I started into my accounting career less than a year ago. I landed a dream entry job a few months back. I still have 3.5-4 years or more of education to go (weekend part time), while I work full time. I get some things answered by my boss or coworkers (or through the course of exposure), but there's only so much time in a day, and I can't find all answers via self directed research.
Right now I am doing self directed studying inbetween courses, to learn more about taxes. I am focusing on personal taxes for this month before my next actual course starts up, so I enrolled in a quick course to supplement things. However, whenever I go into ANY course, I am left with more questions than answers, and this personal tax course only covers basics with no "what are the implications of this situation" types of answers.
So, I am hoping I can find someone who knows Canadian taxes very well, and can help me out on a per-question basis, or per-session basis. Or, if you know of a website that offers services like this (ie. submit a question and get answers, and pay for the proper answers).
I'll give you an example of just some of my questions (currently I have compiled over 200 questions & it's getting hard to keep up -- excuse typos, on my phone on break):
1. The T123 form is used to elect to make all investment gains and losses count as capital gains/losses. From what I've read, any individual can make this election any time so long as they qualify. However, looking at the form, it has lines that indicate the form has to be linked with a partnership, and gains/losses with that partnership are linked to the individual. What I have learned reading about the form differs from how the actual form reads, so I am confused about the effects of a T123 election.
2. If a person sells capital property at a loss, but other property remains in their possession in that class still, there is no terminal loss. Terminal loss occurs only when the last of a class is disposed of. So, how does one claim a loss prior to terminal loss? If one cannot, then how is terminal loss determined (and how does this differ for an individual vs. a corporation)? Is terminal loss calculated with cumulative losses in mind, or only based on the loss associated with the final asset(s) that are disposed of?
3. An individual owns real property since 2008. In 2013 and 2014, the property was used 50% for commercial purposes, but was the sole residence of the individual still. In 2017 the property is sold. What tax implications occur during those two years of commercial usage? Is a sale deemed to have occurred for GST purposes, requiring the person's corporation to pay GST on 50% of the property ("basic tax content")? And on sale of the property, how are sales calculated? Typically, the sale of personal use property is exempt of GST? But it was used 50% for commercial purposes in the past, so is that prorated in? And does the person's primary residence capital gain deduction not cover 50% of the building for the 2 years of commercial usage?
This post was edited by Canadian_Man on Sep 12 2017 03:05pm