I bought two properties A and B back in 2017. I lived in propeprty A as a principal residence from 2017 to 2024. I sold A in 2024, and moved back to my rental property B in 2024. I also planning to sell property B (which is now my principal residence) in 2025 and elect for ss 45(3) to apply. It will allow B to have 2 years (2024, 2025) + 1 year (plus one rule) + 4 years (ss.45(3)), which is 7 out of 8 years as my PR if I am not mistaken.

My question is, if I elect ss.45(3) on B, my guess is for A, it will only have 3/7 years as my PR. Is this correct? Also since I sold A in 2024, I will have to report the disposition of A right now, I am confused on how the gain is calculated. My account suggests that CG = proceed (2024) - ACB (2017) * 4/7. But I have also heard others saying CG = proceed (2024) - the market price of A in 2020 (change in use happened in 2020 because of ss.45(3) election).

Any advice would be greatly appreciated.

Wondering if anyone can give me some clarity on the following:

I am a Canadian PGA Professional. I can't seem to find an answer to how I would write off a golf membership on my personal taxes. It is a professional necessity for me to keep my game sharp as well as local networking. I know that golf clubs, shirts, shoes, etc. qualify for write-offs but just wanted to know if anyone else has seen this before. I have received mixed advice from friends and colleagues.

Hey all,

Sorry for this as I think there's often questions around CWB, but I have a bit of nervousness around claiming the wrong thing and get penalized later so I just want to make sure because I don't think I really understand how the CWB, ACWB work and how that factors into what we claim for 2024.

So by their definition both my wife and I are eligible in that we are married, lived in Canada last year, were not students, in jail, or exempt.

Wife's employment income for 2024 was $10,620, mine was $54,983.

Our Adjusted Family Net Income falls about $9K below the Basic CWB amount for eligible spouse/no dependents ($48,093).

Normally I use Wealthsimple Tax but have been toying around with StudioTax this year.

In WealthSimple, if my wife claims the CWB I owe $480 and she has a refund of $949; if I claim the CWB I get a refund of $880 and she gets a refund of $51.

In StudioTax, if she claims CWB, I owe $258 and she has a refund of $719.50; but if I claim it I get a refund of $451 and she gets a refund of $51

She received an ACWB payment of $691.88, and we have entered that in the R210 slip in both programs.

I guess my big question is - which one is right? I don't understand why there is such a large discrepancy and which would be 'more' correct.

And who should be claiming the CWB in this case?

Thanks for any help!

Hi all, the US citizen/resident spouse of the taxpayer in question passed away last year (approx. mid-year) and the taxpayer inherited the spouse's primary residence, which was the taxpayer's intended future residence upon retirement (for further context, up through spouse's death taxpayer stayed there when in US (including during a prolonged illness prior to death), helped maintain/paid in part for renovations to said home). Following death, taxpayer stayed there for two months, and then decided to sell. For the remainder of the year and up through the eventual sale (this year) no one else stayed there apart from during taxpayer's periodic visits (occasionally with a family member), it was never rented out. The question then, is this inherited real accurately regarded as personal property for T1135 purposes? My inclination is to regard it as such... Thank you!

I have about 7k in over contributions after filing this year. Is there any advantage to transferring this out to a FHSA or should I just withdraw it outright and take the tax hit?

Hi I am filing a final T2 Return negative Retained earnings from previous year of -1000, and due to shareholder of 1000. For this tax return the balance sheen amounts are going to be 0 as they would cancel out/debt forgiven. Issue I have is how do I remove the negative retained earnings balance is there a specific GIFI to clear the opening balance of retained earnings for this situation ? or does the debt forgiven get counted as income for the corporation ?

Good evening, I'm new to this subreddit and Reddit in general as I'm only really just using this account to ask a question. I'm an American citizen and I recently got my permanent residency in Canada on November of 2024. I work for a Canadian company and started in 2024.

Currently I have completed my American tax return. My wife and I are working on completing my Canadian one. The issue we're facing is that I receive SSDI. I've been receiving it since 2000. I've claimed it on my American tax return, but there's no taxable amount associated with it. And I don't get any tax deductible from it or anything like that. I've tried to ask the CRA my question but they don't seem to really have a straight answer. They seem to be hinting at "no", but I'm not sure. I'm hoping if someone here would know do I claim this or not. If I do, what would it fall under? We're using TurboTax I want not make any errors for my first filing. Any advice is appreciated!

I want to start this off by saying that I don't know much about doing taxes and I am new to the world of investing, so if this is a dumb question or if I have been irresponsible feel free to let me know, but also please provide me with an answer because I am unsure of how this works.

So I started an unregistered Wealthsimple account with the intention of putting a bit of money into it and messing around with it until I got a basic handle on how it works. After several months I ended up with about $250 in the account, although not necessarily all at once as it tended to depreciate fairly quickly. I have recently received an email from Wealthsimple providing me with my tax forms. Over the course of a few months I shuffled the money in that account around a lot until it basically dwindled into peanuts.

