clw

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.

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.

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.

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.

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.

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.

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

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’.

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.

If your CRA account is locked, only the CRA can unlock it. Also note that the access code is not required to Netfile.

You seem to be using Ufile for Windows, so just start a new return in a separate file for your mother. When completed, you sign it as her representative/executor and mail it in.

Yes, it is very straight forward; from the Interview section, choose ‘deceased person’. Also, Netfiling is not permitted, you must mail in the final return with the death certificate and last Will.

This is the CRA ‘International Tax and non-resident’ phone number: 1-800-959-8281. My understanding is that it is a ‘pragmatic rule’, since calculating foreign tax credits in a partial year is not advantageous, and can be penalizing to the taxpayer. Officially, you should be paying tax on your worldwide income for the portion of the year you were resident in Canada, and taxes as a non-resident for the other portion of the year. This usually results in substantial overtaxation, hence the ‘pragmatic rule’.

In a transition year between two countries, CRA allows only declaring Canadian Income, not worldwide. Similarly, income from the other country is only declared in that country.

Yes, it will. Download only from the CRA, and then manually add the missing RQ data. Most Revenue Quebec fields will populate correctly with the CRA download except for withheld Quebec income tax and taxable benefits added to earned income. If you log in to your Revenue Quebec workspace, you can see exactly what information is available and make note of it. Then it is just a matter of manually adding to the correct fields in the CRA slips.

Here are the tax treaties, taxation depends on types of income. Netherlands Germany

Using the paper version of the T1ADJ, you can adjust your own return by adding the T5 for 2022, with an explanatory letter. If you try to do it electronically, there may be a SIN miss match between yourself and the deceased.

Does the ‘tax savings reconciliation’ amount on the last line reflect the amount owed to the spouse accepting the transfer?

Unlike the T1 return, the T1135 form is not relevant to taxation and is never assessed, it is simply a ‘wealth tracking mechanism’, so you can choose to divide it as you wish with your spouse, as long as you are consistent from year to year.

If you used auto fill, did you make sure the information slips were not doubled up? Did you check the slips available on your Revenue Quebec personal account space to make sure they match the slips in your possession?

Your data resides ‘safely’ in their Cloud 😉, otherwise not much of an advantage. You can visualize your returns for past years, but you can do that in CRA MyAccount as well. The online version keeps everything in one place, so you don’t have to hunt on your hard drive or USB key backups.

Make sure you started an immigrant return. The year an immigrant arrives, he does not report his world income to CRA. Taxes are only paid on revenue earned in their country of origin. The year following, Canadian taxes are due on world income. If there was no income in Canada, then leave the field blank. Enter the T4 info in the slip dialogue in the Interview section.

You can choose under the medical expenses dialogue in the Interview section. In my case, there was a 3$ dollar benefit if forced to the higher income earner. This is unusual and could be due to the optimizer working with pension fractionation, charitable donations and medical expenses simultaneously.

The total is fine.

Full time students are not eligible for the CWB.