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Tax Time! - Need help?

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

  1. Apr 1, 2011 at 2:34 PM
    #21
    Tacomada

    Tacomada [OP] Well-Known Member

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    rental income is taxable for sure. but you can claim expenses against it...

    i.e. if 50% of the house is rented, then 50% of interest paid on the mortgage can be deducted, 50% of utilities (provided the tenant doesn't pay for them) 50% of repairs and maintenance etc... Hopefully that helps. A lot of people don't declare that type of stuff (a buddy renting a room type thing) but technically its income and goes on a schedule 776 which you can find on the cra website.

    Also you can claim CCA (depreciation) for the portion of the house being rented, but i would stay away from that for a house you live in.
     
  2. Apr 1, 2011 at 3:13 PM
    #22
    anethema

    anethema Well-Known Member

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    Thanks man I'll let him know.
     
  3. Mar 29, 2012 at 2:36 PM
    #23
    Tacomada

    Tacomada [OP] Well-Known Member

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    Thread revival, its that time of year again. Anyone has any questions feel free to hit me up!

    New items for 2011!

    Volunteer firefighter amount - $3000 credit on line 362. Volunteer for a fire dept for 200 hours or more and not employed as a firefighter with that department - you can claim this amount.

    Child art tax credit - same as the child fitness tax credit but for art programs. Must meet certain criteria to claim, and the program will likely issue a slip. Credit is for 15% of expenditures up to $500 per child for eligible programs. Every little bit helps!

    There are other changes as well but those are two of the noteable ones.

    And of course, any advice I provide is just that, advice. I don't have every detail of your finances so comments I make are usually general rules, and also specific provinces have other programs to consider!
     
  4. Mar 29, 2012 at 3:07 PM
    #24
    OZ-T

    OZ-T You are going backwards

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    Are all tradesmen eligible for the $500 tradesman's deduction ?
     
  5. Mar 29, 2012 at 3:25 PM
    #25
    Tacomada

    Tacomada [OP] Well-Known Member

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    You have to get your employer to fill out a form T2200 - declaration of conditions of employment.

    Then you can deduct the lessor of $500; the cost of tools you purchased less 1065; or the amount of income from employment les 1065.

    If you are self employed then you claim them as an expense or capital item on you 2125 statement of business income...

    http://www.cra-arc.gc.ca/tx/ndvdls/.../ddctns/lns206-236/229/trds/trdsprsn-eng.html

    Here's a link to more detailed information.
     
  6. Mar 29, 2012 at 3:30 PM
    #26
    OZ-T

    OZ-T You are going backwards

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    Thank you
     
  7. Mar 29, 2012 at 5:03 PM
    #27
    buck

    buck Don't sweat the petty - pet the sweaty

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    I've been using the Turbo Tax software for a bunch of years. I'm assuming for basic claims, it's good enough? RRSP's, some tuition, medical, RRSP payback (first time home buyer thing).
     
  8. Mar 30, 2012 at 9:36 AM
    #28
    Tacomada

    Tacomada [OP] Well-Known Member

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    Yeah for simple returns, even some of the more complex items programs like Turbo tax work great. Turbo tax has checks to notify you if you may be eligible for a claim, and it sounds like you have a pretty good understanding of whats out there too!
     
  9. Mar 30, 2012 at 9:39 AM
    #29
    Tacomada

    Tacomada [OP] Well-Known Member

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    Any time
     
  10. Mar 30, 2012 at 9:39 AM
    #30
    jgwheeler17

    jgwheeler17 I'm a zit. Get it?

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    neglect, mostly.
    OP, you're a pretty awesome dude. :thumbsup:
     
  11. Mar 30, 2012 at 10:00 AM
    #31
    Tacomada

    Tacomada [OP] Well-Known Member

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    Indeed I am! Actually...... I only started this thread in the hopes that Oz would receive a larger refund and finally have someone install his bumper.
    :deadhorse:

    My efforts, it appears, were in vain.
     
  12. Mar 30, 2012 at 10:03 AM
    #32
    jgwheeler17

    jgwheeler17 I'm a zit. Get it?

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    neglect, mostly.
    buhahahaha!!! :rofl:
     
  13. Mar 30, 2012 at 10:11 AM
    #33
    OZ-T

    OZ-T You are going backwards

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    If I'm sent to prison for murder , can I still benefit from the Tradesman's deduction ?
     
  14. Mar 30, 2012 at 10:19 AM
    #34
    Tacomada

    Tacomada [OP] Well-Known Member

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    hmm... im gonna go ahead and say no...

    i am not liable for any incorrect information I provide. The answer is in fact yes, however due to concern for my own health i have hidden the correct answer cleverly in white text!
     
  15. Mar 8, 2013 at 11:41 AM
    #35
    Tacomada

    Tacomada [OP] Well-Known Member

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    That time of year again... Little under two months for most canadians to file their taxes.

    Any questions or clarifications ask away.

    As usual a disclaimer is required:

    Me: Chartered Accountant in British Columbia

    I don't have access to all your specific details so my assistance is general, please take it as such. Need more detailed help you can PM and we can see what I can do. My advice is limited mostly to federal tax, each province has its own set of rules. I can figure out your provincial question but wait times are longer and heck im not charging so don't expect much!
     
  16. Mar 8, 2013 at 11:46 AM
    #36
    OZ-T

    OZ-T You are going backwards

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    If the company I work for pays for disability and life insurance premiums for a policy on my behalf is that a taxable benefit to me ?
     
  17. Mar 8, 2013 at 12:03 PM
    #37
    Tacomada

    Tacomada [OP] Well-Known Member

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    Life insurance Yes. Benefit is if the premium paid is taxable to you, the payment to you is non-taxable.

    Actually thats not really a benefit for you cuz you'd be dead. But your spouse (or other benificiary of your life insurance) would benefit because the life insurance proceeds wouldn't be taxed.

    Disability is non taxable - im assuming you are talking about a long term disability plan. There are lots of variations on disability plans though so it would depend on specifics.
     
  18. Mar 8, 2013 at 12:04 PM
    #38
    OZ-T

    OZ-T You are going backwards

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    Thanks
     
  19. Mar 8, 2013 at 4:25 PM
    #39
    Tacomada

    Tacomada [OP] Well-Known Member

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    Any time.
     
  20. Mar 18, 2013 at 9:06 PM
    #40
    rawdog

    rawdog Well-Known Member

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    What happens when..

    The amount of tax write offs that I have is greater than my total income for the year?

    I realize i will get all the tax I paid back.. but then what about all those extra tax credits, do they just go away?
     

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