Good to know, thanks! Regards, Adrien
> On Apr 19, 2019, at 6:17 AM, R. Victor Klassen <rvklas...@gmail.com> wrote: > > Both the Trillium benefit and the HST/GST credit are essentially refundable > tax credits, except that are paid out either over a period of a year > beginning some time after the filing deadline, or in a lump sum (but later). > Unlike in the US where state tax refunds are income for federal purposes, > provincial and federal taxes do not interact. So these are purely tax-free. > >> On Apr 18, 2019, at 9:36 AM, Adrien Monteleone >> <adrien.montele...@lusfiber.net> wrote: >> >> Michael, >> >> Yep, I’m well aware. I just looked over my Mom’s filing before she mailed it >> off. Certainly, having to massage the raw number two or three times with >> various figures from multiple lines on several different schedules just to >> figure out if her SS payments were taxable I can attest you are correct, >> that my question isn’t always a simple one. >> >> But even an answer of ‘depends’ is an answer that you can take some action >> on. >> >> Though I don’t live in Canada, I’m still curious to see how that one should >> be handled. >> >> Regards, >> Adrien >> >>> On Apr 18, 2019, at 8:23 AM, Michael or Penny Novack >>> <stepbystepf...@comcast.net> wrote: >>> >>> On 4/17/2019 6:16 PM, Adrien Monteleone wrote: >>>> Someone on the list from Canada (even better, a local CPA) should offer >>>> better advice, but the first question you probably want answered is, “Is >>>> this taxable next year?” >>>> >>>> That will likely influence how you record it now. >>>> >>>> Regards, >>>> Adrien >>> Adrian, it could be worse than that (in the general case). How about SS >>> pension payments here in the US? The question "is this taxable" cannot be >>> answered based upon the pension payment alone because it will depend on >>> OTHER income received. Thus while you could possibly "know" (barring >>> unexpected events) that none of it will be taxable (your estimate of other >>> income is below X) or that 85% of it will be taxable (your estimate of >>> other income is above Y) what you enter COULD be wrong << in the former >>> case you ended up receiving some windfall and in the latter, suffered some >>> economic disaster >> But SOME of us, alas, normally have an "other" income >>> between X and Y and always have a messy calculation to perform come tax >>> time to figure out how much of our SS was taxable. >>> >>> Michael D Novack _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
