If my parents paid for my tuition through their RESP, shouldn't they get the tax credits since they're the ones who put the money away in the first place? The whole system seems confusing.

The tuition credits always go to the student first, regardless of who paid for it. This is because you're the one receiving the education. It's a separate matter from who funded the education. When your parents contributed to an RESP, they already received some tax advantages from that - the money grew tax-free while in the plan. When the money was withdrawn for your education, you would have received the Educational Assistance Payment (EAP) portion as taxable income on your T4A slip. The tuition credits help offset some of that tax burden, which is why they belong to you. However, if you don't need all the credits this year, you can transfer up to $5,000 to a parent, grandparent, or spouse.

This is really helpful! Do I need to do anything special in TurboTax to access Schedule 11, or does it automatically appear when I enter the T2202A information?

How much does a cost segregation study typically run for a smaller commercial property? I've heard they're expensive but worth it for larger properties. Is there a minimum building value where it makes sense?

For smaller commercial properties, cost segregation studies typically run between $5,000-$8,000, depending on the complexity. The general rule of thumb is that the property should be valued at a minimum of $750,000 to make it worthwhile, but that can vary. The ROI calculation depends on your tax bracket and how much can be reclassified to shorter depreciation schedules. In my case, with a $1.2M property, the study cost $6,500 but identified about $280,000 in components that could be depreciated over 5-15 years instead of 39 years. That accelerated depreciation schedule created about $37,000 in tax savings in just the first year, so it paid for itself multiple times over.

The mixed-use aspect complicates things but doesn't prevent a 1031 exchange. You'll need to carefully document the percentage used for each purpose. If the entire property was always used for business (not personal), you should be eligible for a full 1031 exchange regardless of the specific business use.

Thanks for this info! I actually did opt out already (mentioned in my update), but I wasn't sure if it would actually work or how long it would take. Good to know someone else has successfully done this too. Did opting out cause any delays or issues with your refund?

Opting out didn't cause any delays with my refund at all. The whole process was pretty smooth. My return was accepted about a week before I accidentally opted in for the PIN, then I opted out about 3 days later. The refund came exactly when the "Where's My Refund" tool originally estimated. Just make sure you keep an eye on your account next January to confirm you don't automatically receive a new IP PIN for the 2025 filing season. The system should recognize that you've opted out, but it never hurts to double-check before you file.

Really? That's reassuring! What about for next year though? Will they need to use the IP PIN next year or can they just use a self-selected one again if they opted out of the IP PIN program?

What kind of documentation did you keep? Like just a notebook or something more official? I'm wondering if there's an app that would work for this.

How would I even approach this conversation with my manager? I'm not sure they'd understand what I'm asking for. Are there specific terms or IRS codes I should mention?

I'd suggest approaching it from the angle that it could benefit both you and the company. Something like: "I've been researching our current vehicle arrangement, and I found a potential way to make it more tax-efficient for both of us through a qualified transportation fringe benefit program under IRC Section 132(f)." Mention that this could reduce the company's payroll tax liability while also increasing your take-home pay. HR departments are usually familiar with these programs - they're similar to how commuter benefits work in many companies. If your manager isn't familiar, suggest a conversation with HR or payroll to explore the option. Come prepared with the estimated savings for both sides if possible.

My company did this last year! The key was showing HR the math on how much THEY would save on payroll taxes. For every $100 in pre-tax benefits, they save around $7.65 in employer-side payroll taxes. Our fleet has 38 vehicles so it added up fast. I brought a simple spreadsheet showing the annual savings and suddenly they were interested! The payroll system change was minimal on their end.