T-slips and CRA | Page 3 | Income tax filing | Discussion forum

canadian.100 said
The system is obviously "broken" at CRA. At least many Canadians can use the June 2 date to submit without penalty and interest.  

The last Carbon Tax rebate will be issued to taxpayer only after their taxes are filed.
For those who filed their taxes already payout day is April 22.

When I was offered a government job many years ago I noticed that lower and middle level government employees are overpaid compared to their private sector counterparts. However, upper level government employees are underpaid compared to their private sector counterparts. I think this is call "salary compression".

UkrainianDude said:

I honestly would appreciate if CRA did their job on time.

It is the job of the outfits submitting the T-slips, not of CRA, to get things out on time.

And I think you may be confusing us by saying:

the CRA's headcount growing from 40,059 people in 2015 to 59,155 people this year - an  increase of 47.6 per cent.
With a population of roughly 336 million, that is the equivalent of one IRS employee for every 4,049 U.S. residents. In Canada, with a population of roughly 40 million, we have one CRA employees for every 676 residents

The CRA does not handle US taxes - you should refer to the IRS, the US equivalent of CRA. You did get that right in your second paragraph, though.

Alexandre: Odd... I just got my last Carbon Tax Rebate. I'm in British Columbia, where we have a separate system and were not supposed to get the last rebate. But it seems to be the second installment, for March, arriving late, and not the third.

(I haven't filed my T1 yet.)

COIN: Historically, the private sector has out-compensated the public sector. This was somewhat balanced by benefits and job security.

In the last decade or so, cutbacks at the lower-income levels have reversed that for said lower-paid privately employed workers.

usephrase said
I will check if the banks mailed me all T5 and T3 slips or not.
  

If your stocks are in a brokerage account, have you checked your online brokerage account? That is where my T5s and T5008 are. I use CIBC Investor's Edge and do not receive snail mail from them.

I have all my T slips. But most do not show on my CRA account. I say it’s a CRA issue because I received both of my People’s on same day and only one shows in My Account.

CRA employees do a decent job. Although the waits are unacceptable and the call back system is not always turned on…and the odd one is very hard to understand due to English is there second language. I don’t understand why we cater to have assistance in multiple languages. The official French and English is all that should be offered, fluently.

The odd time you “do” pay American income tax through CRA. My MIL had an American pension and was reported and “paid” through CRA. It had to be converted to CDN dollars and based on the start date, it had a 50% reduced amount to report.

On April 4, I too, received my last scheduled BCCATC tax credit. But due to my income going up for 2023 and back down due to the Hubert T5 fiasco, I expect one more adjusted BCCATC payment.

MG said

If your stocks are in a brokerage account, have you checked your online brokerage account? That is where my T5s and T5008 are. I use CIBC Investor's Edge and do not receive snail mail from them.  

Thanks, I checked minute ago, yes, I received all T5 and T5008 for my Cash account in the Brokerage online account. The banks mailed me T5s for HISA interests.

I received all slips from the banks or brokerage.

I think for some, if not all, brokerages, one has to sign up for electronic communications to avoid being charged for paper monthly account statements. If one elects to receive statements electronically, then I suspect all communications become electronic, e.g. trade confirmation slips, tax slips, etc, etc. If you think about it, that would make perfect sense.

I went to electronic delivery a very long time ago. At least back to 2010 and probably earlier. It may be that in more recent times, that is the default option, if not maybe the only option.

"The CRA announced that it would grant relief of late-filing penalties and interest until June 2 for individuals who need to report capital gains on their 2024 tax return"

This would be a way to defer filing one's return for a month. Very useful for those taxpayers who are waiting for T3's from their mutual funds. But, does one still have to pay their taxes by April 30th?

Question: What is this capital gain issue again? Was it a change in the inclusion rate?

Norman1 said
Yes, the relief is for both the late filing penalties and the arrears interest.

One needs to separate 2024 capital property dispositions into Period 1 dispositions (between January 1 and June 24, 2024) and Period 2 dispositions (between June 25 and December 31, 2024). The inclusion rate could be different for the dispositions in the two periods.  

For certain capital (or real) property? I thought the decision was to revert to 50% for the post June 24th period. The inputs are separated in tax software and it shows in different places on Schedule 3, but the sub-totals are then aggregated and processed at 50%.

BTW, the deferment of penalties and arrears interest to June 2nd is for all capital dispositions. IOW, it applies to Schedule 3 in total.

Yes.

It was 50% inclusion for Period 1. For Period 2, it was 50% inclusion of first $250,000 and 2/3 of rest.

Then, it was 50% for both Period 1 and Period 2. The 50% of first $250,000 and 2/3 of rest would start January 1, 2025 instead start of Period 2 (June 25, 2024).

I think now it is 50% for Period 1, Period 2, and after.

Regardless, one still needs to split the capital gains/losses between Period 1 and Period 2 for the 2024 tax year.