Accounting and Taxes Thread

[fotze2]

Could also be a taxation thing. I know I pay a craptonne more as a percentage than ten years ago.

[Cappy]

Originally Posted by accord1999

Does she have interest, dividend or capital gains income? 2024 was a great year for most of that and in general, accounting departments don't account for possible non-work income for withholding.

None

[Cappy]

Originally Posted by Locke

Okay, I can probably help you, but I kind of need to see the documents themselves to determine what happened.

Like I said, theres a lot of different ways this could have gone. If you want you can PM me and I can have a look.

She put about 2,500 into RRSP as normal contributions throughout the year.

In the 90 March 1 day cutoff, she put in 30k additional via bonuses paid directly to the RRSP. Looking at her T1 it only lists the 2500 and does not include the 30k

She says her company didn’t issue a tax receipt for that.

So either the accountant missed it or the company is supposed to issue something?

She said her T5 (?) was 2,500 so maybe the investment bank needs to reissue one

[Locke]

Originally Posted by Cappy

She put about 2,500 into RRSP as normal contributions throughout the year.

In the 90 day cutoff, she put in 30k additional via bonuses paid directly to the RRSP. Looking at her T1 it only lists the 2500 and does not include the 30k

She says her company didn’t issue a tax receipt for that.

So either the accountant missed it or the company is supposed to issue something?

She said her T5 (?) was 2,500 so maybe the investment bank needs to reissue one

There could be a few different things here.

This year so far, I have dealt with 3 different organizations that did not issue the correspondin RRSP slips.

I know they exist. And I know they're somewhere. But I also know that at some point the client will be asked to produce them, so they'd better have them.

There are a lot of different things that could be happening. For instance, when a company issues RRSP slips to an employee, payroll reduces the amount of withholding taxes, because they know the RRSP is coming.

But once again, this is playing 'Guessing Games.'

You know who doesnt like playing Guessing Games with their Taxes? Everyone.

[GGG]

Originally Posted by Cappy

She put about 2,500 into RRSP as normal contributions throughout the year.

In the 90 day cutoff, she put in 30k additional via bonuses paid directly to the RRSP. Looking at her T1 it only lists the 2500 and does not include the 30k

She says her company didn’t issue a tax receipt for that.

So either the accountant missed it or the company is supposed to issue something?

She said her T5 (?) was 2,500 so maybe the investment bank needs to reissue one

What the 90’day cut off? Isn’t it only 60 days for rrsps?

[Dan02]

Originally Posted by GGG

What the 90’day cut off? Isn’t it only 60 days for rrsps?

Yes this years deadline was March 3rd.

[Lubicon]

Well done CRA. The software issue that prevented my from Net filing has finally been fixed. But now my Netfile account is locked due to too many unsuccessful attempts and the only way to unlock is to call CRA and have someone unlock it. Why TF can't I do that by logging into my CRA account and doing it myself? But no, I have to actually call and talk to someone. Which I tried yesterday and after spending an hour on hold they promptly said the offices were closed for the day and to try back another day and hung up.

Edit:
And naturally the only time to call is during business hours. When I am at work, and when I do not have access to my tax files which are on my computer at home. And when I should be working for my employer rather than spending time on the phone doing something I should be able to fix myself.

[Locke]

Originally Posted by Lubicon

Well done CRA. The software issue that prevented my from Net filing has finally been fixed. But now my Netfile account is locked due to too many unsuccessful attempts and the only way to unlock is to call CRA and have someone unlock it. Why TF can't I do that by logging into my CRA account and doing it myself? But no, I have to actually call and talk to someone. Which I tried yesterday and after spending an hour on hold they promptly said the offices were closed for the day and to try back another day and hung up.

Our Government employees at 'work.'

I said it when they went on strike. Fire them all. Burn it to the ground. Salt the Earth behind you and start again.

That agency is rotten to the core.

[accord1999]

Originally Posted by Cappy

She put about 2,500 into RRSP as normal contributions throughout the year.

In the 90 day cutoff, she put in 30k additional via bonuses paid directly to the RRSP. Looking at her T1 it only lists the 2500 and does not include the 30k

She says her company didn’t issue a tax receipt for that.

