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Dumb question for RRSPs: if I want to dump cash in my RRSP and know my contribution limit but don't know how much actually went in because the places are being slow in preparing my slips for me, can I put in my best guess and if it's a bit over just not claim that portion til a following year? IE is there a problem to overcontribute if you don't claim it that year? Never been clear on that.
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Jan 31, 2024 01:47
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priznat posted:Dumb question for RRSPs: if I want to dump cash in my RRSP and know my contribution limit but don't know how much actually went in because the places are being slow in preparing my slips for me, can I put in my best guess and if it's a bit over just not claim that portion til a following year? IE is there a problem to overcontribute if you don't claim it that year? Never been clear on that. The limit is on contribution, not claimed amount. Both my parents managed to over contribute to their RRSPs and had to pay a pretty penny in fees, so I wouldn't risk it. Can't you just look at the contribution transactions since March 1 and sum it up yourself?
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Jan 31, 2024 01:50
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Square Peg posted:The limit is on contribution, not claimed amount. Both my parents managed to over contribute to their RRSPs and had to pay a pretty penny in fees, so I wouldn't risk it. Can't you just look at the contribution transactions since March 1 and sum it up yourself? Yeah I suppose I could do that, I was hoping I could just make it easy, ah well. One of them is a real pain because they didn't break it out cleanly due to it being a pension plan. I'm fairly sure my new employer didn't deduct enough for the first couple amounts so I want to minimize that if possible, I saved all the extra so I'm fine to cover it.
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Jan 31, 2024 01:53
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priznat posted:Yeah I suppose I could do that, I was hoping I could just make it easy, ah well. With RRSP at least you have a grace of $2k over the limit before they will actually penalize you, although I can't recall if that is lifetime or not, either way best to be avoided and sum the totals manually. TFSA, any overage is penalized when the CRA catches it (as I found out).
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Jan 31, 2024 01:56
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priznat posted:Yeah I suppose I could do that, I was hoping I could just make it easy, ah well. If you make contributions in the first 60 days of 2024, you can declare them for 2023 or report them to 2024. Of course you still need to know what your max is by the time you send your tax return. The penalty for going over the limit is, I think, 1% of the exceeding amount per month. Technomancer fucked around with this message at 05:01 on Jan 31, 2024 |
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Jan 31, 2024 03:56
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Good info, thanks! I wish I could have my dang T4s already. I can tally up all the salary but it’s the various benefits etc that are the unknown. I just want to get taxes over and done with, basically!
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Jan 31, 2024 04:05
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Technomancer posted:If you make contributions in the first 60 days of 2024, you can declare them for 2023 or report them to 2024. Of course you still need to know what's your max is by the time you send your tax return. To be clear, you have to report all contributions March-Feb on the impending return. Don't neglect to report if you're delaying your deduction. You fill out the return with something like "I am reporting a contribution of $x since last March, but I'm only deducting $y on this return". Whatever you don't deduct carries forward. There is a potentially useful trick here in that your new contribution room arrives Jan 1. So (if you know your room and have the cash) you can use up your new year's room Jan-Feb but deduct it on last year's return, if you like. priznat posted:I wish I could have my dang T4s already. I can tally up all the salary but it’s the various benefits etc that are the unknown. I just want to get taxes over and done with, basically! This is me every year. The steady drip of somehow technically not promotional emails about "tax season!" and "what tax slips can you expect?" is so frustrating. And does every kind of slip really need a different due date?
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Jan 31, 2024 05:10
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Does anyone know if interest payments on a student line of credit from one of the banks is tax deductible or is that deduction only for provincial/govt owned student loans like OSAP?
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Jan 31, 2024 05:36
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Kraftwerk posted:Does anyone know if interest payments on a student line of credit from one of the banks is tax deductible or is that deduction only for provincial/govt owned student loans like OSAP? Unfortunately, no. Generally, it's only the government loans that you can get a credit for.
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Jan 31, 2024 16:03
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pokeyman posted:This is me every year. The steady drip of somehow technically not promotional emails about "tax season!" and "what tax slips can you expect?" is so frustrating. And does every kind of slip really need a different due date? The government should start cracking down on this stuff, eventually forcing places to generate a running tally up to date slip the moment you contribute. Same with a T4. I should be able to file my taxes on January 2nd.
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Feb 1, 2024 07:54
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yippee cahier posted:The government should start cracking down on this stuff, eventually forcing places to generate a running tally up to date slip the moment you contribute. Same with a T4. I should be able to file my taxes on January 2nd. 
