|
Olive Branch posted:My question is, does transfering ETFs in this manner also count as selling ETFs and triggering capital gains? It shouldn't, no. Bank or broker-administrated transfers between accounts are not the same as selling the shares.
|
#
?
Mar 17, 2015 23:00
|
|
|
|
| # ? May 14, 2024 20:07 |
|
|
Anyone offer a no - fee checking account at a brick and mortar bank anymore? Min balance OK and only maybe a couple checks a year, mostly for payroll and e paying bills. We already deal with pcf but Mrs. Slidebite wants the ability to go to a branch if necessary.
|
|
#
?
Mar 18, 2015 01:07
|
|
|
Olive Branch posted:My question is, does transfering ETFs in this manner also count as selling ETFs and triggering capital gains? Yup. CRA counts it as you selling the stuff in your non-reg and buying in the rsp so you get the cap gains on the sell and a contribution receipt for the rsp.
|
|
#
?
Mar 18, 2015 01:15
|
|
|
All of TDs accounts have fees waived if you're above a minimum balance I think I park my emergency fund in a TD All Inclusive account (fee waived above 5k) for when I have to do B&M bank stuff. Still use Tangerine for day to day stuff though.
|
|
#
?
Mar 18, 2015 01:15
|
|
|
Kreez posted:All of TDs accounts have fees waived if you're above a minimum balance I think Thanks, looks like most do or at least offer something. I'll do some research.
|
|
#
?
Mar 18, 2015 01:21
|
|
|
Has anyone received their tax slips from Questrade yet? I've got the message in My Questrade about the tax slips, but the page is unpopulated for both 2014 and 2013, and I definitely have some slips from 2013. Should I contact them about this yet?
|
|
#
?
Mar 18, 2015 01:55
|
|
|
slidebite posted:Anyone offer a no - fee checking account at a brick and mortar bank anymore? Coast capital savings, although technically not a bank. If you need only a few cheques, you can get 12 temporary ones for $2 instead of ordering permanent ones. Banks won't do that for you.
|
|
#
?
Mar 18, 2015 01:58
|
|
|
Vatek posted:It shouldn't, no. Bank or broker-administrated transfers between accounts are not the same as selling the shares. This is not true. Transferring from unregistered to registered is a deemed disposal and repurchase. If you had a gain, you are obligated to report the capital gain. If you had a loss, it is superficial and you can never report it. Kal Torak fucked around with this message at 04:01 on Mar 18, 2015 |
|
#
?
Mar 18, 2015 03:05
|
|
|
tuyop posted:Has anyone received their tax slips from Questrade yet? I've got the message in My Questrade about the tax slips, but the page is unpopulated for both 2014 and 2013, and I definitely have some slips from 2013. Should I contact them about this yet? I've received all my slips from them. They should be there.
|
|
#
?
Mar 18, 2015 03:06
|
|
|
Kal Torak posted:This is not true. Transferring from unregistered to registered is a deemed disposal and repurchase. If you had a gain, you are obligated to report the capital gain. If you had a loss, it is superficial and you can never report it. This is why you never transfer stock in a captial loss position "in kind" to a registered account. You sell, claim your loss, and transfer the cash. You need to adhere to superficial loss rule, of course, so you can't buy the same security for 30 days inside the registered account.
|
|
#
?
Mar 18, 2015 14:20
|
|
|
Kal Torak posted:This is not true. Transferring from unregistered to registered is a deemed disposal and repurchase. If you had a gain, you are obligated to report the capital gain. If you had a loss, it is superficial and you can never report it. So I should probably just contribute to my RSP on a monthly basis instead of holding the contributions in an unregistered account until the end of the year?
|
|
#
?
Mar 18, 2015 15:05
|
|
|
Reggie Died posted:So I should probably just contribute to my RSP on a monthly basis instead of holding the contributions in an unregistered account until the end of the year? I'm not going to tell you not to invest. If the market is up, you won't have to worry about capital losses. If you have any funds in a loss position, sell it, claim the loss, transfer the cash and repurchase something else in your RSP.
|
|
#
?
