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02-20-2016, 07:25 AM
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#26 | | Even when im right, revscene.net is still right!
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According to the HR calculator I owe $1300, on the turbotax calculator I owe $1900 
It looks like buying 1-2000 in RRSP doesn't even offset it that much either
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02-20-2016, 09:57 AM
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#27 | | MOD MOD MOD MOD MOD
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Originally Posted by inv4zn  Question:
Can I claim bus-passes (monthly) that I bought for my girlfriend last year? I have both the passes and the receipts.
She had little income so there's no point in claiming under her (I know they're transferrable, but I paid for them lol).
In chance of an audit, would they question the fact that I own a car, and still bought transit passes, while being "single"? | I have been doing this. As long as you have proof. that's all that matters. I have never been audited.
__________________ Quote: | [03-07, 03:26] Yodamaster - The feeling when you quickly insert without hitting the sides | | |
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02-20-2016, 10:11 AM
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#28 | | MOD MOD MOD MOD MOD
Join Date: Dec 2003 Location: vancouver
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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?
__________________ Quote: | [03-07, 03:26] Yodamaster - The feeling when you quickly insert without hitting the sides | | |
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02-20-2016, 12:02 PM
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#29 | | Rs has made me the woman i am today!
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Originally Posted by bluejays According to the HR calculator I owe $1300, on the turbotax calculator I owe $1900
It looks like buying 1-2000 in RRSP doesn't even offset it that much either | 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. Quote:
Originally Posted by nabs 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? | 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
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02-20-2016, 03:52 PM
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#30 | | I help report spam so I got this! <--
Join Date: Dec 2010 Location: Vancouver
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Originally Posted by inv4zn 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.
| No... These bank advisors are a bunch of hacks or something...
Example here: Benefits of RRSPs | |
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02-20-2016, 04:56 PM
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#31 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
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Originally Posted by nabs 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? | 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
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Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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02-20-2016, 07:23 PM
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#32 | | Banned By Establishment
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i have been using studiotax for the last 5 years. its free.
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02-20-2016, 07:30 PM
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#33 | | I *heart* Revscene.net very Muchie
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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
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02-22-2016, 11:22 AM
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#34 | | I help report spam so I got this! <--
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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.
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02-24-2016, 09:12 AM
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#35 | | RS.net, helping ugly ppl have sex since 2001
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List of free CRA certified software for PCs and Macs Certified software for the 2016 NETFILE program
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"back at the line to Babych.... LONG SHOT....Potvin had trouble with it....ADAM SHOOTS SCORES!!!!
GREG ADAMS!! GREG ADAMS!!"
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03-13-2016, 03:46 PM
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#36 | | RS has made me the bitter person i am today!
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Anyone not get their T5 Slips yet?
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03-13-2016, 04:40 PM
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#37 | | .
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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
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03-13-2016, 04:48 PM
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#38 | | Rs has made me the man i am today!
Join Date: Nov 2008 Location: Vancouver
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Originally Posted by jeedee 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 Quote:
Goods and services tax/harmonized sales tax (GST/HST) credit
When you file your return, the CRA will determine your eligibility and tell you if you are entitled to receive the GST/HST credit.
Your credit is based on the number of children you have and your net income added to the net income of your spouse or common law partner (if you have one), minus any amount you or your spouse or common law partner reported on lines 117 and 125. If you or your spouse or common-law partner deducted an amount on line 213 and/or the amount for a repayment of registered disability savings plan income included on line 232, we will add these amounts to your or your spouse’s or common-law partner’s net income.
This information is also used to calculate any payments from related provincial programs. Net income is the amount on line 236 of a person’s return, or the amount it would be if the person filed a return.
In the “Identification” area on page 1 of your return, enter your marital status and, if it applies, the information about your spouse or common law partner (including his or her net income, even if it is zero). Either you or your spouse or common‑law partner may receive the credit, but not both of you. The credit will be paid to the spouse or common-law partner whose return is assessed first.
For more information, go to Child and family benefits, see Booklet RC4210, GST/HST Credit, or call us at 1-800-959-1953. To view your GST/HST credit information, go to My Account for Individuals. To view the next GST/HST credit payment date, go to Mobile apps and select MyCRA.
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03-13-2016, 04:52 PM
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#39 | | .
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yup found that on Google but was hopping they would elaborate more lol
Guess I'm not eligible or entitled to it then  | |
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03-13-2016, 04:54 PM
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#40 | | Rs has made me the man i am today!
Join Date: Nov 2008 Location: Vancouver
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Originally Posted by jeedee yup found that on Google but was hopping they would elaborate more lol
Guess I'm not eligible or entitled to it then | 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.
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04-02-2016, 06:36 PM
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#41 | | RS Lurker, I don't post!
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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 | |
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04-02-2016, 07:04 PM
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#42 | | Even when im right, revscene.net is still right!
Join Date: Dec 2008 Location: Richmond
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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)
__________________ Quote:
Originally Posted by JSALES While driving yesterday I saw a banana peel in the road and instinctively swerved to avoid it...thanks Mario Kart. | | |
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04-02-2016, 08:18 PM
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#43 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
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Originally Posted by Gnomes 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?
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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04-02-2016, 09:47 PM
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#44 | | Even when im right, revscene.net is still right!
Join Date: Dec 2008 Location: Richmond
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No, I will sell it once the tenants moves or my term mortgage ends in a couple years
__________________ Quote:
Originally Posted by JSALES While driving yesterday I saw a banana peel in the road and instinctively swerved to avoid it...thanks Mario Kart. | | |
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04-02-2016, 10:00 PM
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#45 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
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Originally Posted by Gnomes 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".
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt
Last edited by tiger_handheld; 04-10-2016 at 08:47 AM.
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04-03-2016, 10:17 PM
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#46 | | My homepage has been set to RS
Join Date: Nov 2008 Location: vancouver
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Originally Posted by Gnomes 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) | 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.
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04-07-2016, 08:34 PM
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#47 | | I contribute to threads in the offtopic forum
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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.
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04-07-2016, 09:41 PM
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#48 | | MiX iT Up!
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Originally Posted by BlackV62K2 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?)
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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04-07-2016, 11:27 PM
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#49 | | I contribute to threads in the offtopic forum
Join Date: Aug 2002 Location: Vancouver
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US based tech company with a branch up here. So yeah pretty the example u have tiger.
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04-10-2016, 06:54 AM
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#50 | | HELP ME PLS!!!
Join Date: Nov 2003 Location: Vancouver
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My company gave me a t4a slip and has $6000 on 020 commission
Is this income taxable ?
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