What To Do With Incorrect T5008’s (TSP#3)

This episode continues the 2020 Tax Season Special Series, where Canadian Tax Podcast answers random questions related to the 2020 tax filing season.

This episode covers T5008’s in more detail, specifically:

  • What to do when you have a million T5008’s issued;
  • Why you can’t always rely on your broker gain/loss report;
  • Link to Chen case here.

Continue reading “What To Do With Incorrect T5008’s (TSP#3)”

Sec 85 / US Contracting / RRSP vs TFSA (TSP#2)

Continuing with our 2020 Tax Season Special, where Canadian Tax Podcast answers random questions related to the 2020 tax filing season.

This episode covers:

  • Section 85 Rollover / PSB issues;
  • Doing contract work for a US company;
  • Quick commentary Jamie Golombek’s article here covering RRSP’s vs TFSA;

Continue reading “Sec 85 / US Contracting / RRSP vs TFSA (TSP#2)”

T3’s / Record Storage / Wrong T5508’s (Tax Season Special #1)

With Feb 22nd being the start of Tax Season 2020, I thought it would be a good idea to just start answering questions via “Tax Season Specials.” In this episode I cover:

  • Entering T3 slips on a T2;
  • Having CRA store your records, and why that’s a bad idea;
  • Incorrect T5008 and what to do;

Thanks for listening.

Usual Disclaimer: This information is for general information purposes only, and deals with complicated and time-sensitive info that may not apply to your situation. Tax rules are always changing, and this information may not be current. Tax is complicated, this information is not tax advice, and don’t rely on this info to make tax decisions – Hire someone to help you.