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Feb 1, 2024 22:42
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I think the reasoning goes is that businesses need time to mail them or get figures from trusts or something. I can be convinced that they need a bit of time, like 30 days tops. Why we’re still receiving tax slips on March 31st though is something that’s completely beyond me.
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Feb 1, 2024 23:41
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because one trust had to wait for another trust had to wait for another PE fund had to wait for the different companies it takes dividends from, etc. when I was a VC I at one point counted a 5-deep chain of tax document dependencies
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Feb 2, 2024 03:07
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Is about 650$ a week the most to expect from Employment Insurance benefits no matter what my insurable earnings were?
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Feb 3, 2024 16:30
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Your maximum insurable earnings are $63,200 this year, and $61,500 last year, so if you earned more than that, it didn't have EI deducted and doesn't factor into your benefits.
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Feb 3, 2024 17:06
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tagesschau posted:Your maximum insurable earnings are $63,200 this year, and $61,500 last year, so if you earned more than that, it didn't have EI deducted and doesn't factor into your benefits. Right, I recently got laid off so I applied while searching for jobs but the notice seems to claim my max insurable earnings is only 25,000$ (my T4/R1 claims 61,500$) and that my weekly benefits are around 650$, so I'm trying to figure out if they have the correct info and if this amount is correct.
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Feb 3, 2024 18:07
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That's weird. Is there perhaps something wrong with your ROE? I think it's supposed to be made available electronically within five days of your last day of employment.
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Feb 3, 2024 19:10
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Raenir Salazar posted:Right, I recently got laid off so I applied while searching for jobs but the notice seems to claim my max insurable earnings is only 25,000$ (my T4/R1 claims 61,500$) and that my weekly benefits are around 650$, so I'm trying to figure out if they have the correct info and if this amount is correct. I go on EI every year and I sometimes notice this discrepancy and wonder a bit how , but because I am getting the max amount of EI (like you are) I never think too hard about it. Mine says my insurable earnings are $21,000 on my current claim and I made at least $75,000 in that period. Max EI for a claim starated before Jan 2024 is $650, after Jan 2024 I think it's up a bit, maybe $668.
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Feb 3, 2024 19:22
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tagesschau posted:That's weird. Is there perhaps something wrong with your ROE? I think it's supposed to be made available electronically within five days of your last day of employment. Mine was only available on Feb 1 which is also when I got the notice, so I was wondering if they got the right information. Tsyni posted:I go on EI every year and I sometimes notice this discrepancy and wonder a bit how , but because I am getting the max amount of EI (like you are) I never think too hard about it. Mine says my insurable earnings are $21,000 on my current claim and I made at least $75,000 in that period. Max EI for a claim starated before Jan 2024 is $650, after Jan 2024 I think it's up a bit, maybe $668. Yeah basically the same amounts for me, but if I am supposed to be getting (max) that amount regardless then I guess its fine?
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Feb 3, 2024 19:39
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So my employer for most of last year is being extremely slow with T4s and this is bugging me. Related question, how does RPP factor into RRSP contribution room? Are they the same or totally different? This employer was doing RPP, and I can see how much was contributed for all of 2023. My new employer is regular RRSP so I have that sheet for the tail end of 2023. I just want to bring my taxes down the maximum amount because it sounds like due to the new company under with-holding on the signing bonus I might trip some thing where I will go on instalments for future years even though I will just pay the taxes required on filing.
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Feb 13, 2024 22:40
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priznat posted:So my employer for most of last year is being extremely slow with T4s and this is bugging me. Employer pension contributions in the year generally show up as a pension adjustment on that year’s T4 for my DB pension, which will reduce RRSP room for the year following. I think it’s the same for DC and DB but never checked both to confirm.
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Feb 14, 2024 01:28
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It's the same for DC, I have a DC RPP. It's functionally RRSP room even though it is reported on slightly different lines.
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Feb 14, 2024 15:45
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Aaugh annoying I really need that T4 then. Emailed them about it. Apparently even people still working there haven’t got theirs yet.
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Feb 14, 2024 17:44
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priznat posted:Aaugh annoying I really need that T4 then. Emailed them about it. Apparently even people still working there haven’t got theirs yet. It's due by the end of February, right? Probably shouldn't expect much.
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Feb 14, 2024 17:53
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pokeyman posted:It's due by the end of February, right? Probably shouldn't expect much. Yeah I almost always have gotten other company ones by end of Jan so I’m just used to it. Plus would have the RRSP slips so could contribute before the deadline.. with the RPP though, I’m stuck waiting.
