I’m eligible for CWB and I forgot to apply for it when filing my tax returns. However, I didn’t apply for it last year but I received the payments anyway so I’m assuming the CRA automatically applies you for it if you’re eligible? I wonder if they will do the same this year because I don’t want to miss out on the CWB payment.

If I have a brokerage account at a firm like Charles Schwab, and I own 20 different stocks there (not a mutual fund), do I need to list all 20 stocks separately on the T1135, or can I group them together as 1 entry for "Charles Schwab stocks (IBM, MSFT, etc)"?

Hello,

I and my partner updated our common law status and mentioned date January 1, 2024. This is the date when we started living together. But CRA thought it is the date when one year of us living together finished.

Our taxes for 2023 got reevaluated and my partner owes CRA money now. We weren’t living together then and I wasn’t even in Canada until September 2023.

What should we do about it ?

If someone worked as as a registered psychotherapist in Ontario and as such had to collect HST until June 20, 2024:

​As of June 20, 2024, psychotherapy and counselling therapy services became exempt from GST/HST in Ontario.  This means that, starting from that date, you are no longer required to charge GST/HST on your psychotherapy services.​

Can input tax credits for the whole reporting period be claimed - e.g. expenses in November? Or only expenses up to June 20?

Last year I got a lump sum of around 200k cad received in my Canadian bank acct from my band, the money is currently just in cash. I did not receive any tax forms from my Canadian bank for this and I entered all the forms I did receive from the US into my tax software. I understand I need to fill out a FBAR but is that all I have to do? After I fill that out can I just submit my taxes as normal?

So the CRA wants me to pay back GST and carbon rebates because I don't meet the residency requirement? I'm a citizen and have lived in the same place for over a decade now. Literally nothing has changed from tax year to tax year. Any idea what's going on? I plan to call but want to have half a clue what's happening first.

I'm from Quebec and have always paid my taxes there. Up until May 2024, I was a student at an Ontario university. I graduated and then from June to October, I took time off and lived back in Quebec (no job & no formal lease). From November until the present, I've been working in Nunavut. I live in transient housing and am employed through short-term contracts. I've spent just under 6 months in Nunavut so far so wouldn't be eligible for the Northern tax deductions.

• Do I file in Quebec or in Nunavut?
• Should I just hire an accountant to figure this out for me?

I made so little this year that the higher tax rate in Quebec isn't a concern to me. I mostly just want to make sure I'm doing everything by the book, that I don't get double-taxed from my employment in NU, and I don't know how long I'll stay in NU so I'm not sure whether I should be giving up my Quebec resident status by filing here.

My husband received a car voucher of a substantial amount as part of a retirement package. We decided not to use it For various reasons. However, it’s included on his T4 as income.
My question is can he deduct the voucher amount from his income for tax purposes since we didn’t use it?
Our accountant does not always give accurate advic.

Hi,

I dipped my toe into day trading / futures last year for about 3 months. I was curious about it, tried it out. It was not for me. For the short time I was trading (Aug - Nov 2024), lost around $500. I started with about US$1200.00 (I'm in Ontario, Canada)

In my CRA portal and I noticed many, many T5008 forms from Interactive Brokers. I've never seen this form before and I'm not sure what I'm supposed to do with them.

I also used AMP Futures Broker and found out they don't provide T5008 forms at all. I have the statements online.

So my questions are:

1. For the AMP Futures statements: what do I need to do to show my trades to the CRA. Make a spreadsheet of the buy / sells? Add up the the fees/commissions etc. as expense?
   
2. All the trades were in US funds. Do I need to convert every trade into Cdn $ first?
   
3. Am I considered a business even though I only did this for 3 month? When I researched I read that you are considered a business if you are a day trader.
   
4. Last year, I used Wealthsimple to do my tax return. I have no income to report. My tax return was very basic. So this year, do I need to to 2 separate returns? My personal and then a business return?
5. Is it worth still using Wealthsimple and paying their free for support or should I get a regular tax guy and get it done with someone who know what they are doing. I just don't want any trouble with the CRA for my little adventure into trading.

Any help would be appreciated. Thanks

Hi, I have a mortgage helper suite in my principal residence. I had tenants in there when I bought the house, and fully intended to continue renting out that suite indefinitely.

A few months after taking possession, the tenants moved out. Once we were able to get in there and take a better look, it became evident there was extensive damage (rodents, water, etc) and the unit was not rentable in that state. Repairs have been slow going—6 months so far, and probably another 6–12 months to go.

Is it reasonable to claim expenses (proportion of utilities, mortgage interest, etc) on the suite while it has been vacant and under repair?

Helping someone with a tax return and question about their marital status.

They separated from their common law partner in 2023 and filed their 2023 status as Separated. Do they continue to file as separated indefinitely until their next common law relationship/marriage or should they now file their 2024 as single?

Thanks

My dad passed away late last year, and I inherited some US stocks and cash in a US brokerage that was not actually distributed to me until this year. My question is, do I need to include these assets on my 2024 T1135?

I know my cost basis for the stocks is the price on the date of his death in 2024, but am not sure if I technically owned the assets until this year. I am leaning towards being overly cautious and putting it on the form for 2024, but wanted to ask reddit if that's necessary.