On her T4, are there values for Box 20 (RPP Contributions) and 52 (Pension adjustment)? Some companies provide a Registered Pension Plan for retirement savings and it has some rule differences compared to a RRSP.

[cSpooge]

Originally Posted by Lubicon

Well done CRA. The software issue that prevented my from Net filing has finally been fixed. But now my Netfile account is locked due to too many unsuccessful attempts and the only way to unlock is to call CRA and have someone unlock it. Why TF can't I do that by logging into my CRA account and doing it myself? But no, I have to actually call and talk to someone. Which I tried yesterday and after spending an hour on hold they promptly said the offices were closed for the day and to try back another day and hung up.

Edit:
And naturally the only time to call is during business hours. When I am at work, and when I do not have access to my tax files which are on my computer at home. And when I should be working for my employer rather than spending time on the phone doing something I should be able to fix myself.

To be fair to them it is proper security not to allow you to unlock it online. If it could all just be done online bad actors would take advantage of that. CRA is open 430 - 2100 MT so that is hardly business hours.

[Cappy]

Originally Posted by accord1999

On her T4, are there values for Box 20 (RPP Contributions) and 52 (Pension adjustment)? Some companies provide a Registered Pension Plan for retirement savings and it has some rule differences compared to a RRSP.

those are blank. She does not have a RPP or Pension.

[TorqueDog]

Originally Posted by Cappy

She put about 2,500 into RRSP as normal contributions throughout the year.

In the 90 March 1 day cutoff, she put in 30k additional via bonuses paid directly to the RRSP. Looking at her T1 it only lists the 2500 and does not include the 30k

She says her company didn’t issue a tax receipt for that.

So either the accountant missed it or the company is supposed to issue something?

She said her T5 (?) was 2,500 so maybe the investment bank needs to reissue one

Check her RRSP’s account statement. Was the RRSP contribution received by the institution holding the RRSP account before/on March 3rd and reflected in the account appropriately?

If yes, the institution needs to issue an updated or additional RRSP contribution receipt.

I do a per-cheque RRSP contribution with an employer match portion, and the February month-end contribution never arrives at the institution in time for the 60-day cut-off.

[Lubicon]

Originally Posted by cSpooge

To be fair to them it is proper security not to allow you to unlock it online. If it could all just be done online bad actors would take advantage of that. CRA is open 430 - 2100 MT so that is hardly business hours.

Good to know. Been on hold 75 minutes so far, we'll see how it goes.

[Lubicon]

Originally Posted by Lubicon

Good to know. Been on hold 75 minutes so far, we'll see how it goes.

After 2 1/2 hours on hold they terminated the call due to 'technical issues' and the sudden inability to transfer me to an actual human.

[Shazam]

Originally Posted by Lubicon

After 2 1/2 hours on hold they terminated the call due to 'technical issues' and the sudden inability to transfer me to an actual human.

That’s your fault for choosing the CRA.

[Cappy]

Originally Posted by TorqueDog

Check her RRSP’s account statement. Was the RRSP contribution received by the institution holding the RRSP account before/on March 3rd and reflected in the account appropriately?

If yes, the institution needs to issue an updated or additional RRSP contribution receipt.

I do a per-cheque RRSP contribution with an employer match portion, and the February month-end contribution never arrives at the institution in time for the 60-day cut-off.

Thanks, doing that now.

[Lubicon]

And now this morning they aren't even pretending they will answer calls. The automated system says everyone is busy and to call back later.

[Shazam]

Originally Posted by Lubicon

And now this morning they aren't even pretending they will answer calls. The automated system says everyone is busy and to call back later.

Why didn't you phone them at 430am like a good taxpayer?

[Lubicon]

Originally Posted by Shazam

Why didn't you phone them at 430am like a good taxpayer?

I know, silly me figured 7am would be sufficient.

[Locke]

Originally Posted by Lubicon

And now this morning they aren't even pretending they will answer calls. The automated system says everyone is busy and to call back later.

The thing is, they screwed up for so long everything is getting crushed to the deadline. This is entirely their own fault, a disaster of their own making and how do they deal with it? Head firmly in sand.