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Tax Time! - Need help?

Discussion in 'Canada' started by Tacomada, Mar 9, 2011.

  1. Mar 9, 2011 at 3:49 PM
    #1
    Tacomada

    Tacomada [OP] Well-Known Member

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    Hey Guys,

    Since I don't have the most knowledge when it comes to modifying/working on trucks to help other members with I figured I'd post a different help thread instead.

    If you've got any questions about how to do you're taxes, tax planning etc feel free to fire them at me. I'll do my best to get back to you quick. Anything from what things can I claim on my return to rrsp vs tfsa to methods of filing.

    Cheers

    (ps... im an accountant so I have a little knowledge base on this stuff)
     
  2. Mar 9, 2011 at 3:54 PM
    #2
    memario1214

    memario1214 Hotshot Offroad Moderator Vendor

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    Sweet! Thanks for offering this, as I will most likely hit you up soon.
     
  3. Mar 9, 2011 at 3:55 PM
    #3
    BryWi

    BryWi Psalm 109:8

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    Nice offer.

    Coincidentally, I just got back from my accountant.

    What a cluster the U.S. tax code is. I wouldn't have a clue.

    I trust the Canadian code is better...
     
  4. Mar 9, 2011 at 4:01 PM
    #4
    Tacomada

    Tacomada [OP] Well-Known Member

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    Glad I can help out.

    Taxes can be a real pain. Im not too familiar with the US system. My only real dealings are helping people reclaim the us tax deducted if they've won in Vegas... and a couple other items.

    Canadian tax is relatively simple for most people. But there are always a couple new items each year to through a curve ball.
     
  5. Mar 9, 2011 at 4:02 PM
    #5
    Brunes

    Brunes abides.

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    I'll keep my eye on this thread...I'm no accountant- but I've done about a dozen returns for folks already this year.
     
  6. Mar 9, 2011 at 4:04 PM
    #6
    OZ-T

    OZ-T You are going backwards

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    Can an incorporated company write off matching employee RRSP contributions ?
     
  7. Mar 9, 2011 at 4:15 PM
    #7
    Tacomada

    Tacomada [OP] Well-Known Member

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    Hey Oz,

    They are an expense for the company for sure. Essentially its the same as any other wage. CPP and EI etc... Also if you are receiving RRSP matching then the part your employer pays is included in your T4. You get taxede on it but you also get a deduction for the rrsp.

    i.e. you earn 10,000 in a year. You contribute 100 to an rrsp and your employer matches. Your T4 will say you earned 10,100. And you will get an rrsp slip for 200.

    On the employer side, they will have an expense of 10,100 which is included on their tax return.

    hopefully thats clear
     
  8. Mar 9, 2011 at 4:18 PM
    #8
    OZ-T

    OZ-T You are going backwards

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    Thanks

    So it would be considered income as the employee and salary paid as the employer , yes ?
     
  9. Mar 9, 2011 at 4:20 PM
    #9
    Tacomada

    Tacomada [OP] Well-Known Member

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    You bet
     
  10. Mar 9, 2011 at 4:24 PM
    #10
    BrokenTusk

    BrokenTusk I support a velociraptor free workplace.

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    Marcelasaurus
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    So i won 40,145$ CA last year. Canadian lottery winnings are NOT taxed correct?
     
  11. Mar 9, 2011 at 4:28 PM
    #11
    Tacomada

    Tacomada [OP] Well-Known Member

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    Right, canadian lottery winnings are not taxed. US winnings are taxed in the states. So say you went to vegas an won 100,000. They would hold back a percentage (depends on the overall amount i believe) but say 30,000 and you get to take home 70,000. For canadian residents you can get the 30,000 back.

    Nice winnings by the way. Lotto Max has my name on it this week!
     
  12. Mar 9, 2011 at 4:37 PM
    #12
    BrokenTusk

    BrokenTusk I support a velociraptor free workplace.

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    It was a work lottery through the company I work at :D Thanks!
     
  13. Mar 10, 2011 at 2:32 PM
    #13
    maxpower29

    maxpower29 Well-Known Member

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    Do you suggest HandR block or places like that to get your full value?
    PS: Props for doing this man, I have so many questions I need to remember lol
     
  14. Mar 10, 2011 at 3:51 PM
    #14
    Tacomada

    Tacomada [OP] Well-Known Member

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    If you have a simple return (T4, rrsp contribution and maybe some interest from a GIC or seomthing) then H and R block is certainly an option if you aren't comfortable doing it yourself. For something like $30 its not a bad deal. That said a return like that isn't very complicated and the paper forms and guides are more than adequate for the average joe to do it themselves.

    If you have a more complicated return they are still an option. The greater the extra's the more I would recommend going to an actual accounting firm. If for example you have rental properties, portfolio investments that arent held in an rrsp, are self employed etc. Even then H and R will likely do a good job at less of a cost.

    One little tid bit that might help some people, did you buy your first house during 2010, theres a credit on your taxes for that!

    Do you use public transit? There is a credit for that!
     
  15. Mar 10, 2011 at 3:58 PM
    #15
    maxpower29

    maxpower29 Well-Known Member

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    Ya we actually did buy a house and used it to get $750. Too bad all year I banked hours at work and took extra checks every month making me not pay as much taxes and ended up killing me this year lol. I still owe $400 after the house :(
    I have 4 months of NSCC trade school for next year though so Im pumped!
     
  16. Mar 10, 2011 at 4:03 PM
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    Tacomada

    Tacomada [OP] Well-Known Member

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    Training tax credit and tuition are great credits! Especially seeing as students need money to cover the costs of these things!
     
  17. Mar 10, 2011 at 4:11 PM
    #17
    maxpower29

    maxpower29 Well-Known Member

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    Ya 14 weeks of courses last year got me over $1000. I was VERY happy. Totally worth it. Hard to go from making money to nothing for months. EI is bullshit too, took me 6-7 weeks to get it, didnt give me what I should have got, and about 4 times cancelled it for no reason but their own mistakes. Insane that from 16 years old till now 24 I have had a job and never needed it, but have so much trouble to get it when trying to better myself and our province.
     
  18. Mar 10, 2011 at 4:14 PM
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    blackhawke88

    blackhawke88 wo ai ni bao bei ^_^

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    im being audited somewhat because this is my first tax return I've filed since I just started my first real job out of college. They found that I have stock and bond holdings in a mutual fund that my father and I put money into a few years ago that I forgot about. Looking at the Form 1099-DIV sent to me by the IRS there are not any realized gains or losses reported by the financial organization. Should I be worried about any taxes that I owe?
     
  19. Mar 11, 2011 at 8:52 AM
    #19
    Tacomada

    Tacomada [OP] Well-Known Member

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    Blackhawke - I can't really comment on US taxes. Generally speaking if you don't have realized gains you won't have tax, but without knowing the specifics I couldn't say. Best bet is if its a concern seek out a financial professional in your area. Good luck, being audited or reviewed is never fun.
     
  20. Apr 1, 2011 at 1:30 PM
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    anethema

    anethema Well-Known Member

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    What about rental income ? Buddy has a house he lives upstairs, tentants down, but the tenants dont even cover the cost of the mortgage.

    Would the income from them still be taxed?
     

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