. Actually, over the lifetime of your RRSP, you are allowed to overcontribute up to 2000$, before you are penalized. So just enter the overcontribution as a regular contribution and deduct it next year.
  4. You might want to have a look at the ‘pension-splitting report’ visible in the left hand menu, under Returns. Just below that is a ‘redistribution report’ which clearly shows what the receiver is owed relative to the pensioner that is splitting his pension. After a period of 12 months of cohabitation, filing jointly is the only choice.
  5. You really have to report your RRSP contributions, the year they occurred. Unlike the TSFA, where the banks provide the info directly to the CRA, the only information the CRA has on record for your RRSP is the information you provided in previous income tax returns. You can easily check your contributions/deductions in ‘MyAccount’. So, you will have to file adjustments.
  6. Hello BMart, This should be helpful: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/completing-schedule-3/bonds-debentures-promissory-notes-other-similar-properties/foreign-currencies.html
  7. The currency type and amounts reported in your return should be consistent with the amounts shown on the T5008. So just add the official Bank of Canada 2023 average exchange rate of 1.3497 below boxes 20 and 21; i.e. option 1.
  8. I believe that a first return for an immigrant must be filed on paper, and can’t be Netfiled.
  9. In the interview section, you have to specify that your are completing a return for a deceased person and indicate the date of death. Her marital status was ‘married’.
  10. The desktop version only works on Windows, you need to use the online version to do your taxes on a Mac.
  11. The CRA applies special rules, exceptionally, during a transition year; I would call them and ask for a Tier 3 agent, familiar with residency status issues.
  12. You can add them up and report a single T5008, or fill one in for each security sold. If you check MyAccount on the CRA website and you see all your individual T5008 slips, under tax info slips, you can import them. This is the fastest way of proceeding if you have multiple T5008 slips.
  13. Tax laws change every year, so you need the latest version to complete 2023 taxes. The .u23 file contains all the tax forms for all family members. On the other hand, the PDF files are for individual returns and each return can be customized in terms of which pages you wish to keep in the PDF file.
  14. You enter the benefits paid as you would any other medical receipt; in the medical receipts section of the Interview.
  15. Unfortunately, only the online version of Ufile is available to MAC users.
  16. Most deductions are for higher education, beyond high school.
  17. Normally, taxes are due by April 30th following the taxation year. So software is usually released at the end of of the taxation year in December.
  18. Yes, you can withdraw as well, but depending on how the RRSP is invested, this can be more costly, than paying the penalty for just a few months.
  19. Yes that would be the way to proceed. But I am not sure how the CRA enforces the penalties. I would call them anonymously, and just ask a general question about how to proceed; if the over contribution is small, they may waive the penalty.
  20. I am afraid so. You are allowed a lifetime RRSP overcontribution of 2000$. Any amount above this is penalized at a tax rate of 1% per month until you can alot the excess to future contribution room.
  21. Well that is an interesting scenario! Normally, the amounts held back by notaries/lawyers are either to protect the buyer from ‘hidden defects’ or used to cover foreign taxes. This amount is usually returned to the seller in a reasonable time, so there are no Canadian tax implications. I am not an expert on non-resident returns, but the tax treaty between your country of residence and Canada might be helpful.
  22. So if you sold your condo in 2023, the T2091 should be filed now for the 2023 taxation year. Any capital gains due will be assessed in your 2023 notice of assessment which you will receive later this year. With respect to the sold property, I don’t understand what is meant by ‘taxes already paid’. Once the property is out of your hands, and you have paid capital gains on the sale, nothing else is required.
  23. Every time there was a change of use, you should have notified the CRA, and noted the FMV, in the year the change occurred. Normally, you would be capital gains exempt for the years it was your principle residence. I am not sure what your question is; but you need to fill in a T2091 to report the sale of the property, if it was your principle residence at the time of sale. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/principal-residence-other-real-estate/changes-use/changing-your-principal-residence-a-rental-business-property.html
  24. Yes, you just need to point ufile 2023 version to the directory where your ufile 2022 income tax file is located. This is typically named ‘yourname.u22’.
  25. Actually, Schedule K is quite straightforward. The RAMQ wants to know if you have private insurance or not, and which months apply. The origin of the private insurance is inconsequential. If you mistakenly think you are privately insured, while in reality you are not, RAMQ will eventually find out and send you the bill for incurred medical expenses.
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