| EK9Hatch |
Well I did my taxes and it seems like I am getting a decent return that I wasn't expecting! :) My return is just over $2,700 and was a nice surprise!
I'm not sure what I really want to do with this extra money yet. I may re-invest it back into my RRSP's, or splurge and buy that 50 inch plasma I want for my bedroom. Hmm...decisions decisions. lol
Anyone else get a nice surprise (or bad surprise)?
What will you use your tax return for?
Jamie |
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| flatboy |
| I own 600$:blink: |
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| ChromeDragon |
Own? You made $600 last year? Well then you shouldn't be paying any taxes. hehe j/k
I'm a little curious to see where my taxes come to as my cheques fluctuate, which means they'll often be taking too many taxes over the actual average of what I've been paid.
2007 taxes I don't even want to think about. Rental income, renovation writeoffs, mortgage writeoffs, etc. It's going to take shitload of time to do. |
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| SilverZ24 |
| I am getting $3481 back this year. Going toward new vehicle next month. Planning on paying cash, no loan. :thumbup: |
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| stealth |
How do you guys know beforehand what you are getting?
I just get some family friend to do my taxes, or I do it online. |
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| crazyrx7 |
quote:
Originally posted by stealth
How do you guys know beforehand what you are getting?
I just get some family friend to do my taxes, or I do it online.
H&R block tells you right then and there. They will even cut you a cheque.
R.K. |
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| EK9Hatch |
quote:
Originally posted by stealth
How do you guys know beforehand what you are getting?
I just get some family friend to do my taxes, or I do it online.
QuickTax.
Just fill in the blanks and your done. It tells you instantly what your return will be (or what you owe)
I just NetFile my taxes and get my money in 7-10 days. I find using QuickTax is a hell of a lot better than giving H&R Block your hard earned money. If you are in need of money instantly, I guess I see a use for H&R Block...or if you have a complicated return (kinda the same situation ChromeDragon is going to see next year :p)
Jamie |
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| flatboy |
quote:
Originally posted by flatboy
I own 600$:blink:
oops owe:beer: |
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| stealth |
How is UFile compared to the others?
I used that last year.
And do you need a tax statement for the amount you contributed into RRSPs? |
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| EK9Hatch |
quote:
Originally posted by stealth
How is UFile compared to the others?
I used that last year.
And do you need a tax statement for the amount you contributed into RRSPs?
Is UFile the same as NetFile?
With NetFile, I just filled in my RRSP contributions using the QuickTax Wizard. It was a breeze.
Jamie |
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| ChromeDragon |
quote:
Originally posted by EK9Hatch
QuickTax.
Just fill in the blanks and your done. It tells you instantly what your return will be (or what you owe)
I just NetFile my taxes and get my money in 7-10 days. I find using QuickTax is a hell of a lot better than giving H&R Block your hard earned money. If you are in need of money instantly, I guess I see a use for H&R Block...or if you have a complicated return (kinda the same situation ChromeDragon is going to see next year :p)
Jamie
Well my pops is a corporate tax collector for the government, so I can usually get a hand from him.:thumbup: |
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| EK9Hatch |
quote:
Originally posted by ChromeDragon
Well my pops is a corporate tax collector for the government, so I can usually get a hand from him.:thumbup:
That always helps! :p
Jamie |
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| ehos |
| The only smart guy here is the guy that owes $600. |
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| EK9Hatch |
quote:
Originally posted by ehos
The only smart guy here is the guy that owes $600.
:dunno:
:lol:
Jamie |
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| TheNeonEdge |
quote:
Originally posted by ehos
The only smart guy here is the guy that owes $600.
Because it means he is ggetting paid the full amount throughout the year and writing a bunch of shit off. which means he probly made more than everyone getting refunds......
Im assuming thats what Ehos meant :)
Dont worry its a shmecret |
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| onestepback |
| I get just over 1K back. I used UFile to do my refund, and it was quite easy. Basically a fill in the blanks form. Cost me like 25 bucks and i did a couple friends income tax for like 15 bucks each. Not too bad i guess. :) |
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| EK9Hatch |
With QuickTax, you get to do 5 income tax returns over $25k and unlimited returns for people under $25k.
