Income tax question line 221

[ILOVETHIS]

So my mother has agreed for me to do her taxes. It's pretty easy. Her accountant used to deduct his services for doing her taxes on line 221 every year. It would be Carrying charges and interest expenses. From what I read she doesn't qualify, has he been wrong?

line 221:

fees to have someone complete your return, but only if:
you have income from a business or property;
accounting is a usual part of the operations of your business or property; and
you did not use the amounts claimed to reduce the business or property income you reported (see Interpretation Bulletin IT-99, Legal and Accounting Fees);

 

[shakenbake]

So my mother has agreed for me to do her taxes. It's pretty easy. Her accountant used to deduct his services for doing her taxes on line 221 every year. It would be Carrying charges and interest expenses. From what I read she doesn't qualify, has he been wrong?

line 221:

fees to have someone complete your return, but only if:
you have income from a business or property;
accounting is a usual part of the operations of your business or property; and
you did not use the amounts claimed to reduce the business or property income you reported (see Interpretation Bulletin IT-99, Legal and Accounting Fees);

Is your mother involved in any for-profit business or have property income (such as being a landlord)? If not, then the accountant was milking the situation.

 

[SkyRider]

So, I called my financial institution asking where is my T5? The guy on the phone said it is posted online. Aren't they required to mail the T5 to you?

 

[K Douglas]

So my mother has agreed for me to do her taxes. It's pretty easy. Her accountant used to deduct his services for doing her taxes on line 221 every year. It would be Carrying charges and interest expenses. From what I read she doesn't qualify, has he been wrong?

line 221:

fees to have someone complete your return, but only if:
you have income from a business or property;
accounting is a usual part of the operations of your business or property; and
you did not use the amounts claimed to reduce the business or property income you reported (see Interpretation Bulletin IT-99, Legal and Accounting Fees);

Most accountants claim their fees at line 221. They will deduct a nominal amount from the claim for the actual preparation services. The rest they argue is tax advisory services which is fully deductible.

 

[ActionJ]

So, I called my financial institution asking where is my T5? The guy on the phone said it is posted online. Aren't they required to mail the T5 to you?

Nope, I think most financial institutions will allow u to download PDF version of your tax documents if u choose to.

 

[ILOVETHIS]

Mother has no business or property income.

Is your mother involved in any for-profit business or have property
income (such as being a landlord)? If not, then the accountant was milking the situation.

 

[SkyRider]

Nope, I think most financial institutions will allow u to download PDF version of your tax documents if u choose to.

Does anybody file paper T5's with their tax return anymore?

I prepare my return using the paper T5's but don't physically submit them. I got re-assessed:Eek: last year because I didn't get a paper T5 from a bank. It wasn't a big amount so I never even thought about it until the re-assessment.