I am curious, you think CRA will extend T1 deadline to May 2nd? In light of the extension given for Tslips.
I highly doubt it. Rather, they might allow specific extensions to those who can show that slips are/were missing.
The extension for the slips was 7 days, there should be a 7 day extension - we certainly could make use of it..
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There already is an “extension” for certain affected taxpayers to June 2nd. I wonder if they will expand the definition of “affected”. Failing that I was thinking of putting $1.00 on the schedule 3 as a capital gain. Surely they sold something on FB marketplace. Wouldn’t that make them an affected taxpayer?
Selling something for $1 doesn’t create a capital gain. If you sell personal-use property for less than $1,000 the deemed proceeds are deemed to be $1,000, and if the original cost was less than $1,000, the cost is deemed to be $1,000 (ss.46(1) of the Income Tax Act). There would therefore be gain or loss, so the inclusion rate would be irrelevant.
Moreover, it is not a good idea to make up transactions to report on a client’s tax return.
Thanks for the math lesson. If you re-read my post, I said I would put $1.00 as a capital gain. Not the proceeds.
You’re welcome. Of course, since your stated justification was “surely they sold something on FB marketplace”, this would mean you’re assuming they surely sold something on FB marketplace for at least $1,001.
The more important point, as noted, is that you should not be inventing transactions to report on a client’s tax return in order to take advantage of an extension that would otherwise not apply to them, or indeed for any other reason.
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I assumed @ Versa was joking… think we are all stressed.
Everyone, hang on for the final week of the bumpy ride.
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If you’re going to make up some random gain on a tax return to take advantage of the June 2nd deadline, why not make up a fake garage sale or lemonade stand they had so that you can extend it to June 15th. 
For the record I’m not advocating falsifying a tax return just to extend a deadline. Perjury is not my cup of tea.
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