Mar 18, 2015 15:49
|
|
|
My broker is feeling a little bit slow, so I wanted to know how this compares. I'm with Qtrade, and currency conversion of cad to usd (just cash, not Norbert's or anything) takes a few hours to go through, and after 1pm it doesn't go until the next business day, apparently. I've also done cash contributions to a tfsa and rrsp, and over 24 hrs later they still haven't actually gone through. Does that seem oddly slow to anyone?
|
|
#
?
Mar 18, 2015 16:52
|
|
|
DuckConference posted:My broker is feeling a little bit slow, so I wanted to know how this compares. No.
|
|
#
?
Mar 18, 2015 16:59
|
|
|
slidebite posted:Thanks, looks like most do or at least offer something. I'll do some research. I use TD All Inclusive and it's a pretty sweet deal. Free safe deposit box, domestic checking, U.S. checking, and travel rewards Visa all included, fee waived for minimum balance etc. I like the TD Rewards card because you can use your credit on any travel related expense you want. No Aeroplan-style bullshit, just "Buy plane tickets/rent car/book hotel, submit request, get points converted to credit on your statement".
|
|
#
?
Mar 18, 2015 17:56
|
|
|
Maybe I've just gotten used to online checking/saving accounts, where transferring cash between two of your accounts at the same institution is instant.
|
|
#
?
Mar 18, 2015 19:42
|
|
|
drat, I already submitted my tax and I received another RRSP receipt today saying for the taxation year 2014, but months Jan-Feb 2015 I put in 1170. I am assuming I should amend my tax for 2014 to add this as the money is already in the RRSP account? Or can I just claim it next year? I didn't realize this was coming but now that I think about it, it makes sense as I am on a company plan which adds bi-monthly. lol internet. fucked around with this message at 23:18 on Mar 18, 2015 |
|
#
?
Mar 18, 2015 23:13
|
|
|
So I only got tax poo poo for my non TSFA investments. No where on any of my taxes (yay simpletax it was fun!) did I make ANY mention of my TFSA. Did I do things right or am I going to jail?
|
|
#
?
Mar 19, 2015 00:20
|
|
|
It is a Tax Free Savings Account. It's registered so you don't invest more than you should, but that registration isn't handled through income tax.
|
|
#
?
Mar 19, 2015 00:26
|
|
|
lol internet. posted:drat, I already submitted my tax and I received another RRSP receipt today saying for the taxation year 2014, but months Jan-Feb 2015 I put in 1170. I would just claim it next year cause I don't like the CRA looking at my returns more than they have to. Baronjutter posted:So I only got tax poo poo for my non TSFA investments. No where on any of my taxes (yay simpletax it was fun!) did I make ANY mention of my TFSA. Did I do things right or am I going to jail? It's normal not to receive any slips for your registered TFSA account. What you should do to be prudent is log into your CRA Myaccount and verify the numbers that your TFSA financial institution reported to CRA match your TFSA transaction records.
|
|
#
?
Mar 19, 2015 01:36
|
|
|
Mantle posted:I would just claim it next year cause I don't like the CRA looking at my returns more than they have to. But to claim it for 2015 wouldn't he have to at least enter it in as a contribution for 2014, and carry forward the the unused amount for claiming in 2015? Since it was a contribution made in the first 60 days of 2015, I'm pretty sure it has to be entered in 2014 but the claim can be carried forward to 2015 (just like any other contribution). I think the first-60-days rule throws people off. It did me for quite some time. It's not as special a rule as one might think. My understanding is that the first 60 days of the year are basically still considered the previous tax year for RRSP contribution purposes. You can choose to claim a contribution made in the first 60 days in either year, but that's not any different from making a contribution in the first 12 months of the year anyway. And any contributions made in the first 60 days are supposed to be reported in the previous year, I think. Correct me if I'm wrong. In summary, your choice is what year to claim the contribution it in, not what year it gets reported in. This guy explains it better than me. Rick Rickshaw fucked around with this message at 17:18 on Mar 19, 2015 |
|
#
?
