1. Welcome to Tacoma World!

    You are currently viewing as a guest! To get full-access, you need to register for a FREE account.

    As a registered member, you’ll be able to:
    • Participate in all Tacoma discussion topics
    • Communicate privately with other Tacoma owners from around the world
    • Post your own photos in our Members Gallery
    • Access all special features of the site

Tax Time! - Need help?

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

  1. Tacomada

    Tacomada [OP] Well-Known Member

    Joined:
    Nov 5, 2010
    Member:
    #45742
    Messages:
    342
    Gender:
    Male
    TBC - Canadiana
    Vehicle:
    2010 TRD Off Road
    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. memario1214

    memario1214 Vivid Illumination Vendor

    Joined:
    Oct 1, 2009
    Member:
    #23628
    Messages:
    12,946
    Gender:
    Male
    First Name:
    Colton
    MT recently relocated to Willmar, MN
    Vehicle:
    05 Dub Cab TRD Sport 4x4
    TRD Cold Air Intake, rear cat delete with Aero Turbine 2525, Maglite mount mod, white LED's all around, white gauges w/blue needles, Tinted Tails, Morimoto 32" XBAR LED Bar, Truxedo Lo-Pro QT Tonneau, Pioneer AVIC X-920 BT touchscreen, FX-R Retrofit, LR UCAs, OME 3" Lift w/ Dakar leafs, DTLT Headers, Walbro 255 fuel pump, TRD S/C, Hankook Dynapro ATM tires
    Sweet! Thanks for offering this, as I will most likely hit you up soon.
     
  3. BryWi

    BryWi Psalm 109:8

    Joined:
    Dec 5, 2010
    Member:
    #47177
    Messages:
    1,777
    Gender:
    Male
    Earth
    Vehicle:
    2011 TRD off-road DC SB w/JBL
    5100s, black valance
    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. Tacomada

    Tacomada [OP] Well-Known Member

    Joined:
    Nov 5, 2010
    Member:
    #45742
    Messages:
    342
    Gender:
    Male
    TBC - Canadiana
    Vehicle:
    2010 TRD Off Road
    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. Brunes

    Brunes abides. Staff Member

    Joined:
    May 31, 2008
    Member:
    #7011
    Messages:
    17,803
    Gender:
    Male
    First Name:
    Rotorhead
    Big Easy, USA
    Vehicle:
    08 Red/Graphite and Satin Black
    Inside: Tint, Wet Okole 1/2 Piped Red/Black Covers, Black Weathertech Digital Fit Mats, URD Short Throw w/ TWM Weighted Knob, USA Spec iPod adapter. Outside: 4300K Retro w/ Angel Eyes and Red Shrouds, 5000K Blazer Fog Light Retrofit, Debadge, Bed Locking Handle, Satin Black Rims Performance: TRD/Steigmeier Blower w/ 2.7 Pulley. 668 Injectors and 320 LPH AEM Fuel pump. URD UCON and 7th Injector. DTLT Headers, URD Y-Pipe, Wicked Flow Muffler. Suspension: Both: OME Shocks Front: 886X's and TC UCAs Rear: Dakars Armor: Relentless Front Bumper Relentless High Clearance Rear w/ Tire/Rotopax Swing Out Relentless Front, Mid, and TCase skids BAMF Diff Skid Recovery and Spares: Fullsize Spare Tire 2x2 gal Rotopax 1x1 gal Rotopax 1x1 gal Water Rotopax Warn 9.5XP-S Winch Hi-Lift Extreme 60" Ironman Off-Road Recovery Kit Upcoming: ATO Gas Tank Skid and Sliders w/ kickout. ATO Shackle Flip Kit. Down the line: Front/Rear ARB Lockers w/ OBA. 4.56 Gears
    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. OZ-T

    OZ-T All of those moments....will be lost.....in time

    Joined:
    Dec 15, 2009
    Member:
    #27584
    Messages:
    21,095
    Gender:
    Male
    First Name:
    Peter North
    British Columbia
    Vehicle:
    Mag Grey 09 Trd Sport DCLB 4x4
    OME 885x , OME shocks and Dakars , Wheelers SuperBumps front and rear , 275/70/17 Hankook ATm , OEM bed mat , Weathertech digifit floor liners , Weathertech in-channel vents , headache rack , Leer 100RCC commercial canopy , TRD bedside decals removed , Devil Horns by Andres , HomerTaco Satoshi
    Can an incorporated company write off matching employee RRSP contributions ?
     
  7. Tacomada

    Tacomada [OP] Well-Known Member

    Joined:
    Nov 5, 2010
    Member:
    #45742
    Messages:
    342
    Gender:
    Male
    TBC - Canadiana
    Vehicle:
    2010 TRD Off Road
    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. OZ-T

    OZ-T All of those moments....will be lost.....in time

    Joined:
    Dec 15, 2009
    Member:
    #27584
    Messages:
    21,095
    Gender:
    Male
    First Name:
    Peter North
    British Columbia
    Vehicle:
    Mag Grey 09 Trd Sport DCLB 4x4
    OME 885x , OME shocks and Dakars , Wheelers SuperBumps front and rear , 275/70/17 Hankook ATm , OEM bed mat , Weathertech digifit floor liners , Weathertech in-channel vents , headache rack , Leer 100RCC commercial canopy , TRD bedside decals removed , Devil Horns by Andres , HomerTaco Satoshi
    Thanks

    So it would be considered income as the employee and salary paid as the employer , yes ?
     