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Feb 14, 2024 17:55
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pokeyman posted:It's due by the end of February, right? Probably shouldn't expect much. I've always wondered why, given that 'generate T4' is built into any payroll or accounting software that isn't a giant ledger book on a pedestal, it always seems to be such a hassle for companies to get them out.
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Feb 14, 2024 19:11
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The company I'm at seems to toss a coin every year whether the T4 comes out on the first day of February or the 26th.
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Feb 20, 2024 02:04
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I’ve always received T4s at the absolute last second, and once actually past the deadline which had me calling the CRA in a panic. Getting it on time mattered because I used to paper file (my partner refuses, although I’m still a little uncomfortable using 3rd party software for this…).
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Feb 20, 2024 07:42
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Any good tips on finding an accountant for the future? I should probably just finally get one, not that my taxes are super complex it just would be good to know that I’m managing my finances properly.
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Feb 20, 2024 13:51
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I got my T4 but this year I also have to wait on a 'T4FHSA'. I wonder why this needed a form from your bank and you can't just declare deposits like you can with your RRSP. In any case I wish this poo poo would just autofile itself without needing my input, there's nothing complicated about my taxes and the CRA has all the data they already need. loving tax software lobby.
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Feb 21, 2024 14:54
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mila kunis posted:I got my T4 but this year I also have to wait on a 'T4FHSA'. I wonder why this needed a form from your bank and you can't just declare deposits like you can with your RRSP. The lack of return free filing isn't the tax lobby's fault, it's the CRA choosing to not do it. We already have laws in place that tax software must have a free option to netfile basic returns; I did free filing through Turbotax for years, then free filing through WealthSimple. Now, in America, yes, the tax software companies do keep the free options down, and very very hidden.
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Feb 21, 2024 15:33
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Our tax filing is pretty simple too for most people, but it probably could be even easier.
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Feb 21, 2024 18:18
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CRA runs volunteer-staffed free e-filing assistance every year if your return is sufficiently simple and you're sufficiently poor. Just can't get enough of slapping means-tested bandaids over a self-imposed problem.
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Feb 21, 2024 18:40
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Even in the past few years, RRSP slips would take a long, long while to show up on CRA's MyAccount. They'd have almost everything else like T4's and T5's but not the RRSP slips. Shouldn't be hard to have them all available by... hell, I'll even say March 15 (not including T3's) and yet, they are.
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Feb 21, 2024 21:10
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The T4FHSA thing is particularly frustrating because it's per calendar year so there's not even any last-minute Jan/Feb contributions to wait for. Like the whole game is bullshit but it'd be nice if each individual component wasn't bullshit in itself.
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Feb 26, 2024 02:35
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So finally got my T4s, maxed out my rrsp, and going to be owing some. If I am over $3k owing does it automatically go on installments for next year for the same amount I was off (owing ~$4500) or my entire expected tax? I basically got a signing bonus that the company didn’t calculate the tax holdbacks correctly. I set it aside to pay the expected tax immediately but it sucks if I have to go on this installment thing it sounds like.
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Feb 26, 2024 17:47
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Apparently personal loans don't have the "Lost your Job?" insurance, only Lines of Credit do. 
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Feb 26, 2024 18:00
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priznat posted:So finally got my T4s, maxed out my rrsp, and going to be owing some. If I am over $3k owing does it automatically go on installments for next year for the same amount I was off (owing ~$4500) or my entire expected tax? Not unless you have to pay at least $3,000 in 2024 as well: quote:You may have to pay tax instalments for next year's taxes, if your net tax owing is more than $3,000 (for Quebec $1,800) for 2024 and in either 2023 or 2022. https://www.canada.ca/en/revenue-agency/services/payments-cra/individual-payments/income-tax-instalments.html
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Feb 26, 2024 18:16
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Ohh ok good so one time in a row they don’t do that. Ok then no problem, thanks!
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Feb 26, 2024 18:35
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Raenir Salazar posted:Apparently personal loans don't have the "Lost your Job?" insurance, only Lines of Credit do. What's the story here? Is this insurance you thought you had, or that you were trying to obtain? priznat posted:Ohh ok good so one time in a row they don’t do that. Ok then no problem, thanks! Even if they want instalment payments you can estimate them a few different ways, so if you had a weird couple years and get the notice, you can estimate that your current year will be $0 owing and send nothing. (You'll get to pay penalties if your estimate sucks though.) edit: Also you absolutely should not pay any instalments unless and until you get a notice.
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Feb 26, 2024 18:45
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