Mar 19, 2015 17:01
|
|
|
Rick Rickshaw posted:But to claim it for 2015 wouldn't he have to at least enter it in as a contribution for 2014, and carry forward the the unused amount for claiming in 2015? Since it was a contribution made in the first 60 days of 2015, I'm pretty sure it has to be entered in 2014 but the claim can be carried forward to 2015 (just like any other contribution). This is correct. You can't just "claim it next year". You would have to file a T1-Adj to record the contribution and then decide whether you want to deduct it in 2014 or carry it forward for 2015.
|
|
#
?
Mar 19, 2015 17:11
|
|
|
Ah I read it as he had already reported the contribution. Either way he will have to make an adjustment.
|
|
#
?
Mar 19, 2015 17:23
|
|
|
I ended up re-adjusting on the CRA website. Was pretty straight forward. Hopefully I get a little bit of money back. (Added $1170 to the total.) Thanks!
|
|
#
?
Mar 19, 2015 17:58
|
|
|
How can I tell StudioTax (or the government) that I want to get my RRSP deductions refunded to me and deposited on my account rather than carry it forward? I am a poor goon so I don't earn enough to max out both my RRSP and TFSA, plus the US government wants its cut. Incidentally, what free tax return software do you all recommend? I've been using StudioTax for the past few years but it can sure be muddled at times.
|
|
#
?
Mar 20, 2015 19:32
|
|
|
Olive Branch posted:How can I tell StudioTax (or the government) that I want to get my RRSP deductions refunded to me and deposited on my account rather than carry it forward? I am a poor goon so I don't earn enough to max out both my RRSP and TFSA, plus the US government wants its cut. I don't quite understand your question. However, https://simpletax.ca/ has a cool RRSP calculator that gives you a 1 click calculation on how much of your contributions you need to claim in order to have 0 tax owing. Or you can just claim the entire contribution to maximize your return, if that's what you are asking.
|
|
#
?
Mar 20, 2015 20:18
|
|
|
Olive Branch posted:How can I tell StudioTax (or the government) that I want to get my RRSP deductions refunded to me and deposited on my account rather than carry it forward? I am a poor goon so I don't earn enough to max out both my RRSP and TFSA, plus the US government wants its cut. I'm not sure I understand the RRSP question. The program default should be to have all RRSP contributions deducted from your income. There's been a lot of discussion on tax return software so you may want to read back a few pages. I'm really impressed by Simpletax.ca. It's very slick.
|
|
#
?
Mar 20, 2015 20:21
|
|
|
Well, I am getting a refund of around a thousand bucks, but I was wondering if this refund, found under the Summary tab, is taking into account my RRSP contributions plus the carried-over amount from 2013. If the refund I'm getting already adds that up in its calculations, then it's all good.
|
|
#
?
Mar 20, 2015 20:49
|
|
|
Olive Branch posted:Well, I am getting a refund of around a thousand bucks, but I was wondering if this refund, found under the Summary tab, is taking into account my RRSP contributions plus the carried-over amount from 2013. If the refund I'm getting already adds that up in its calculations, then it's all good. You are going to have to dig into the schedules (sorry, I don't know Studio Tax). Look at Schedule 7. Part A shows your contributions and unused amounts carried forward from 2013. Then Part C will show you what is being deducted. Part D shows you what you are carrying forward to next year. If Part D is zero, then you are good.
|
|
#
?
Mar 20, 2015 21:59
|
|
|
Kal Torak posted:You are going to have to dig into the schedules (sorry, I don't know Studio Tax). Look at Schedule 7. Part A shows your contributions and unused amounts carried forward from 2013. Then Part C will show you what is being deducted. Part D shows you what you are carrying forward to next year. EDIT: Oh, I think I get it. What this is telling me is, basically, that I could have deposited five grand more in my RRSP in 2014?
|
|
#
?
Mar 21, 2015 00:29
|
|
|
Olive Branch posted:I went where you're talking about, but Part D isn't zero. It's around 5,000. I'm guessing that ain't normal? Here is a template: http://www.cra-arc.gc.ca/E/pbg/tf/5000-s7/5000-s7-14e.pdf So you're saying you have a balance at Part D, Line 17? Is it possible your income isn't high enough to use all the RRSP contributions? To verify, what you have available is at line 9 and what you are deducting is at line 16. If those two aren't the same number, you aren't using all your contributions. And the program is probably calculating that amount for you based on the income you have.
|
|
#
?
