My teenager (dependent) received a T5018 for less than $600; do I put this into the dependent's T4 box on our form or leave it blank since he doesn't need to file?
There is only the box for T4, no other options. The form is asking if our dependent had any income from last year, and he just has that one T5018 form.
My teenager (dependent) received a T5018 for less than $600; do I put this into the dependent's T4 box on our form or leave it blank since he doesn't need to file?
I would suggest going to the Dependant information page and entering this amount on the line for "net income" of that dependant. You're right in that a tax return does not have to be filed if there is no tax payable.
My teenager (dependent) received a T5018 for less than $600; do I put this into the dependent's T4 box on our form or leave it blank since he doesn't need to file?
I would suggest going to the Dependant information page and entering this amount on the line for "net income" of that dependant. You're right in that a tax return does not have to be filed if there is no tax payable.
My teenager (dependent) received a T5018 for less than $600; do I put this into the dependent's T4 box on our form or leave it blank since he doesn't need to file?
I tell all my clients to have their kids file returns even if not taxable (and I do for free) as even though only $600 that then creates $108 in RRSP contribution amounts for future use.
