Accounting and Taxes Thread

[DoubleF]

Originally Posted by flamesrule_kipper34

Any tax professionals I can PM for services?

Long short of it is I have a T5013 which has % of services (multiple box 120) by province.

I, incorrectly filed full taxes to the CRA last month but now know a portion should go to Revenue Quebec.

Need a professional help me correct this and file properly amendment for CRA for overpayment and then the % specific for Revenue Quebec.

Would rather seek a professional to help me correct this as it's the first time doing this.

Do you have you MyCRA access set up?

I think the best thing to do as a self filer is call a CRA agent, say you want to update/fix the T5013 input via the MyCRA portal to change your return and ask the agent for step by step instructions on how to do so.

I don't think professional help will make sense unless it's a seriously messed up situation. You might even be better off waiting for the reassessment and paying the minor (hopefully) interest and penalties than the full cost of professional help.

[Locke]

Got a notification from CRA. They're moving all Representative Authorization to two-step.

So...if you don't have a CRA MyAccount...you'd better get one.

[BigNumbers]

Why is TFSA Contribution room data still unavailable on the CRA site? I got an email saying I over contributed in 2024, but I certainly didn't... What a gong show.

[Locke]

Originally Posted by BigNumbers

Why is TFSA Contribution room data still unavailable on the CRA site? I got an email saying I over contributed in 2024, but I certainly didn't... What a gong show.

Because that thing is a gigantic POS that hasn't worked properly in all of 2025 as of yet.

I think I mentioned it before, but in 2024 every other login they want me to take a 'short survey' and then in 2025 not a peep. I wonder why? I'd love to give them some updated feedback.

[DoubleF]

Originally Posted by Locke

Because that thing is a gigantic POS that hasn't worked properly in all of 2025 as of yet.

I think I mentioned it before, but in 2024 every other login they want me to take a 'short survey' and then in 2025 not a peep. I wonder why? I'd love to give them some updated feedback.

The dates on the NOA piss me off. I don't understand the point of future dating NOA 10+ days since they introduced the express NOA process 2-3 years ago. A bunch of their generic "helpful" reminders are confusing and cause panic.

"CRA says I have to pay my 2024 taxes again!"
"Actually, the NOA is future dated and says you owe that amount, less amounts already paid..."
"But I paid before the date on this letter!"
"That payment is showing in your statement of account, don't worry. Subtract about 10-12 days from the NOA date and the letter makes more sense."

[Shazam]

Oh I do despise the way they do that now.

[Mathgod]

Ugh. We paid our taxes 3 months ago, but today we get a letter in the mail saying we didn't pay yet, and must pay in installments. What the actual #### CRA???

[bizaro86]

Originally Posted by Mathgod

Ugh. We paid our taxes 3 months ago, but today we get a letter in the mail saying we didn't pay yet, and must pay in installments. What the actual #### CRA???

Installments are when they want you to pay an estimate of next year's taxes in advance. I think you should read the letter again - I got my installment letter today and it's definitely for paying 2025 taxes (normally due spring 2026 unless you previously had owings).

You can make installments a few different ways (eg if you know you won't owe this year you can pay $0). I always pay what they say because then I'm covered.

[Mathgod]

So is it a requirement to pay in advance or an option?

[fotze2]

Weird obscure question. My dad has a schwack of BMO shares that neither myself or my brother really need the funds from immediately. Can I just leave it in my dad (who died a year and half ago) name? Its a good little emergency stock. Its a giant pain in the arse to transfer it to me from computershare and would dread the capital gain calculation.

Can I just leave it for that rainy day in his name? Is there some limit dead people can't own shares? IS it better its in his name or mine?

[accord1999]

Originally Posted by Mathgod

So is it a requirement to pay in advance or an option?

You don't have to pay but if your tax amount owing for the 2025 tax year is greater than $3000, then you'll pay interest/penalties.

Originally Posted by fotze2

Weird obscure question. My dad has a schwack of BMO shares that neither myself or my brother really need the funds from immediately. Can I just leave it in my dad (who died a year and half ago) name? Its a good little emergency stock. Its a giant pain in the arse to transfer it to me from computershare and would dread the capital gain calculation.

If your dad didn't have a surviving spouse, then the shares were considered sold on the date of death and the estate has to pay capital gains. You should really go through the probate process now and have the shares transferred to the executor/beneficiary as soon as possible so you can pay for the taxes involved.

[Slava]

Originally Posted by fotze2

Weird obscure question. My dad has a schwack of BMO shares that neither myself or my brother really need the funds from immediately. Can I just leave it in my dad (who died a year and half ago) name? Its a good little emergency stock. Its a giant pain in the arse to transfer it to me from computershare and would dread the capital gain calculation.

Can I just leave it for that rainy day in his name? Is there some limit dead people can't own shares? IS it better its in his name or mine?

Also, to add a couple things. Transferring those shares should be pretty easy and it’s not that much work. The capital gains calculation should be fairly simple for you also as Computershare should be able to tell you the ACB.

[bizaro86]

Originally Posted by Mathgod

So is it a requirement to pay in advance or an option?

It depends. If you owe more than a small amount of taxes at the end of the year and didn't install after getting that you'll pay penalties/interest. (And maybe interest on the penalties, and penalties for not paying the interest, etc).

If it was truly a one-time thing that caused your income to increase and it definitely won't happen again then you can ignore it and it isn't an issue.

But if you might owe again I'd pay them (I always pay mine because I owe every year). The risk-reward of not paying isn't that great, imo

[Strange Brew]

Originally Posted by accord1999

You don't have to pay but if your tax amount owing for the 2025 tax year is greater than $3000, then you'll pay interest/penalties.



If your dad didn't have a surviving spouse, then the shares were considered sold on the date of death and the estate has to pay capital gains. You should really go through the probate process now and have the shares transferred to the executor/beneficiary as soon as possible so you can pay for the taxes involved.

Surely they have gone through probate by now (it’s been a year and a half). And that tax return was due a while ago.

[fotze2]

Originally Posted by Strange Brew

Surely they have gone through probate by now (it’s been a year and a half). And that tax return was due a while ago.

Yes mr firebug sorted that all out but this is the last part, got it converted to "the estate of" but still trying to figure out to convert and the implications. will CRA automatically notified of the capital gain or is it honor system. there will be a sizeable tax bill and i have already distributed 98% of the funds and i dont want to sell it but might have too. He bought it in the 90's.

[Strange Brew]

Originally Posted by fotze2

Yes mr firebug sorted that all out but this is the last part, got it converted to "the estate of" but still trying to figure out to convert and the implications. will CRA automatically notified of the capital gain or is it honor system. there will be a sizeable tax bill and i have already distributed 98% of the funds and i dont want to sell it but might have too. He bought it in the 90's.

The capital gain on deemed disposition should have been reported on the tax return in year of death. You will need to amend the filing assuming you are the executor.

That's why the CRA has a process for clearance certificates which would have required the executor to list all the assets held at death. No funds should have been distributed until that was received.

Time to refile taxes and get that certificate.

[fotze2]

Originally Posted by Strange Brew

The capital gain on deemed disposition should have been reported on the tax return in year of death. You will need to amend the filing assuming you are the executor.

That's why the CRA has a process for clearance certificates which would have required the executor to list all the assets held at death. No funds should have been distributed until that was received.

Time to refile taxes and get that certificate.

Locke, we are gonna have to talk. That rhymes.

And also. ……. Fackkkkkkkkj