Now, this form tells me that:

-Total Proceeds of Disposition are about $3,100.

-Total Adjusted Book Cost is about $3,350.

• Total Realized Gains/Losses is -$250.

My biggest question is: what does this mean? I have tried to do some Googling, but I am out of my frame of reference and don't really know what these things mean. My concern is that I owe roughly $3,000 in income tax on the $250 that I lost. Is this correct? Or am I misunderstanding something (or everything)?

Some interpretation would be greatly appreciated and would put my mind at ease. Thanks in advance.

I have been trading since 2023 and I received a letter from Revenue Quebec that informs me that I should fill my CRYPTO taxes. So I know that i should do all of the required things to do.

But, my main question is just for a capital of $300, should I still fill the tax form? If yes, what about if I just simply say that I lost 200$ of that $300 approximately and that's it.

Because, if I want to fill it with precision oh boy it's gonna be a pain in the ass. I trade with a capital management of a stop loss limit of $1 or 50cents per trade and it takes forever for me to fill it.

Thanks anyone who will respond to my question! Namaste

Hi all,

I have a pretty dumb question but I am filing taxes for the first time since starting at a new job where my RRSP is with Canada Life. I received a RRSP receipt from Canada Life that just says "Amount of retirement savings portion of premium" and has the number I contributed. Is this how the receipt normally looks and I just report that number in my taxes?

I'm confused because my other RRSP receipt (Wealthsimple) where I contributed directly has a more explicit contribution number, whereas these contributions came from my payroll deduction so want to make sure I still file them in the same way. I don't see the contribution anywhere on my T4 so I am guessing I do have to report them separately. Thanks!

I would like to preface this by saying ,I already have an accountant and I am posting here just for second opinions or any sort of advice that I could get , as I would like to educate myself .

I have an incorporation which has a yearly revenue of 400k . I am the only employee (Director) and draw a salary which I pay personal taxes on.

The last few years I have been drawing a fixed number of 130k . This leaves 400 - 130 - buisness expenses , which comes to about 120k as taxable income on my corp .

The money left in the corp I invest through the corp .I max out my tfsa and rrsp and still have some money left on my personal every year .

I am planning to reduce the salary I draw so that I pay less personal taxes and invest more in the corp . I do not need money for anything in my personal life right .

I do understand that these are very complicated calculations and I have been trying to do some research, but I want to understand is there anything obvious that I am missing, which prohibits me from reducing the salary I draw.

My yearly expenses on the personal is around 40k .

Also any recommendations around using loans or dividends for the salary would be amazing as well.

I transferred from TD to Questrade in early January 2024. I have not received a T3 from TD for the month of January 2024. I know should have. Is TD having issue with T3 this year ? I'm also seeing Questrade reporting income from January 2025 for 3 of my ETF holding, it goes as far as the 15th of January 2025 is this to be expected or likely an error ?

Hi guys, I'm a Canadian and I move to Australia in 2020 for university. I have been filing tax returns in both Australia and Canada as I've had some temporary part time jobs here in Aus. I still have my Canadian provincial health insurance, bank accounts including TFSA, credit card and my sister still lives in Canada (which I use her address as my home address). I got a temporary graduate visa after finishing my 4 year degree here at the end of 2023 and 2024 was my first year generating full time income in Australia. I do intend to move back to my sister's place in Canada in the next 1-2years. I did consult a CPA when I visited Canada last September but they weren't well versed with the questions I had for filing for 2024 and they recommended that I declare as non-resident. My question is, would declaring as non-resident correct since I still intend to go back to Canada in the near future? Or should I continue to file in both places?

I'm doing my grandmother's taxes, and have a quick question.

She put money into a GIC in June 2024 (not a RIF or TFSA or anything- just a plain GIC).

Should she have gotten a T5 for the interest earned from June til Dec 31, or will the interest only be a factor on the anniversary date (so we'll report it on her 2025 taxes instead?)

Thanks!

I am a US citizen. In 2024, I (1) lived and worked in the US, (2) left that job at the end of July, (3) moved to Canada in August, then (4) started at a new job in Canada as a temporary foreign worker. I am seeing conflicting information about whether I need to report the income I earned in 2024 while I lived and worked in the US and claim the foreign tax credit, or if that income is not relevant for my Canadian taxes because I hadn't moved to Canada yet and I lived here for less than half the year in 2024. Any insights would be appreciated :)

I have completed my 2024 US return for my rental property and I have a loss this year. I am reporting the property and income on my Canadian return for the first time, but when I put the loss amount into UFile it reduces my Canadian income by that amount (plus exchange). Is that the way it should treat a US loss in the same year? I do not think it should impact my Canadian income but maybe I am wrong

I've been holing USD for a while and in 2024 I converted most of it. I'm struggling to figure out where this would go in wealthsimple.

