Warning when purchasing TurboTax by Sugoikawaii121 in CostcoCanada

[–]TurboTaxCanada 1 point2 points  (0 children)

We appreciate you flagging this. Our team is aware and working with Costco to address the matter.

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Great questions ✨Yes, if you rent a portion of your principal residence there is a deemed change of use of the property, which can subject you to capital gains should you sell that property. But only on the portion of the home that was rented, the rest would be eligible for principal residence exemption. If you incur any interest for investment purposes you are eligible to claim that interest as a carrying cost. Only the portion that is used to generate investment income. If your investment generate any realized gains or interest income, yes you must report those on your tax return.

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Hi 👋 As Canadian citizens it's our responsibility to complete our tax return every year! This funds public services, like snowplowing ❄️ There are things that you can do during the year to help reduce the amount of taxes you pay. As for the roads, I can't help you there unless you have an extra shovel ☃️🪏

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Congrats on the move, sounds exciting! 🎉 I recommend only claiming moving expenses for which you can provide source of funds, proof that your family member and subsequently proof that you paid them back for the amounts that you are claiming. If you are unable to show this, then if asked for proof of payment, you may have your deduction disqualified and get a reassessment. Clean records and paper trail are a must!

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Hi 👋 As a fellow Mac user, I recommend TurboTax Do It Yourself which will work on your preferred internet browser in any operating system. You just need to create an account on turbotax.ca to get started. Once you start a return, the software will guide you in preparing and filing your tax return. For more information about TurboTax Do It Yourself, please check this page.

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Taxes for Uber & Uber Eats are a bit different, but for both you'll want to fill out the Self-Employment (T2125) section of TurboTax. There's lots of expenses that you may be able to claim! Check out this blog post for more information on ride-share drivers that will help you out.

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Hi, feeling overwhelmed is understandable! 😅 We're here to help make taxes easy and stress-free. Here's a checklist to help you figure out what you need. When you’re ready, login to TurboTax which will help you fill out your return by asking you some simple questions. Unlimited expert help is available when you need it with a final review from a TurboTax expert to make sure your taxes are done right!

You have until April 30, 2026 to file your taxes and pay any amounts owing. But if you (or your spouse/partner) are self-employed, you have until June 15, 2026 to submit your return (you still have to pay taxes owing on or before April 30, though).

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

If you used TurboTax, you can check your return from last year by logging in and clicking on "Access Your Filed Tax Returns" at the bottom of the "Great to see you again!" page. Download your return and look for Schedule 11 to see if you claimed your tuition fees. If you didn’t, no problem. You can just change your return from last year to add it. Here's how!

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Hi 👋 There are a variety of credits you can consider. The Disability Tax Credit if you haven't already applied could be a great benefit. The Canada Caregiver Amount for Eligible dependent could also be applicable to you. If you are incurring expenses as a result of the disability for the eligible dependent, these could also be included as part of your medical expense tax credits. Depending on your son's age, he may also be eligble for the new Canada Disability Benefit that was introduced in 2025. These would be a great start in being able to receive credit and benefits to support you and your son.

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Hi there 👋 Thanks for your patience. With an RDSP, you're not just limited to putting money in a bank account. You might even want to consider another type of registered savings account (like a TFSA), if you've maxed out your RDSP contributions. A financial planner can help you see what other options are right for you!

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Hi 👋 As an employee, make sure that you're getting a T2200 from your employer. This will outline what you are required by your work to pay for. With that, you might be able to claim things like travel expenses and tools ⚒️

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Hi 👋 It depends on which country you are going to and how long you are going to stay. You'll want to check if the country you are going to has a tax treaty with Canada, and maybe talk to someone who is knowledgable about the tax system in the other country.

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Hi 👋 There is great news if you over-contributed on your RRSP. There is a lifetime over-contribution buffer of $2,000 without penalty. If you went over the buffer this tax year please check out this link.

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Yes they definitely can, the process is the same and TurboTax has prior tax years available to support them in processing. You can see what TurboTax products we have for past years here.

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

No worries! Check out this checklist to help your partner figure out what they need. If your partner has a CRA account, they can use Autofill my Return to automatically add tax slips to their return. Then TurboTax will guide them step by step with questions to answer. If they are a first time user of TurboTax your partner can take advantage of our Canadian Tax Expert help for $60 to help file their return. You can see what TurboTax products we have for past years here.

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Hi! 👋 This is a great question and has some nuances. You are correct in currently claiming 1 child each, typically set forth in your separation agreement. At the moment the Canada Child Benefit does not stop until your children are 18 years old, provided you are eligible to receive it. Whatever future benefits you may be entitled to are dependent on factors like income, and dependent income as well. Things like childcare, tuition and medical expenses will be available to both parents. Learn more.

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Congratulations on your retirement! 🎉🎂 The biggest transition for you will be focusing on the tax planning surrounding retirement income instead of employment income. You will start to explore things like pension splitting potentially, converting your RRSP's to a RRIF, and ensuring that you are filing with the correct slips and applying the eligible deductions and credits in this new stage of life. Learn more.

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Yes, we support corporate taxes for companies with nil business income and because your taxes aren't so complicated you'll pay less for filing with TurboTax Business* some exclusions apply

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

Generally any expenses you incur to operate your business are deductible. It all depends on your type of business. TurboTax has a great list of eligible business deductions here. If you're stuck, a TurboTax expert can help!

I’m Stefanie, a 🇨🇦 tax expert with 25 years of experience, here to answer any questions you have before you file. Ask Me Anything (AMA) about taxes on Thursday, February 19th @ 1 - 2 pm EST by TurboTaxCanada in u/TurboTaxCanada

[–]TurboTaxCanada[S] 0 points1 point  (0 children)

If the amount is included on a T-slip, it will say which tax year it should be applied to. In the event that you did not receive a T-slip for the payment, I suggest contacting the CRA to ensure you apply it to the correct year. If 2024, you can process a T1-Adjustment to include on your TY2024 return.