Accounting and Taxes Thread

[DoubleF]

Originally Posted by taxbuster

YOU should have all required slips (other than T3s possibly). CRA may not have them, and WE may not be able to download them or see them online but the requirement to send them to you was not altered. There are some exceptions (T3s notably).


File and pay (if you owe) and add whatever else shows up later. Or, alternatively, if you are in a refund position that is unlikely to change to a debit, hold off and file later.


In theory...and we'll see after tonight, whether the announced (well, kind of announced) stay of interest on late returns with Capital Gains (NOT others!) is actually maintained. June 2 was the supposed date, although I can no longer find reference to this on CRA's site - it used to be there.

Or what I sometimes do is make up an amount and file higher. Do a re-file to reduce it back down to the appropriate amount with the actual documentation.

Anyways, cheers to all those who will survive CRA's catastrophic calamity 2025. Here's to all the embarrassessments we hope never show up.

[Shazam]

Crap I can't make bill payments higher than $99999.

[bizaro86]

Originally Posted by Shazam

Crap I can't make bill payments higher than $99999.

You can pay by wire. I'll send you the routing information by PM.

[Locke]

Originally Posted by Shazam

Crap I can't make bill payments higher than $99999.

I know a Nigerian Prince who could totally sort this out for you.

[iggy_oi]

Originally Posted by Locke

I know a Nigerian Prince who could totally sort this out for you.

This is no time for jokes Locke. The deadline is less than 2 hours away!

[Locke]

Originally Posted by iggy_oi

This is no time for jokes Locke. The deadline is less than 2 hours away!

As someone still at their office, I am acutely aware.

[chemgear]

Originally Posted by Locke

As someone still at their office, I am acutely aware.

[chemgear]

What's the deal with the Arrears interest charged? They seem to add it even before you are actually late. You pay the amount owing plus this interest (just in case) and then they're like oh, just kidding and have an "Arrears interest reversed".

Like wtf?

So a few weeks later they have to process a payment back to you. So dumb.

[flamesrule_kipper34]

You can pay via Payees from your financial institution, look up CRA 2024 and your account name is your SIN #. Easiest and fastest method, no limits.

[Shazam]

Originally Posted by flamesrule_kipper34

You can pay via Payees from your financial institution, look up CRA 2024 and your account name is your SIN #. Easiest and fastest method, no limits.

It's a WealthSimple thing. I just did it twice.

[fotze2]

Originally Posted by flamesrule_kipper34

You can pay via Payees from your financial institution, look up CRA 2024 and your account name is your SIN #. Easiest and fastest method, no limits.

They put my payment in the 2025 account last year and I did not realize until 10 months later when we got an amount owing. They were like oops sorry.

[bizaro86]

Originally Posted by flamesrule_kipper34

You can pay via Payees from your financial institution, look up CRA 2024 and your account name is your SIN #. Easiest and fastest method, no limits.

Most financial institution bill payment systems do have a limit. Eg

CIBC/Simplii is $50k
Rbc is $99,999
Scotia is $49,999 etc

[flamesrule_kipper34]

Originally Posted by fotze2

They put my payment in the 2025 account last year and I did not realize until 10 months later when we got an amount owing. They were like oops sorry.

Yeah not surprised that could happen, usually after the 10 day period if it's not showing as cleared in myCRA I just call to make sure they've received and processed to avoid that sort of challenge.

[flamingchina]

We're looking to sell our condo, which we've been renting out since we moved out of it ~11 years ago. For capital gains, Can we take the city assessment from when we moved out as the value of it at that time, or are we able to get it assessed for a previous year?

[Locke]

Usually you want an assessment as close to 'Change of Use' as possible.

[DoubleF]

Originally Posted by flamingchina

We're looking to sell our condo, which we've been renting out since we moved out of it ~11 years ago. For capital gains, Can we take the city assessment from when we moved out as the value of it at that time, or are we able to get it assessed for a previous year?

You don't usually want to use the city assessment. CRA may not recognize it and it's often low. Get a third party appraisal as of the date of the change of use (11 years back). It's like $350-550 and it'll save you far more than that in CRA grief.

CRA is finding new chaos. Today, I discover someone who was assessed and reassessed for their 2024 return 4 times within a week this April. That's not efficiency. That's a special type of wheel spinning.

[Locke]

Originally Posted by DoubleF

You don't usually want to use the city assessment. CRA may not recognize it and it's often low. Get a third party appraisal as of the date of the change of use (11 years back). It's like $350-550 and it'll save you far more than that in CRA grief.

CRA is finding new chaos. Today, I discover someone who was assessed and reassessed for their 2024 return 4 times within a week this April. That's not efficiency. That's a special type of wheel spinning.

I dealt with some nonsense for hours that worked out to a CRA error of $0.17.

17 cents. You're going to waste my time with this BS? In the last week of April at the time no less. IDGAF about 17 cents. Bill the client the penalty. I dont care. We have more important and urgent things to do.

[flamingchina]

Originally Posted by DoubleF

You don't usually want to use the city assessment. CRA may not recognize it and it's often low. Get a third party appraisal as of the date of the change of use (11 years back). It's like $350-550 and it'll save you far more than that in CRA grief.

CRA is finding new chaos. Today, I discover someone who was assessed and reassessed for their 2024 return 4 times within a week this April. That's not efficiency. That's a special type of wheel spinning.

Anyone have an appraiser they like?

[DoubleF]

Originally Posted by Locke

I dealt with some nonsense for hours that worked out to a CRA error of $0.17.

17 cents. You're going to waste my time with this BS? In the last week of April at the time no less. IDGAF about 17 cents. Bill the client the penalty. I dont care. We have more important and urgent things to do.

Last year, I had one that was around $27 in additional taxes for some transposition error or some old photocopy of a fax where the numbers blurred to look like some other number or something for a joint disposal. Agent was nervously fumbling around on the phone saying he thought there was an error, base difference was a little over the $50 threshold he had to chase and couldn't just let go. I asked what the approximate in additional taxes was, ($13.XX twice). I told the agent to amend so that the client paid extra and wrap the thing up. It was actually kinda hilarious.

"Do you still want to go over the other questions?"
"Do they increase the amount of taxes owing?"
"No..."
"Then no need. Sorry, I'm quite busy right now and client wants it wrapped up and has been on my case about when it might be done. You're talking about less than $30 in additional taxes on a million dollar disposal. Your logic checks, we're unlikely to clarify the difference and I don't have time to go through the 50-60+ pages to figure out why there's that minor difference."
"Sorry."
"Dude, you're a CRA agent, you can't be saying sorry."


Another agent (also last year) needed some type of additional info on a disposal.

"What do you need?"
"This, this and clarification of this."
"Rental property, not persona. Other question can I confirm with client and send response to you tomorrow morning?"
"I'm fine if it's within 10 days."
*Next morning*
"You scanned it, sent it and summarized/highlighted it?"
"Yes. Easier for you, easier for us. Do you need anything else? I'll get started on looking for it so that you get your response within 10 days."
"Just a few days for me to finish up and do the request? I think I have everything I need after what you sent today."
"Great. Just shout if you need anything else."
"I don't need to shout for someone who is polite and cooperative."


There's a few good eggs out there for CRA agents .

[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.