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Hiya thread, I am doing my taxes using turbo tax and I used the auto-import/auto-fill from CRA and it told me I was going to owe over 4,000$! And investigating it, it appeared that under the Quebec tax summary it was looking at my full income, including income from when I lived and worked in Ontario. Basically half of my income for 2021 was from when I lived and worked in purely ontario; but I left that job and got a new job which required me to live in Quebec which is where I made the other half. I am pretty sure Quebec shouldn't be taxing me on my Ontario income, especially since I wasn't actually living in Quebec while working in Ontario or anything like that. I talked to Turbotax and it seems like the problem is when I enter in my T4 for my Ontario employment income it auto-fills the Releve 1 which is why its double taxing me? The Turbotax lady suggested just deleting the info in the Releve1 as deleting and manually entering in the T4 didn't work to leave the R1 blank. Would this be the correct way of handling the situation in which my income is split from when I lived in two different provinces last year? HookShot posted:Yeah, I've had to talk to the CRA people a few times and every time they're amazingly helpful. My experience last year as well when I had to call the CRA to unlock my account after fumbling my password; albeit it was a 9 hour wait. Raenir Salazar fucked around with this message at 01:16 on Apr 19, 2022 |
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Apr 19, 2022 01:14
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mojo1701a posted:Do you have both a T4 and an R1 for the same amount, or are they slips for the separate periods of employment? Either way, unfortunately, you will be taxed based on the province you resided in on December 31, 2021. There's no part-time test or anything on provincial/territorial residency, as far as I know. Afaik I only have a T4 at the CRA for my Ontario job. I'll be sure to contact you tomorrow in discord.  I really hope I don't get taxed because that feels like I'm being punished for moving to another province mid year for new employment instead of taking unemployment for 6 months and then getting a new job the next year.
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Apr 19, 2022 04:14
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I have resolved my issue! I was missing Box E (Income Tax amount) on my RL-1 form. 
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May 5, 2022 17:07
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I've gotten my Federal refund but don't think I got my Quebec refund yet, I requested the Accelerated version but since I didn't live in Quebec the previous year probably not getting it soon and instead getting it in monthly installments? Would that mean the first installment would be for June?
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May 17, 2022 15:31
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I was in a courtroom today as a witness for someone else's court case and while waiting someone came up to explain their case and it was very interesting. So apparently someone had bought 5,000,000 shares in a company, at a uncertain price; and he had been following them for a while, but then they announced a "reverse split"? of the stocks? Basically the guy explained this meant if you had 10 shares this would become 1 share etc. He explained that this would result in the price dropping because this indicated that the company felt they weren't able to carry out their business as claimed etc. He said he went on to sell all of his shares (and so did a lot of people people, I think I heard 40,000,000$ being sold?) but then 2 days later a bombshell hit, the company went and acquired another company and merged with it; which resulted in raising the price. The guy alleged that this is clear cut insider trading/stock manipulation. He says that since its a US based company he filed a complaint with the SEC but they told him they keep investigations secret and won't be able to tell him anything, and since he apparently cannot afford a lawyer (how!?) he has to attempt to recover what he can of his losses in small claims court. Does any of this make any sense? Does Canada not have somewhere where this guy would've filed his complaint? Was there really no lawyer who would've represented him pro-bono in what seems like a pretty juicy class actionable lawsuit? Isn't this sort of pump and dump (or dump and pump???) scheme illegal? Does he have no other recourse than small claims?
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Jul 20, 2022 05:54
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Subjunctive posted:A reverse split, like a regular split, is mathematically neutral. The value of the company doesn’t change, just the number of pieces that it’s split into, and existing shares are converted to make the numbers work out. They’re not uncommon; my previous company did a reverse split while I was there and my current one just did a regular split. It’s just some paperwork, and nobody gains or loses money in the process. It’s also not a sign of any particular good or bad element of a company. Are you sure? Now that I went and googled it some websites seem to indicate otherwise: "Important: Decreasing the number of outstanding shares and increasing the share price does not create value for the company. In many cases, reverse splits come as a result of a decline in share price. Because of this, reverse splits are generally considered to be bad news." ... "Negative perception: Although a reverse stock split can help to boost a stock's image among investors, reverse splits are often received as a negative sign that the company is struggling." And from Investopedia: quote:Reverse stock splits aren’t without flaws. In many cases, companies keen to artificially boost their share price in this manner risk being spurned by investors.
