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Tax Time! - Need help?

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Old 03-09-2011, 03:49 PM   #1
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Tax Time! - Need help?

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)
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Old 03-09-2011, 03:55 PM   #3
Psalm 109:8
BryWi is one of the sharper tools in the shedBryWi is one of the sharper tools in the shedBryWi is one of the sharper tools in the shedBryWi is one of the sharper tools in the shedBryWi is one of the sharper tools in the shedBryWi is one of the sharper tools in the shedBryWi is one of the sharper tools in the shedBryWi is one of the sharper tools in the shedBryWi is one of the sharper tools in the shedBryWi is one of the sharper tools in the shedBryWi is one of the sharper tools in the shed
 
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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...
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Old 03-09-2011, 04:01 PM   #4
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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.
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Old 03-09-2011, 04:04 PM   #6
I've done... questionable things.
OZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shed
 
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Can an incorporated company write off matching employee RRSP contributions ?
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Old 03-09-2011, 04:15 PM   #7
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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
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Old 03-09-2011, 04:18 PM   #8
I've done... questionable things.
OZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shedOZ-T is one of the sharper tools in the shed
 
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Thanks

So it would be considered income as the employee and salary paid as the employer , yes ?
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Old 03-09-2011, 04:20 PM   #9
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You bet
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Old 03-09-2011, 04:24 PM   #10
I support a velociraptor free workplace.
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So i won 40,145$ CA last year. Canadian lottery winnings are NOT taxed correct?
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Old 03-09-2011, 04:28 PM   #11
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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!
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Old 03-09-2011, 04:37 PM   #12
I support a velociraptor free workplace.
BrokenTusk is one of the sharper tools in the shedBrokenTusk is one of the sharper tools in the shedBrokenTusk is one of the sharper tools in the shedBrokenTusk is one of the sharper tools in the shedBrokenTusk is one of the sharper tools in the shedBrokenTusk is one of the sharper tools in the shedBrokenTusk is one of the sharper tools in the shedBrokenTusk is one of the sharper tools in the shedBrokenTusk is one of the sharper tools in the shedBrokenTusk is one of the sharper tools in the shedBrokenTusk is one of the sharper tools in the shed
 
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It was a work lottery through the company I work at Thanks!
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Old 03-10-2011, 02:32 PM   #13
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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
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Old 03-10-2011, 03:51 PM   #14
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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!
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Old 03-10-2011, 03:58 PM   #15
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Quote:
Originally Posted by Tacomada View Post
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!
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!
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Old 03-10-2011, 04:03 PM   #16
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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!
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Old 03-10-2011, 04:11 PM   #17
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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.
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Old 03-10-2011, 04:14 PM   #18
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?
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Old 03-11-2011, 08:52 AM   #19
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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.
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Old 04-01-2011, 01:30 PM   #20
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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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