Mar 21, 2015 00:38
|
|
|
Kal Torak posted:Here is a template: http://www.cra-arc.gc.ca/E/pbg/tf/5000-s7/5000-s7-14e.pdf Still, even considering the missing $3,000, I have no idea why the values at line 9 and 16 are different after adding those missing dollars, and why I'm unable to claim my contributions. I may have to see an accountant or else just double check everything really carefully once I am able to access the CRA website fully.
|
|
#
?
Mar 21, 2015 00:52
|
|
|
Olive Branch posted:They're not the same number. I'm not a high earner ($35,000 in 2014, go go teaching salaries) but I still live pretty frugally and save up what I can. According to the CRA my 2014 RRSP deduction limit was around $6,000 and my previous year's carryover was $600. There was an error in 2013's statement where I was entitled to invest $3,000, though, and I'll be fixing that once I get my CRA code. Yeah, sorry I can't really help you more than that. Not without seeing the rest of the return to find out what is going on.
|
|
#
?
Mar 21, 2015 01:17
|
|
|
So it appears TD has finally pulled the cash from my credit union TFSA (at least I hope so....it's not showing up in my TD account yet). Except it appears my credit union is taxing me $50 for the transfer. "Official Check Fee" is the line item listed. And it's put that account at -13.99. So my question is..if I've already contributed up to the max, how do I remedy this?
|
|
#
?
Mar 21, 2015 07:06
|
|
|
.
Sassafras fucked around with this message at 20:34 on Apr 11, 2015 |
|
#
?
Mar 21, 2015 09:11
|
|
|
pseudodragon posted:Yup. CRA counts it as you selling the stuff in your non-reg and buying in the rsp so you get the cap gains on the sell and a contribution receipt for the rsp. A few days late, but you can elect to make the transfer at original cost, but there are restrictions on when this is allowed that I forget the details of.
|
|
#
?
Mar 22, 2015 12:58
|
|
|
I have no idea how I hosed this up, but I did. Filed my taxes with TurboTax last weekend, filled in all the required fields and it gave me an estimated tax return of $50. Looked at my account today and see a RIT deposit for over $2,500, and now I'm slightly freaking out. Double checked my statements, and it definitely says I'm owed $50 only. What the gently caress have I done? I was on EI for the last part of 2014 but I declared all of the income I received and all the proper deductions were made during my claim, so I have no idea where the extra money is coming from. I'm contacting CRA tomorrow to see wtf is going on, has anyone else had this issue before?
|
|
#
?
Mar 22, 2015 19:21
|
|
|
.
Sassafras fucked around with this message at 20:34 on Apr 11, 2015 |
|
#
?
Mar 22, 2015 21:11
|
|
|
After asking around, it seems that this could be a re-assessment from a previous year. Apparently you get something in the mail a few days later explaining the deposit, so I feel a little better. Tuition credits is certainly a possibility, since I went back to school full time in 2011-12. Someone made the point that 1 week is nowhere near enough time for a tax return to be processed and refunded, so it looks like unused credits from previous years is the likely cause.
|
|
#
?
Mar 22, 2015 22:45
|
|
|
|
| # ? May 14, 2024 20:07 |
|
|
n00b posted:After asking around, it seems that this could be a re-assessment from a previous year. Apparently you get something in the mail a few days later explaining the deposit, so I feel a little better. Tuition credits is certainly a possibility, since I went back to school full time in 2011-12. Someone made the point that 1 week is nowhere near enough time for a tax return to be processed and refunded, so it looks like unused credits from previous years is the likely cause. The 1 week point is far from the truth. I filed my return on a Sunday night and my refund was deposited the following Monday morning, one week later. This is why everyone should have an online account at CRA. You can see all this in real time and check out the assessment after you've filed.
|
|
#
?
Mar 22, 2015 22:57
|
|