  9. Tacomada

    Tacomada [OP] Well-Known Member

    Joined:
    Nov 5, 2010
    Member:
    #45742
    Messages:
    342
    Gender:
    Male
    TBC - Canadiana
    Vehicle:
    2010 TRD Off Road
    You bet
     
  10. BrokenTusk

    BrokenTusk I support a velociraptor free workplace.

    Joined:
    May 5, 2010
    Member:
    #36607
    Messages:
    32,102
    Gender:
    Female
    First Name:
    Marcelasaurus
    AB, Canada
    Vehicle:
    The Scarlett Whore
    Check Build Thread!!
    So i won 40,145$ CA last year. Canadian lottery winnings are NOT taxed correct?
     
  11. Tacomada

    Tacomada [OP] Well-Known Member

    Joined:
    Nov 5, 2010
    Member:
    #45742
    Messages:
    342
    Gender:
    Male
    TBC - Canadiana
    Vehicle:
    2010 TRD Off Road
    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. BrokenTusk

    BrokenTusk I support a velociraptor free workplace.

    Joined:
    May 5, 2010
    Member:
    #36607
    Messages:
    32,102
    Gender:
    Female
    First Name:
    Marcelasaurus
    AB, Canada
    Vehicle:
    The Scarlett Whore
    Check Build Thread!!
    It was a work lottery through the company I work at :D Thanks!
     
  13. maxpower29

    maxpower29 Well-Known Member

    Joined:
    Mar 7, 2011
    Member:
    #52525
    Messages:
    5,703
    Gender:
    Male
    First Name:
    Jordan
    Nova Scotia, Canada
    Vehicle:
    2011 Tacoma 4x4 2.7 5 speed SWB
    All season mats, 2nd filter delete, DT header, Jardine cat-back, URD shifter, Bilstein 5100's all around at .85 front with Eibachs + .25 passenger/.5 drivers spacers and 1.5 AAL, 0w20 synthetic, Scanguage II, extra D rings, OEM backup camera+Mirror, bed mat, Extang Solid Fold, Popnlock 5300, Pro Comp 7089's 4.5bs 285/70/17 Revo 2s, De-badged
    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. Tacomada

    Tacomada [OP] Well-Known Member

    Joined:
    Nov 5, 2010
    Member:
    #45742
    Messages:
    342
    Gender:
    Male
    TBC - Canadiana
    Vehicle:
    2010 TRD Off Road
    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. maxpower29

    maxpower29 Well-Known Member

    Joined:
    Mar 7, 2011
    Member:
    #52525
    Messages:
    5,703
    Gender:
    Male
    First Name:
    Jordan
    Nova Scotia, Canada
    Vehicle:
    2011 Tacoma 4x4 2.7 5 speed SWB
    All season mats, 2nd filter delete, DT header, Jardine cat-back, URD shifter, Bilstein 5100's all around at .85 front with Eibachs + .25 passenger/.5 drivers spacers and 1.5 AAL, 0w20 synthetic, Scanguage II, extra D rings, OEM backup camera+Mirror, bed mat, Extang Solid Fold, Popnlock 5300, Pro Comp 7089's 4.5bs 285/70/17 Revo 2s, De-badged
    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. Tacomada

    Tacomada [OP] Well-Known Member

    Joined:
    Nov 5, 2010
    Member:
    #45742
    Messages:
    342
    Gender:
    Male
    TBC - Canadiana
    Vehicle:
    2010 TRD Off Road
    Training tax credit and tuition are great credits! Especially seeing as students need money to cover the costs of these things!
     
  17. maxpower29

    maxpower29 Well-Known Member

    Joined:
    Mar 7, 2011
    Member:
    #52525
    Messages:
    5,703
    Gender:
    Male
    First Name:
    Jordan
    Nova Scotia, Canada
    Vehicle:
    2011 Tacoma 4x4 2.7 5 speed SWB
    All season mats, 2nd filter delete, DT header, Jardine cat-back, URD shifter, Bilstein 5100's all around at .85 front with Eibachs + .25 passenger/.5 drivers spacers and 1.5 AAL, 0w20 synthetic, Scanguage II, extra D rings, OEM backup camera+Mirror, bed mat, Extang Solid Fold, Popnlock 5300, Pro Comp 7089's 4.5bs 285/70/17 Revo 2s, De-badged
    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. blackhawke88

    blackhawke88 wo ai ni bao bei ^_^

    Joined:
    Jan 11, 2009
    Member:
    #12478
    Messages:
    16,858
    Gender:
    Male
    SGV, CA
    Vehicle:
    07 TRD Offroad
    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. Tacomada

    Tacomada [OP] Well-Known Member

    Joined:
    Nov 5, 2010
    Member:
    #45742
    Messages:
    342
    Gender:
    Male
    TBC - Canadiana
    Vehicle:
    2010 TRD Off Road
    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. anethema

    anethema Well-Known Member

    Joined:
    Feb 25, 2011
    Member:
    #51833
    Messages:
    987
    Gender:
    Male
    First Name:
    J
    Dawson Creek,BC
    Vehicle:
    08 TRD OR Access cab 4x4
    ARB Bumper,OEM Roof rack modded for access cab, Allpro Rock Sliders,Icon Adjustable coilovers,More Tie Downs in bed, Firestone Airbags in rear,Block heater
    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?
     
To Top