Accounting and Taxes Thread

[squiggs96]

Originally Posted by calf

For anyone who is a CPA, any personal experience with the CPA Insurance Plan West? I've been shopping around and they have significant savings from my current insurer and other places I've received quotes from. Curious if there's a catch in terms of coverage/exclusions Ilm not seeing, poor service, etc?

I have had term life with them for many years. It's significantly cheaper than anywhere else that I've seen.

After moving back to Alberta I now have my house insurance and two vehicles with them. Again, drastically cheaper than anywhere else. The biggest downfall is everything can't be done online. There are times you are waiting for them to call you back, but they are thinking you are calling them. That's all in the set up part. Once you talk to someone, they are very efficient and good at what they do. I haven't made a claim on anything yet, but the coverage is very close to what I had in BC.

I am not 100% sure if my vehicle's glass is covered if I wanted to replace it, and they haven't given me a straight answer despite me asking multiple times. I've had to replace my Jaguar's front windshield twice due to rocks. When I had coverage in BC my deductible was $200 and the cost of the windshield was around $2,700. Given the amount of rocks in Alberta, I should get confirmation on this.

Renewals are easy. They send you a letter and say they'll charge your credit card a couple of months from the letter date. If you want anything changed, just let them know. All documents are available online.

[Fuzz]

Forget everything bad I've ever said about the CRA. They finally returned the money to me they ransomed back in March. It seems they do in fact have someone there that can tell the minute difference between 2022 and 2023 on a tax slip, so my bad for being so critical. Seems at least 5 different people worked on this, so if they can reduce that down to two or three they may find some real savings in the system.


Of course, they could have had zero people work on it if they had just not found a tax slip from 2022 that was already entered on 2022 taxes and "auto-matching" it to 2023. But I get that's super complicated programming.

[calf]

Thanks IHH, squiggs!

I was 'packaged out' in late September - was able to quickly transfer my life insurance to a personal account under my old benefits provider but figured I'd shop around - was about 1/3 of the cost. Then got the quotes for auto and home and auto was about 15% less, and home around 50% - waiting on the phone a bit seems like a good trade off, and most definitely a big FU to TD.

[Weitz]

Was reviewing my accounts today and realized I had over contributed to my TFSA in mid December by $3000. I have read up on penalties and having to withdraw the excess and what not.

Now that I have TFSA room of $4000 (due to the new year and over contribution) do I still need to withdraw the overage? It was in the account for about 14 days in 2025.

Anyone have an idea?

[cSpooge]

Originally Posted by Weitz

Was reviewing my accounts today and realized I had over contributed to my TFSA in mid December by $3000. I have read up on penalties and having to withdraw the excess and what not.

Now that I have TFSA room of $4000 (due to the new year and over contribution) do I still need to withdraw the overage? It was in the account for about 14 days in 2025.

Anyone have an idea?

you don't have to withdraw it since you got the new room for the calendar year. You will have the pay the penalty for December though since you were over for the month. Just don't contribute more than your new room minus the over contribution and you'll be fine.

[Wormius]

When you check on CRA what your potential CPP benefits will be and it shows you the values if you start taking it at 60, 65, or 70 is that an assumption that you’d still be contributing to that age or if you actually just stopped working altogether at your current age and waited until then to start taking it?

[DoubleF]

Originally Posted by Wormius

When you check on CRA what your potential CPP benefits will be and it shows you the values if you start taking it at 60, 65, or 70 is that an assumption that you’d still be contributing to that age or if you actually just stopped working altogether at your current age and waited until then to start taking it?

I'm almost certain that it's if you didn't contribute an additional dollar to CPP, that's what the amount would be, without potential adjustments, but don't quote me on that.


Ugh... can someone go teach the damn CRA agents and auditors the concept of individual/joint slips. The amount of reassessments because they can't figure the concept of a slip being 50:50 between spouses out is too damn high. I shouldn't be fighting constantly with the CRA to get returns reassessed back to what was originally filed.

[Locke]

Originally Posted by DoubleF

I'm almost certain that it's if you didn't contribute an additional dollar to CPP, that's what the amount would be, without potential adjustments, but don't quote me on that.


Ugh... can someone go teach the damn CRA agents and auditors the concept of individual/joint slips. The amount of reassessments because they can't figure the concept of a slip being 50:50 between spouses out is too damn high. I shouldn't be fighting constantly with the CRA to get returns reassessed back to what was originally filed.

I'd rather be a Lion-tamer and I'd probably have better results.

The people that work at CRA are the lowest rung, they are genuinely people that couldn't hack it anywhere else. I'm not even sure if they're human beings.

[DoubleF]

Originally Posted by Locke

I'd rather be a Lion-tamer and I'd probably have better results.

The people that work at CRA are the lowest rung, they are genuinely people that couldn't hack it anywhere else. I'm not even sure if they're human beings.

Their AI bot had accuracy levels lower than a blind monkey answering multiple choice questions... And the AI bot was supposed to have the entire textbook available at their fingertips.

I honestly believe most of those agents are using some call centre programs/prompts and don't engage brain. That means the software is extremely ####e. I bet later on they'll reveal they implemented an AI program/prompt that hallucinated more than someone on all the psychedelics.

[Fuzz]

My wife had a super frustrating call with insurance, and I asked if she considered requesting to be transferred to an AI bot for quicker service(the guy asked her for the same info about five times).


We may not be there yet, but given the convergence between humanity's descending IQ curve and AI's rising one...it won't be long.

[Wormius]

Originally Posted by DoubleF

I'm almost certain that it's if you didn't contribute an additional dollar to CPP, that's what the amount would be, without potential adjustments, but don't quote me on that.

That is kind of my assumption which is like, if I want to retire early, and can go through investment income and then supplement later with CPP when I am 70, it wouldn’t be too bad.

[DoubleF]

Originally Posted by Wormius

That is kind of my assumption which is like, if I want to retire early, and can go through investment income and then supplement later with CPP when I am 70, it wouldn’t be too bad.

Don't merely look at the analysis as the option that maximizes the individual's rate of return, look at it based on the option that gives the taxpayer the highest quality of life and is less likely to allow CRA to win over the taxpayer.