According to the HR calculator I owe $1300, on the turbotax calculator I owe $1900 :badpokerface:

It looks like buying 1-2000 in RRSP doesn't even offset it that much either

I have been doing this. As long as you have proof. that's all that matters. I have never been audited.

Which tax software is best?

I used to use Turbo Tax just because I was too lazy to use anything else, but then someone told me that HR software is better.

What do you guys use?

Bank advisor once told me that a "very general" rule of thumb is that you'll get back 1/3 of what you buy in RRSP's. i.e. If you buy $3000 in RRSP, you'll get back $1000 in taxes.

I've used both and honestly I feel H&R is a tad easier, just because you don't have to install it on your computer. I highly doubt there's a big difference in terms of actual functionality. That said, my taxes are dead simple so for those of you with more complicated filings, one or the other may stand out

No... These bank advisors are a bunch of hacks or something...

Example here:
Benefits of RRSPs

use simple tax.

usage is by donation.

clean UI.

basic( Tslips) to Moderate (propritorship) calculations come out to the same as professional personal tax software.

i use it.


www.simpletax.ca

i have been using studiotax for the last 5 years. its free.

i've too have been using turbotax for the last 5+ years and keep using it because it has all my info ready to go

does the software take any tax information from last year to impact this year? other than personal info etc....possibly RRSP contribution limit?

would rather save the money and use a free system

are they also usable for a married couple? just thought i'd check

i use studiotax, there's an option to connect to your CRA account that will automatically fill in RRSP contribution, remaining tax credits (tuition for example) based on your CRA account.

List of free CRA certified software for PCs and Macs

Certified software for the 2016 NETFILE program

Anyone not get their T5 Slips yet?

n00b question but in previous years I was able to file for:

Goods and services tax/harmonized sales tax (GST/HST) credit application

now that option isn't showing up...is it because I made more income this year than in 2013 & 2014? Or whos eligible for it basically lol

General Income Tax and Benefit Guide - 2015 - General Information, Identification and Elections Canada

yup found that on Google but was hopping they would elaborate more lol

Guess I'm not eligible or entitled to it then :okay:

I forgot exactly how they notify you, but it's either on your NOA or they send a separate letter later to give you a breakdown of the GST credits you'll receive. So, you won't know right away.

As mentioned, the GST/HST credit no longer needs to be applied for as the CRA will determine your eligibility when assessing your 2015 income tax. Below is a structure of household income thresholds:

Family structure Adjusted family net income
Single person $44,346
Single parent with one child $49,866
Single parent with two children $52,766
Single parent with three children $55,666
Single parent with four children $58,566
Married/common-law couple with no children $46,966
Married/common-law couple with one child $49,866
Married/common-law couple with two children $52,766
Married/common-law couple with three children $55,666
Married/common-law couple with four children $58,566

Source: Family income level where the recipient will no longer receive the GST/HST credit

Newbie landlord here, Is rental property considered as capital income? I have some lost mutual funds from previous years and line 253 apparently wont work.

How do I claim property depreciation on the rental unit if I lived in it during year 1? (it was rented out year 2, 2015 onward)

are you ever going to live in it again? ever? like some day maybe? downsize maybe?

No, I will sell it once the tenants moves or my term mortgage ends in a couple years

you need to know the fair market value of the property at jan 1 2015... ask a realestate buddy.

you need to file a principal residence exemption... go to an accountant.
TaxTips.ca - Principal residence exemption


edit: re-reading this, and "election" is what I meant to type... not exemption. "principal residence election".

Rental income is not considered capital income. I wouldn't claim depreciation against rental income because you may have to pay a lot of taxes if you decide to sell the property.

The "recapture" of the total depreciation expense amount you claimed will turn into your taxable income when you decide to sell the property. The recaptured amount is 100% taxable, whereas Capital gains from selling the property is only 50% taxable.

Anyone know a good accountant that knows about cross border taxes (especially in the espp/restricted stocks area). Have sold espp shares in the States.

a canadian resident sold US shares? Why do you need a cross border accountant? or is there more to your story?
(ie. an Apple employee working in Canada who received or purchased Apple shares during their employment at Apple sold the shares?)

US based tech company with a branch up here. So yeah pretty the example u have tiger.

My company gave me a t4a slip and has $6000 on 020 commission

Is this income taxable ?