Jamie |
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| dtjohnst |
| I wish I had all my T4's, I'm going to be getting a monster check back. Whatever the provincial max is plus the federal max. |
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| ylfcm |
| i will end up paying the gov't just over 700 due to my claimed capital gains.:dunno: |
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| Casanova |
5200. Speaking of which, anyone know a good tax lawyer? Or even a really good accountant?
I just found out my ex may be claiming our son as a dependent as well, when only one of us is allowed to - so I assume one of us could be looking at paying back the govt. Fuck. |
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| Andrew415 |
| Just did a fast thing on quicktax.ca and appartently it says 1650.00$ refund , I forgot to put in my rent and RRSP so im just gonna go to H&R , its to difficult for my little brain.. |
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| Fire'N'Ice |
Someone else always does mine! (usually H&R although boyfriend's co-worker does it on the side for like $25 so wahoo!)
H&R is good I have always found as if you have many deductions etc (child related chit) they'll show you if and where you should use it, and if it's beneficial to write off daycare etc.
If you're in a rush for same day $$, they charge you a stupid rate but whatever. Sign up for direct deposit with the gov't and you get it within a few days.
And to Casanova...yes, only one of you can claim...whoever has primary custody. Even if it's joint, I assume she's the one who pays for daycare etc? Even if you do pay support, she gets the benefit of writing it all off. |
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| dtjohnst |
quote:
Originally posted by Fire'N'Ice
Someone else always does mine! (usually H&R although boyfriend's co-worker does it on the side for like $25 so wahoo!)
H&R is good I have always found as if you have many deductions etc (child related chit) they'll show you if and where you should use it, and if it's beneficial to write off daycare etc.
If you're in a rush for same day $$, they charge you a stupid rate but whatever. Sign up for direct deposit with the gov't and you get it within a few days.
And to Casanova...yes, only one of you can claim...whoever has primary custody. Even if it's joint, I assume she's the one who pays for daycare etc? Even if you do pay support, she gets the benefit of writing it all off.
Sounds fair. :mad: |
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| Fire'N'Ice |
quote:
Originally posted by dtjohnst
Sounds fair. :mad:
Unfortunately it's a "blanket" approach. I'll be damned if my son's father could use him as a write off being as he hasn't seen him in over 3 years and the only way I get support is by having a Federal lien against him.
Some couples will/do work out a deal for the other to use the child/ren as the write off... It's dependant on how cooperative each party is, depending on who has the higher income, will it decrease the taxes "owed" or will it even out to equal the baby bonus and other benefits? tough call.... |
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| ehos |
quote:
Originally posted by ylfcm
i will end up paying the gov't just over 700 due to my claimed capital gains.:dunno:
Another one in the smart column.
If you think you're getting a 'refund' you should realize, the government kept your money for the whole year basically with ZERO percent interest.
I'd love to get into that racket. Especially for the guys getting more than 1-2K+ 'refunds', you're getting screwed (actually you're screwing yourselfs). You need to re-adjust how much you pay, so you wind up PAYING the government or something close ($500-600 is good). Just don't pay late! (Then THEY charge interest, seems stupid to me...). Some of these can't be helped (ie selling stocks, what can you do?). But for people with just jobs (99%) and 'normal' taxes, you should be owing every single year.
Count up these 'refunds' over many years, and all the interest or loss of opportunity and it adds up to alot. I will try to find the link that listed the actual loses over many years (and it was a shocking amount!).
But some of you are rich, so that little 'refund' (lol) is a nice chance to go shopping. Sadly, for some people, that 'refund' is the only lump some of money they'll have all year (jeez).
People spend 20 hours watching TV, but I doubt there's anyone here that even spends even 2 hours a week on their finances, or learning more about them? |
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| EK9Hatch |
What about when you put your return directly into your RRSP's? That in it's sense, is paying yourself with interest :)
Jamie |
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| GOT BOOST |
quote:
Originally posted by EK9Hatch
Well I did my taxes and it seems like I am getting a decent return that I wasn't expecting! :) My return is just over $2,700 and was a nice surprise!
I'm not sure what I really want to do with this extra money yet. I may re-invest it back into my RRSP's, or splurge and buy that 50 inch plasma I want for my bedroom. Hmm...decisions decisions. lol
Anyone else get a nice surprise (or bad surprise)?
What will you use your tax return for?
Jamie
Hi Jamie,
I do not know if I owe this year or not. If there is a refund (which is usually small around $150.00) I put it back into my RRSP's to offset my taxable income. Most times I end up owing money which is fine.