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Jul 20, 2022 16:17
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Right, but the heart of the question here is this dude and his case; because that's what I'm curious about. Does he actually have a legitimate grievance against this company or is he just salty? This dude had bought 5 million shares and the shares were IIRC 5 cents each before the reverse split, then dropped to 0.16 cents a share after the reverse split, prompting him to sell. Is the answer "Probably"? Because if announcing a Reverse Split was done knowing it could prompt people to sell their shares tanking the stock price further; and then you announced some other news which would cause the price to jump back up; I think that's the allegation here. e: because ninja'd: HookShot posted:Yeah, there is literally no way that guy is going to win his case based on "the stock price should have gone down but then the company did something and it went up instead" The price did go down, from 5 cents a share to 0.15 cents; I think the guy was claiming the company bought back the shares for cheaper and then announced the "good" news within days afterwards.
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Jul 20, 2022 16:55
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Poor guy, but that was a very entertaining hearing nonetheless.
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Jul 20, 2022 23:47
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Anyone know if the interest paid on student loans is a significant deduction? I Dont think I've ever claimed it before.
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Apr 26, 2023 17:32
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mojo1701a posted:It has to be a loan from a qualifying institution, so it can't just be like, your line of credit or mortgage. Has to be a loan like OSAP. Oh yeah to be clear its definitely from a qualifying institution, its from AFE, the only thing I'm not sure of if its been "consolidated" or whatever, its been there slowly being paid off automatically for a very long time now. 
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Apr 27, 2023 01:11
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Doing the meme of getting a loan to pay off my loan(s) but I think it works out. I'm reducing my debt payments from 1216$ a month to 333$ a month for 2% more interest than my previous loan but still 6% less than what my credit card was (12% 3 year to 14% 5 year basically). The main thing is after 5 years in theory I end up paying an extra 4000$ in interest but by my math I should by april of next year have enough money saved up from not having to juggle payments to just pay off the loan. I've never did RRSP's or savings or any of that until now because I've been living kinda paycheck to pay check due to bad financial decisions, but how much as someone in my mid 30s should I be putting into the various savings accounts I should do; and which ones should I prioritize? I figure I want a war chest of around 6,000$ to buffer me in case I misjudge what my budget allows for a given money; but maybe I can get the ball rolling around December, where I should have 3,000$ in my checking account and not be any danger of sudden expences?
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Oct 21, 2023 01:52
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pokeyman posted:A guaranteed 14% return from paying down that debt early is gonna be hard to beat. I'd plough everything into the loan, other than keeping that buffer to cover any surprises. I don't think I've heard of a FHSA, the TFSA is the thing Turbotax says I could contribute like 35,000$ to but never do right? edit: Aha, yeah I think I qualify for a FHSA as I only rent an apartment, I don't own it. Is the idea I can lower my taxes by putting money into that as long as that money is used to buy a home? Raenir Salazar fucked around with this message at 03:05 on Oct 21, 2023 |
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Oct 21, 2023 02:58
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Thanks for the explanations, to be clear I was thinking like, a couple hundred dollars each month divided into the different savings accounts to get them going. Which I think isn't going to make a big difference on when I pay off the loan, neither does keeping a couple grand in my checking account for Sudden Groceries. I thinks its maybe a difference of a few months? If I were to wait until 1 year before paying off the loan that's 800$ in interest, and I'm pretty sure either way I can get it paid before a year which is probably like 400-600$ by then. I think in the grand scheme of things it isn't the worst thing to go about this cautiously (keeping a slowly accumulating buffer where I can still buy Nice Things like MTG cards), getting the different savings accounts started and putting small amounts in them, while gradually saving up to pay off the loan? Although I notice my bank (BMO) seems to have an offer about a savings account where I get bonus interest if I keep putting a certain amount of money into it? I'll have to look into it sometime around December.
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Oct 21, 2023 15:53
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pokeyman posted:There's also a table at https://www.highinterestsavings.ca/chart/ with the non-big banks' savings accounts, you can sort by rate if you like. kaom posted:Hey congrats on putting together a plan to save and pay down debt, that’s awesome you’re going to be able to do it so quickly! Yup, I feel safer trying to maintain a buffer, and also lets me impulse spend on Nice Things(tm) every so often. The main thing was I was doing the math the other day as I was getting annoyed struggling every month and according to my spreadsheet I should be on paper accumulating money but I'm not, so between that and deciding to track my expenses with an excel spreadsheet to get things under control I thought about "Wait a second, can I fix this with a loan?" and reducing my debt payments by a large amount should help a ALOT towards fixing my finances. I just have to not overspend on my credit card (again) and make sure I quickly pay off anything like subscriptions as I get billed and I should be pretty good to living a debt free life within the next 6 months or so. FINALLY I CAN DO THINGS!!! Raenir Salazar fucked around with this message at 23:32 on Oct 21, 2023 |
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Oct 21, 2023 23:30
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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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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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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 $668. Yeah basically the same amounts for me, but if I am supposed to be getting (max) that amount regardless then I guess its fine?
