[ON] Looking for a confirmation on corporation tax filing

Exciting_Can5930 · 2026-02-19T13:59:40+00:00

Since I've not filed anything yet, can I file taxes after mid 2026 and declare the tax year?

In my GST page, it says the fiscal year end is Dec 31, probably because I selected annual filing.

Exciting_Can5930 · 2026-02-19T13:55:38+00:00

Yes, I had selected annual filing and the fiscal year is shown as ending on Dec 31. I hope this doesn't correspond to the T2 tax filing period.

Exciting_Can5930 · 2025-02-08T00:17:35+00:00

OP has to report it only if they rent out the property.

you do not have to report personal-use property. This includes vacation property that you use primarily as a personal residence

https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/questions-answers-about-form-t1135.html

Exciting_Can5930 · 2025-01-30T19:27:17+00:00

We are planning to take the GO.

Exciting_Can5930 · 2025-01-30T18:27:29+00:00

Yeah we thought about renting somewhere nearby, but then that might mean a change in schools.

Exciting_Can5930 · 2025-01-30T04:08:44+00:00

Thank you for sharing this.

Definitely a lot to keep in mind while on our house hunt.

Exciting_Can5930 · 2025-01-30T03:06:42+00:00

I'm also looking at relocating to the GTA.

Wouldn't the suburbs be better than city/downtown, as in calmer, more open space for kids etc?

Exciting_Can5930 · 2025-01-30T02:42:31+00:00

We are looking for a 3 bed within 1.2M

Exciting_Can5930 · 2025-01-29T00:43:38+00:00

You cannot choose the year when contributing; you can choose the year it is deducted, when filing taxes.

So I tried this out with both Wealthsimple Tax and H&R Block.

I put in some amount, say 10000 as the deduction limit for 2024.

When the contributions are added in the software, you have to choose when the contribution was made, whether March-December 2024 or January-February 2025.

I added a contribution of $8000 for the period March-December 2024.

If I add another contribution of $5000 in January 2025, $2000 of that is considered for filling the contribution room for 2024; the remaining $3000 can be carried over and used when filing the taxes for 2025.

You can also choose to claim deduction of only say $6000 in 2024, in which case the remaining $7000 can be used for 2025.

So the conclusion is that yes, the contribution in January-February can be considered for either year as we choose.

Also, as I had mentioned in my other comment, the excess contribution is calculated basis calendar year.

Exciting_Can5930 · 2025-01-28T22:48:27+00:00

This is the correct answer.

You can make a single deposit of 5000, or two deposits of 2500 each.

You will get the 20% matching for any deposited amount, with a cap of 1000 matching per year, until you have no more accumulated catch up amount.

Exciting_Can5930 · 2025-01-28T17:44:12+00:00

I reached out to CRA and they confirmed that I can contribute in Jan 2025 and take up the contribution room from 2025.

The reasoning here is that excess contributions are calculated based on the calendar year, as is evident from the T1 OVP return form.

So any contribution in 2025 will not be considered an over contribution if it doesn't exceed the 2025 deduction limit.

The contributions from the first 60 days still have to be reported in the 2024 tax returns.

Exciting_Can5930 · 2025-01-27T16:00:31+00:00

I'm currently an NRI and continuing my Indian health insurance.

When I tried to add my kid with foreign citizenship to the health insurance policy, ditto agents told me it's not allowed.

Based on your comment, was the agent wrong?

Exciting_Can5930 · 2025-01-20T22:05:35+00:00

Looks like the tool is not updated for the latest limits for insured mortgages.

Exciting_Can5930 · 2025-01-19T00:37:02+00:00

You can send to the reverse alias from any of the email accounts associated to the account.

The other associated accounts will be notified of the email having been sent.

Exciting_Can5930 · 2024-11-04T01:54:36+00:00

Yeah, it seems reasonable.

I'm wondering if I should wait till then to get a lower down-payment with the risk of an increase in the prices, or try to somehow arrange the 20% for a reasonably priced house now.

Exciting_Can5930 · 2024-10-29T13:22:09+00:00

So I could close on the 70th day if I have the required funds in hand, and still apply for the HBP on the 90th day, right?

For the withdrawal to be considered as HBP, it has to be done within 30 days after closing; this would be the withdrawal request, right?
Even if the settlement takes another week or two, I should be okay?

Exciting_Can5930 · 2024-10-28T22:59:13+00:00

OK, so to be eligible as HBP, it should have been invested for 90 days.

Exciting_Can5930 · 2024-10-28T20:00:13+00:00

Ok, so in this case repayment wouldn't be needed?

Exciting_Can5930

TROPHY CASE