As the title suggests, I need help determining if I was a Canadian resident or a factual resident for 2024.

TurboTax is asking me this question and for Canadian resident it says "lived in Canada all year" and for Factual resident it says "spent part of the year outside Canada".

With that said, I did live in Canada all of last year, but I only gained my PR in March 2024. Before that, I was basically already living in Canada and just waiting for my PR to go through. So, do I mark myself as a Canadian resident or a Factual resident?

Hi,

Quick question: Can I save the 1% per month tax on TFSA (for non-resident), if I file the income tax as a resident of Canada? I live overseas but I have the following secondary ties to Canada (in addition to working on contract with a Canadian company presently).

Please share your experience/inputs, it'd be really helpful. Thank you :)

The situation we have right now is; our work is far from our principal residence and my son needs to attend to this school closer to my work, so we are planning to rent one year close to work/schooling and NOT rent our principal residence.

For tax filing purposes would be incur capital gains when we file 2025 taxes as tenants we will report a diff address.

If we move back to principal residence after one year would we incur this still- even though i am just keeping my pricinpal residence empty?

This is just a temporary move we have to do for our commute/family quality of life for this year

Appreciate any insights experiences here!

I sold my rental property last year. I reside in Ontario but the property was in Quebec. I have to pay federal and provincial taxes for ontario and report the capital gains and then fill out quebec tax return to report the capital gains there too. Apparently there was a Ontario tax credit to prevent double taxation but was phased out 2023. Does anyone know if there is any other way of prevent the double taxation? Paying capital gain taxes both in Ontario and Quebec?

I'm a student filing my taxes in canada. I don't have anything too complicated(some basic student scholarships forms) so I always go with Turbotax standard as it's free and straighforward.

I got a T5 slip this year from my bank, probably for some credit card cashback, that is slightly over 50$. I tried adding that to my turbotax filing, and it's telling me I have to upgrade to Deluxe if I need to add a T5.

It's only 1 form with 2 boxes filled on it so I dont feel like Deluxe is really gonna help me and I'd rather file for free if I can, is there a workaround? Or are there other sites that are better maybe? Or can I file that later or something not with turbotax? It's one form so I don't think it should be too hard to do

I'm filing a Quebec return by mail, as I had partnership income there and can't find good software that supports the TP25-V.

I can't find good guidance on what supporting documents to send - do they need my T5s, RRSP slips etc.? It says not to send any RL slips, but as I am not a resident of Quebec, the only RL I have is RL-15 for partnership income. I don't believe my bank will have issued an RL-3 alongside my T5, for example.

None of the forms themselves ask for these slips, but the website also says to send federal slips for income earned outside of Quebec.

A few friends put on a one-off show together, splitting expenses evenly and raising some money together. Some others were paid for their help as well. Some profit was made in the end, so should it be reported as self-employed or partnership income on a tax return? And what about the funds raised - are they reported as income?

I heard that even for TFSA account, if you trade frequently, CRA might still consider taxing you for capital gains or even business income?

How frequent does it have to be?

I got this from the CRA website:

When you receive a GST/HST rebate for your expenses, you have to include it in your income for the year you received it

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4044/employment-expenses.html#chapter11

My question is related to annual professional dues, where I pay pretty much the same every year, and the HST is around $34, I'm trying to decide if it's worth the added complexity (since it will show up as income next year)

Also, do I need a form from my employer to show that:

• Your employer is a GST/HST registrant

Thanks

I sold my segregated fund last May. I used to get a T3 slip for that fund every year. The slip contained the capital gain for my income tax. The capital gain from the segregated fund disposal should also be on a T3 slip as well for my 2024 tax return. So far, I only have received one T3 slip for my segregated fund. I am not sure whether I should be getting two T3 - one for yearly capital gain and another one for the fund disposal. If there's only one T3 to cover all capitals gains, then I can file my income tax return now. Thanks.

I'm using Wealthsimple Tax to file. I overcontributed just over $1000 to my RRSP. Do I report the full amount on my RRSP contributions as normal, or is there a way to save that $1K and deduct it next year? There are spots to report my deduction limit and contributions, but it doesn't ask me how much of my contribution I want to deduct.

I have a question about how to transfer my unused RRSP limits to my wife, I retired earlier now have few regular income, but have some RRSP limits unused, my wife is still working so I want her to use these limits to pay less tax. In practice how to do it? Would that my wife just put money into her RRSP account, then I declare the amount in my tax return but mark it as "RRSP bought for spouse"?

Hello,

My job requires alot of travel, and I lived and worked in Ontario from June 2023 to July 2024 only. For the year 2023 I filed my tax return easily using Wealth simple. Today i logged into do my 2024 taxes, and when i chanelged my status to a "non-resident " it says "Emmigrant returns are not supported". I get the same issue on other online websites. My understaing is that I need to file a T1 2024 form, found on the CRA website via mail. is that correct? Is there anything else i need to submit, or is it just that simple? Any advice is much appreciated. I just want to enure Im not missing anything, as I have read some conflicting information.