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Feb 3, 2024 19:39
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Apparently personal loans don't have the "Lost your Job?" insurance, only Lines of Credit do. 
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Feb 26, 2024 18:00
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pokeyman posted:What's the story here? Is this insurance you thought you had, or that you were trying to obtain? I thought I had it because I had it before when I had a LoC before I consolidated it into a loan; but when I went to the bank they informed me they didn't have it for personal loans; as its 300$ a month and I only get like 600$ a week in theory its a chunk I'd like not to have to pay until I get a new job however long that takes. I'll be meeting the bank again today to follow up, they said they'd try to see what they can do for me, I think what I probably end up doing it just covering the auto-payments from my debit account with my credit card, so I stretch out my "actual" money for longer.
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Feb 26, 2024 19:08
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I got a random t4 today which I didn't look closely at but didn't seem to make sense for my employment last year. Anyways, while laid off I'd like to not pay 99$ for my ADHD meds how's the public drug plan if there is one?
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Mar 1, 2024 13:21
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I'm Canadian and from Quebec, but I only ever got a prescription as an adult last year when my job gave like a drug group plan that was like 90% off. I paid full price this time but they at the pharmacy told me that there's a government plan I can enroll in instead.
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Mar 1, 2024 14:27
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Ooops. I was wondering why I didn't get any of my EI yet. Turns out they only give you money after you fill out your biweekly reports! I've just filled in three reports so on the plus side I think I'll be getting a large chunk of money in a couple of days?
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Mar 4, 2024 03:01
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I'll get my first EI payment next week Because of severence/vacation pay, the first like 8 weeks all went into the void, and then there was a 1 week waiting period. =/ Seems like on the bright side, there's some number of weeks where even though I did accept a job offer starting in April, I still get EI during at least some part of my new job? I guess to make sure things go fine so I don't have to reapply if I start a job and end up having to leave for reasons like a month in? I tried to ask but it wasn't super clear to me but when exactly assuming of course I'm not a dingbat and I'm reporting the fact I started work starting that period and what my approximate income is, how long do I still get to keep getting EI benefits? Or does it likely not better because it might just be 0 if I'm making like 60$/hour? =/
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Mar 14, 2024 14:58
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I called in to register for the Quebec Health plan after putting it off and oh my I felt respected and treated like a person and there was basically no wait times.  Lady laughed at me a little for being confused about weekdays vs workdays, but was fine! I had tried to register online but might've been mixed up about whether I was eligible for a private plan or not, I vaguely recall something about my last job's group insurance plan being something I could continue but I'd have to pay for it or something? So I didn't look into it, the lady informed me that if it was offered that I might HAVE to have taken it which seems weird to me, so I wasn't sure but I also thought that that "offer" might've expired and the lady agreed that was probably possible and registered me for the date I guessed at. I'm not about to dig it up to figure/find it out, I just want my no-hassle public plan until I get enrolled in my next job's group plan, sheesh.
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Mar 27, 2024 20:12
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How's Desjardens compared to Turbotax? I like the idea of maybe paying someone to double check everything and try to get me deductions that I otherwise might have missed.
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Apr 25, 2024 14:15
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I've been misled! I was told on the phone that even when I get a fulltime job, I can keep doing reports in case it doesn't work out for my EI, but it immediately told me that I don't need to and to refile for benefits the next time I lose my job; christ.TheCenturion posted:Honestly, find a local accountant that does tax prep. I'll consider it next time.
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Apr 25, 2024 19:04
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Arc Hammer posted:I pay my rent via e-transfers and today when I was checking my balance i saw that daily e-transfer limits have been upped to 10,000 CAD. Two years ago I actually had to up my daily transfer limit so I could pay rent in one go and RBC told me the hard cap was something like 2800 CAD. Could also just be that they've determined you aren't a drug dealer.
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Apr 27, 2024 18:15
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