# Tax question RESP and TFSA



## psp (Mar 5, 2017)

I usually have H&R do my taxes, but this year I want to save bit and do it myself.

A couple of questions:

Do I claim TFSA investment trading gains/losses? I did a ton of trades A for "fun account". If so will each trade need to be entered, or totals for each?

Also, do I claim RESP contributions? I was never issued a slip for them as this was done in December of 2016. I only have account balance sheets to reflect the 5000 and 5000 for each of my kids.

Any recommendations for a tax program to make the process go well.

Basic stuff really. My wife has several t4s I have 1, Its more about the investment stuff I am confused about

Thanks
PSP


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## twa2w (Mar 5, 2016)

The tfsa is tax free so no record keeping or reporting to CRA. Just keep track of your contributions in order not to over contribute.
No reporting on the RESP either until withdrawal time providing you are within limits
Most tax programs are decent and differ mainly in input process. Some are Web based and others via cd. Either way ensure you save the return on your computer in a format you can access( like pdf) in case you are unable to access the tax software later.
Also I like to print off the basic t1 pages once complete to do a manual run through, line by line, to ensure I did not miss something.
Some of the Web based programs are less expensive or free and you can sometimes input and check all your info before paying. 
I also keep the printed copy on file with hilited notes on it to remind me next year of carry forwards like capital losses, unclaimed rsp contributions, or education credits. Easier than trying to scan through a pdf's of several years taxes.

I have used h&r block on line and turbotax among others. Both worked well and were within pennies of each other.


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## Karen (Jul 24, 2010)

I used TurboTax for several years, but a few years ago, someone on this site recommended Simple Tax, and I decided to try it. I found it much more straightforward than TurboTax and a lot more logical in how it asked for your information. I've been using it every year since. It's also free, although they do ask if you'd like to make a donation. I always donate the amount that TurboTax would have charged me if I were still using it.


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## kcowan (Jul 1, 2010)

One thing that does require attention is RESP withdrawals. CESG is subject to limits and is taxable. Gains on all contributions are taxable. The rest is return of capital and not taxed. All these are in the hands of the recipient so the tax rates need not be high.


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