That way I can maximize my money until it is time to pay taxes.
Ehos is 100% correct. It is better to owe at the end of the year than to get a massive tax return.
I do not do my taxes. I take them to an accountant to do. Since I am paying a professional fee I can deduct that. They are very knowledgeable and up-to-date on all the tax laws. It only costs me $55.00 to do and I write a cheque on the spot, or if there is a refund normally I have it with in a week or two.
Mike |
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| RoB |
I'm getting about $800 bcak. Yay, new tires!
:D |
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| stealth |
quote:
Originally posted by RoB
I'm getting about $800 bcak. Yay, new tires!
:D
You just reminded me that I can use my refund on mods!:thumbup: |
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| S2000_rider |
| $7,000 back...going towards to travelling. |
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| dtjohnst |
quote:
Originally posted by ehos
Another one in the smart column.
If you think you're getting a 'refund' you should realize, the government kept your money for the whole year basically with ZERO percent interest.
I'd love to get into that racket. Especially for the guys getting more than 1-2K+ 'refunds', you're getting screwed (actually you're screwing yourselfs). You need to re-adjust how much you pay, so you wind up PAYING the government or something close ($500-600 is good). Just don't pay late! (Then THEY charge interest, seems stupid to me...). Some of these can't be helped (ie selling stocks, what can you do?). But for people with just jobs (99%) and 'normal' taxes, you should be owing every single year.
Count up these 'refunds' over many years, and all the interest or loss of opportunity and it adds up to alot. I will try to find the link that listed the actual loses over many years (and it was a shocking amount!).
But some of you are rich, so that little 'refund' (lol) is a nice chance to go shopping. Sadly, for some people, that 'refund' is the only lump some of money they'll have all year (jeez).
People spend 20 hours watching TV, but I doubt there's anyone here that even spends even 2 hours a week on their finances, or learning more about them?
When you're making $150k/yr the last thing on your mind is filling out some retarded form just to get a few hundred less off your check. It seems like such a pittance when you make $960/day for those 5 days of overtime you put in a month.
But once you're forced to leave that job unexpectedly, suddenly a few hundred bucks is a godsend. You can guarantee I'll be filling out form to have less tax taken off this year. |
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| Talon_66 |
quote:
Originally posted by Andrew415
Just did a fast thing on quicktax.ca and appartently it says 1650.00$ refund , I forgot to put in my rent and RRSP so im just gonna go to H&R , its to difficult for my little brain..
deducting Rent? |
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| dtjohnst |
quote:
Originally posted by Talon_66
deducting Rent?
You don't? |
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| Alberta_Daytona |
im not gonna get my taxes done for a while, its gonna take me some time to hunt down t4 slips figuring I had 4 jobs last year and have moved to a new adress since then....so there all going to the wrong place lol.
should be a decent return im figuring though.....im guessing around 3k.
plasma tv....o ya....lol |
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| dtjohnst |
quote:
Originally posted by Alberta_Daytona
im not gonna get my taxes done for a while, its gonna take me some time to hunt down t4 slips figuring I had 4 jobs last year and have moved to a new adress since then....so there all going to the wrong place lol.
should be a decent return im figuring though.....im guessing around 3k.
plasma tv....o ya....lol
I wish. But.....no more credit card debt. Woot! Room to wiggle financially! |
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| Talon_66 |
quote:
Originally posted by dtjohnst
You don't?
Didnt know you can... how? |
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| dtjohnst |
| I use quicktax, there's a section for it. I just fill in the blanks. |
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| Talon_66 |
quote:
Originally posted by dtjohnst
I use quicktax, there's a section for it. I just fill in the blanks.
H&R Block never mentioned that.... Son of a bitch... |
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| dtjohnst |
When I moved to Edmonton I claimed the gas for the move, the food I bought, depreciation on the car from the miles, temporary lodgings, damage deposit, rent, you name it.
I dunno if I was supposed to, I just filled in the boxes and quicktax said "Thank you, wait for your cheque from Uncle Sam", and Uncle Sam sent me one. So I assume it was allowed.
I plan to do the same thing this year. |
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| Inzane |
quote:
Originally posted by dtjohnst
"Thank you, wait for your cheque from Uncle Sam", and Uncle Sam sent me one. So I assume it was allowed.
