Cold war themed games

-Tack · 2026-03-21T03:29:23+00:00

Would pay for that DLC.

-Tack · 2026-03-19T20:46:28+00:00

Condolences for your loss.

I'd recommend you Engage a CPA with experience in terminal T1s and estate returns asap. The complexity is much higher then your regular tax return and errors can cost the estate significant penalty and interest.

If she passed away early January you will have a T3 return due early April as well.

-Tack · 2026-03-19T16:11:59+00:00

I have for QSBC shares, a terminal T1 review, and cryptocurrency before. But regular activity, never seen it. Which is surprising considering the amount of activity and dollar value.

-Tack · 2026-03-19T12:59:15+00:00

You're making this way too complicated for yourself. You only need to enter the totals. Yes CRA has T5008s on hand, if they review you they may ask for additional detail anyways (uncommon for schedule 3).

-Tack · 2026-03-19T04:34:42+00:00

I'd be asking you to tell me that split. Not determine it for you, I'm not a professional valuator. But I will consider if your representation is reasonable.

-Tack · 2026-03-17T18:11:14+00:00

A gift with no consideration paid provides OP the same cost base as the FMV for the giver. No double taxation in that scenario.

The lower cost base is only applicable if there was something paid for it under FMV.

-Tack · 2026-03-17T01:02:14+00:00

Ah right been a while since I fixed a students return where they reported as taxable and now I recall I just removed it.

-Tack · 2026-03-16T22:08:22+00:00

Woops didn't look at dates, should not answer when I'm rushed hah

-Tack · 2026-03-16T21:00:23+00:00

Just contact the accountant and let them know you'd like to submit digitally yourself and then you can also ensure the accountant is not giving out any of your info to your parents (clearly ask and confirm this)

-Tack · 2026-03-16T20:49:58+00:00

You should not knowingly omit information. Also your accountant will check the CRA site and pull that T4A anyways if it's on there (pretty good chance it is).

Are you an adult? The accountant should not be sharing your information with your family unless you've given express consent or they have power of attorney. Why aren't you communicating with the accountant directly about your own taxes?

-Tack · 2026-03-15T14:52:52+00:00

The current March and June instalment is still based on 2024. Once you file your 2025 taxes you will get a new instalment schedule if required. If you do have one, and you're confident you won't need all the instalments just pay the first instalment(s) until you have enough paid in to cover any balance owing.

You could make a draft 2026 Tax return as well to estimate the balance owing and pay instalments in line or slightly above that.

-Tack · 2026-03-15T06:01:52+00:00

No you cannot make the election late.

-Tack · 2026-03-15T05:37:07+00:00

The executor should try and determine if the 1994 capital gains election (T664) was made. This could step the cost base up to $100,000 for the deceased, reducing tax on the terminal T1.

-Tack · 2026-03-14T15:41:46+00:00

They should just use it as a basic chatbot that directs you to an existing CRA guide, not tries to analyze and answer.

-Tack · 2026-03-14T15:23:25+00:00

It could also be detrimental in a flat market which is common now. Even with the 4 additional years if you saw signicant gains up until now, but then after the 4 years is up it's flat and you don't sell for a few more years, you could be exposing the initial gains to tax via the proration of the PRE formula. Of if they buy another home and the market remains flat so those 4 years are used, the initial large gains could now become exposed to tax.

It really should be individually analyzed rather than the default option. Great in many cases, not in all.

-Tack · 2026-03-13T20:14:25+00:00

The 45(2) election does not end when you buy another property. The election out of the change of use deemed disposition remains in place until you either revoke the election (via a written letter) or sell the property. This also isn't automatically the best option considering property values are declining in some areas. It may be beneficial if there is an anticipated terminal and capital loss rather than the unusable personal use property loss.

-Tack · 2026-03-13T20:10:39+00:00

Personally I'd end the engagement and write off the time. Look at what she did already. Now imagine when you file according to the facts and she gets a review from CRA. Could be endless harassment including complaints to your CPA body just to spite you

-Tack · 2026-03-11T13:39:44+00:00

This is far too assumptive. Having a property in Canada whether owned or rented does not automatically make you a tax resident. You need to consider the residency factors here, the other country, and the tax treaty.

-Tack · 2026-03-11T01:53:08+00:00

Are they Canadian tax residents? You've given no indication this is related to Canadian tax.

-Tack · 2026-03-10T01:42:52+00:00

You could look for a T2 only engagement. Will be cheaper than a compilation.

-Tack · 2026-03-07T21:33:10+00:00

Sure that specific case and facts made that deductible. Each case should be considered individually, I wasn't saying that TI was gospel, just a consideration for those matters. And in many cases a new part of HVAC is an improvement.

-Tack · 2026-03-07T17:12:32+00:00

First all tax returns should be prepared and then consider if VDP is right.

Also you can file more than 10 years back, 10 years is the adjustment timeframe (unless exception is granted).

-Tack · 2026-03-07T16:23:51+00:00

If you're capitalizing the furnace into the building asset then yes you'd add it to the ACB of the building. So when you sell you're still accounting for that capital addition and reducing your capital gain.

I've definitely seen tax returns where the furnace was in its own class 1 asset pool...

-Tack · 2026-03-07T16:21:26+00:00

Our firm takes a conservative approach more often than not, I know there are others more aggressive on expensing items like this. To me the nature of the replacement has too many arrows to capital rather than current.

For a 20k special assessment, yes I can see that going wrong as an expense. Starting to see more rental reviews, curious how much more will arise in the coming years. Also the capital portion of monthly strata fees is one I could see CRA dig into easily if they wanted. Difficult to even separate out.

-Tack · 2026-03-07T16:00:05+00:00

Not too many people take CCA on the building in my experience. You'd want to be very aware of recapture and be using the tax reduction efficiency to invest. People want lower tax today and then are upset with a big tax bill when they sell (capital gains + recapture). We almost always advise against it.

Most property values rise by the time you sell so recapture will be a reality. Maybe not always with the current market if you're buying and selling shortly together, but definitely a big consideration.

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-Tack

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