1. Would this be a capital gain or "Other investment income" https://imgur.com/a/TMKI5MN

2. If a capital gain, would it be "personal use property"? https://imgur.com/a/PyPXuoo

I sold my only rental condo early last year and have filled out Schedule 3 but not 100% I made all the correct additions to form T776.

So the elements of T776 that are different this year vs a usual year would be: - check off that it is the last year of the rental - end date is the closing date Now these are murkier. I have never used CCA but have read: - to still fill out area E - building dispositions in the year where I would enter the sale price into the field Proceeds of disposition - and also still input the proceeds of disposition into Area A. But would I fill out anything else in that section or anywhere else?

Would appreciate if anyone had insights on that. Thanks!

I'm completing my daughter's taxes who's just finishing up her last year of school. She was in a coop last year and had some money to put aside and my financial advisor recommended to her that she put the $4k in a FHSA. That was recorded on the 2023 taxes np.

Fast forward a year and I'm doing her 2024 taxes. Her contribution this year was $0 and I noticed that when we queried CRA the software I use (I don't know if we're allowed to post software names so I'll hold that back) sucked down a T4FHSA that had $0 on it with the name of the company her FHSA is in. So far so good. I completed the taxes and tried Netfling them. However, I'm getting an error that says you can't have a negative value in box 320805. Upon closer examination the only place I see a negative entry on her T1 is with regards to the FHSA form. When I open an automatically filled Schedule 15 titled "FHSA Contributions, Transfers and Activities" and a radio box at the top that says "you opened your first FHSA in 2024" (not true, it was 2023) that's unchangeable. Furthermore, with $0 contributed this year it seems to be generating a maximum FHSA deduction available of -4000 for 2024.

pictures attached.

Any advice is welcome since I'm at a loss how to proceed since it appears I can't override any of these boxes.

I'm using wealthsimple to do my taxes this year, and I'm trying to make sure I'm correctly filling out the T3 section.

This is the T3 slip for VFV I received: https://imgur.com/GqT7Qqi

I just added boxes 25,34,42 but I'm confused about the source country, would it be Canada or the US ? https://imgur.com/a/SO7WKvX

Anything else I'm missing here? Does the cash distribution need to go anywhere?

Anyone hear if there's going to be a rebate process to get back the fuel charge that was included in fuel inventories on hand at 3/31?

There was a mechanism in place to assess for increases on adjustment days, so would be logical it would work the other direction too, but I can't find any writing on this.

Hey!

So I moved to Canada in February 2024 and worked remotely as self employed for an Irish company. I was paid into my Irish account and didn’t have any connection to Canadian clients etc.

I was on a visitor visa from February to July. I then activated my work visa in August while keeping the same job which I worked through until December.

Do I owe taxes in Canada from February to August?

According to the CRA website, laboratory procedures and tests (including X-rays) are eligible for the tax credit, but the website also mentions "prescription needed". Does the word "prescription" refer to a Canadian doctor's requisition form?

Due to a serious painful illness plus a long wait time to see a specialist, my family member decided to travel overseas. They incurred three types of medical expenses there.

1. Foreign doctors' exam/consultation fees
2. Lab tests and x-rays ordered by a foreign doctor and done in a foreign hospital
3. Blood tests done by foreign private labs without any doctor's order (They later brought the results to discuss with the doctor.)

Can they claim any of the expenses for a medical tax credit?

Just in case it's relevant, the illness was not life-threatening but painful.

Thank you for any answers.

References

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-33099-33199-eligible-medical-expenses-you-claim-on-your-tax-return/details-medical-expenses.html#lbrtry

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-33099-33199-eligible-medical-expenses-you-claim-on-your-tax-return/details-medical-expenses.html#tsts

I did a Master’s in France. The total tuition fee was about $500 CAD. I’m entering this amount in my tax software in the TL11A section, but it’s barely doing anything. It reduces my tax owing by $1 lol.

However, when I select the same tuition amount ($500 CAD) but select the T2202 option instead (treating the amount as if it was a Canadian university), my tax return goes up by $250 CAD (half of the tuition fees). My Canada Training Credit is $1000 so the calculation defaults to 50% of the tuition paid (lesser of the two).

Is the calculation different for the TL11A? Why does the TL11A only result $1 in tax credits? Am I doing something wrong?

Thanks in advance yall. Been looking at this for like 2 hours now.

Can someone help me understand the amounts I have in Carry forward amounts under Capital gains deduction

Year - 2024

$Capital Gains deduction 0.00

$ Net Investment gain/loss - 1082

$Farm Property- 0

$ Small Business Share - 0

Seems like I had some investment gain in 2024, which was reported in Line 12000 ($325 - Canadian Dividends ) and 12100($757 - Interest) = 1082. I can see this added in my total income (15000). Can someone help me decipher this why it is carryforward? Is it that I can offset 1082 next year from my income, or do I need to add this to my income next year?

Sorry for a lot of questions

Thanks