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cecilia8chen

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Everything posted by cecilia8chen

  1. In 2020, I sold an investment rental condo and so I claimed the capital gain on the disposition in my 2020 income tax return. This increased my 2020 income significantly (which usually consists of regular employment income and a small amount of rental income) and thus, my taxes payable. I will be paying the balance due by April 30, 2021 (for 2020 taxes). Now the UFile software is notifying me that I will be required to make installment payments for 2021 taxes! The sale of rental property is a one-off event and does not occur yearly. How should I approach this? What do I need to do to get CRA to give me an exception?
  2. Hi Waynewyl, Did you resolve this? I have the same warning on my tax summary and I believe I am in the same situation. Is your $8,000 contribution in the first 60 days of 2021 considered an over-contribution? Or is it okay to be deducted in 2021 and we can just ignore the warning? Thanks in advance.
  3. Hello, I have a question regarding RRSP deduction limits. I maxed out my 2020 RRSP contribution room by contributing my maximum RRSP contribution room in 2020 ($31,130 contribution of $31,130 room). In the first 60 days of 2021, I made an additional contribution of $9,000 (with the intent of deducting this amount from my 2021 income). The $9,000 is less than 18% of my earned income in 2021. I believe I should have the 2021 RRSP contribution room since it begins to accumulate in January 2021? Now I have a "Warning" on my tax return that my RRSP contribution exceeds my deduction limit. Under "RRSP deduction to use in 2020", I entered my max 2020 deduction limit ($31,130). Have I entered this correctly? Do I just ignore the warning? Have I unknowingly over-contributed to my RRSP for 2020 or 2021? Thanks in advance.
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