Tax Time
The deadline is April 30, but because it falls on a Sunday this year, the Canada Revenue Agency is giving you until May 1 to pay any tax you may owe this year.
When do you have to pay your taxes by?
On February 2oth tax payers will be able to do what with their tax returns?
What is when Netfiling begins for the 2022 tax year?
These customers can only use the online version of TurboTax to do their returns
What is a MAC user?
We would reset a password for this type of customer.
What is a TurboTax Online Customer?
Blood pressure monitor
What is not a deductible medical expense?
The customer information displays in this tool when we get a call
What is Sales Force
This is the tool we use to view a customer screen in order to troubleshoot issues with their tax returns
What is Smartlook?
This is the form the customer uses when they have self employment to report on the tax return
What is the T2125 or Statement of Business or Professional activities
This is the province that requires taxpayers to file a separate return
What is Revenue Quebec?
You have up to 15 years to repay the amount taken out of your RRSP to help buy your house. If you repay less than the required annual amount for the year, you have to include the difference on your tax return as income.
What is the Home Buyers Repayment Plan?
What type of credit allows a student the option to transfer up to 5000 to a parent if they do not need to use it on their return
What is the Tuition credit?
What type of credit on the tax return does not give a refund if it is not needed to reduce taxes
What is a nonrefundable tax credit?
CRA no longer allows a taxpayer to claim this as an expense towards any investment income
What is a charge for maintaining a safe deposit box?
CRA will allow a taxpayer to transfer this amount from a dependent who has a T2201 on file with CRA and they do not need to use the credit
What is the disability credit?
The deadline to contribute to this plan is March 1, 2023
What is the deadline to contribute to an RRSP for 2022 tax year/
This will not show on the tax return if customer has it because of a loss in the sale of stocks, real estate, capital property etc but will get carried forward until such a time that there is a gain that it can be applied against
What is a capital/non capital loss?
Line 21000 will show this deduction for pensioners who wish to split this amount
What is the deduction for elected split income?
This credit was formally known as the equivalent to spouse amount
What is the eligible dependant amount?
This form is issued by an employer to an employee who is required to incur expenses from employment but is not reimbursed so that they can claim them on their tax return
What is the T2200 or T2200s/
What is a capital gain?
This type of nonrefundable credit can be carried forward up to 5 years if it does not need to be used on the current tax return.
What is a donation credit?
With this type of credit the taxpayer may be eligible to receive a refund on their tax return
What is a refundable tax credit?
This tax slip is usually issued to a customer when they have sold stocks
What is a T5008?
Line 12599 and Line 12600 reports this type of income
What is Rental income?