You moved from the United States? :dunno: |
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| TrevorK |
| My early estimate is that I'll owe around $10,000 - lucky me. |
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| dtjohnst |
quote:
Originally posted by Inzane
You moved from the United States? :dunno:
We're all gonna be American's someday given how much our military and other sovereign symbols keep getting cut back, not to mention how their corporations are taking over up here. I'm just ahead of the game and have already adopted most of their slang. |
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| ozzmodan |
This year I tried a program called GenuTax. It works the same way as Quicktax, but is only $30 & you can update it each year for no additional charge. Very happy with the way it works.
This is the first year I'm bothering to fill out a T1213 (04) (request to reduce tax deductions at source). Before this year the effect it would have had would have been minimal & like most people I probably would have just spent it throughout the year rather than invest it throughout the year. Somehow it's just easier to think of what to do with a large sum of money sometimes.
Kyle |
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| Transporter |
quote:
Originally posted by stealth
How is UFile compared to the others?
I used that last year.
And do you need a tax statement for the amount you contributed into RRSPs?
been using ufile for 3 years and i love it,
ufile and quick tax are programs to make teh report
netfiel is gove't method for uploading and collecting such report.
both programs tell u how much u owe aor getting back
ufile charges based on income so if u are under i believe 35 k u don't pay to have your taxes file created and Quicktax is purchase program out right (i think yearly or evry couple year as they make changes to system)
U file is always the latest version |
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| SilverZ24 |
quote:
Originally posted by ehos
Another one in the smart column.
If you think you're getting a 'refund' you should realize, the government kept your money for the whole year basically with ZERO percent interest.
I'd love to get into that racket. Especially for the guys getting more than 1-2K+ 'refunds', you're getting screwed (actually you're screwing yourselfs). You need to re-adjust how much you pay, so you wind up PAYING the government or something close ($500-600 is good). Just don't pay late! (Then THEY charge interest, seems stupid to me...). Some of these can't be helped (ie selling stocks, what can you do?). But for people with just jobs (99%) and 'normal' taxes, you should be owing every single year.
Count up these 'refunds' over many years, and all the interest or loss of opportunity and it adds up to alot. I will try to find the link that listed the actual loses over many years (and it was a shocking amount!).
But some of you are rich, so that little 'refund' (lol) is a nice chance to go shopping. Sadly, for some people, that 'refund' is the only lump some of money they'll have all year (jeez).
People spend 20 hours watching TV, but I doubt there's anyone here that even spends even 2 hours a week on their finances, or learning more about them?
While I agree with you in general, you can not determine whether or not someone is smart based on their tax refund or lack of one as you may think. Trust me, I'm an accountant and there are so many financial scenarios that people have that there is no way you can claim someone is smart or not based on a 'refund'. |
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| SilverZ24 |
quote:
Originally posted by ehos
The only smart guy here is the guy that owes $600.
Just to give you an example of two situations I have seen:
Person A is a high school drop out who makes about minimum wage so less than 20 grand a year working for a small privately owned company. Because the owner didn't really know what he was doing, he didn't remit enough income tax on the employees befalf during the year and the employee ended up owing close to $800.
Person B worked 3 different jobs during the year and earned about 120 grand. In the end at tax time the federal and provincial income tax ended up just about working out so the guy only owed about $200, but because of working at 3 different places, he maxed out his CPP and EI at two of them and contributed about 1500 to the third. Now there is nothing you can do about that because each company is required to collect and remit CPP and EI regardless of whether or not you worked somewhere else. So in the end, person B ends up with a refund of over 4 grand.
Now based on your 'logic', person A is the smart one and person B is not. :thumbup: |
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| EK9Hatch |
I know you can claim rent if you are renting out a property, or the owner of a house, etc.
But I never heard of being able to claim rent in general. :dunno: Does anyone have any more detailed info on this? I'm very interested to know the facts.
Thanks
Jamie |
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| ehos |
| The more money you make the smarter you are. |
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| EK9Hatch |
quote:
Originally posted by ehos
The more money you make the smarter you are.
:lol:
Jamie |
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| SilverZ24 |
quote:
Originally posted by ehos
The more money you make the smarter you are.
But a tax refund or lack of one does not fully indicate how much money you make... |
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| EK9Hatch |
Back to my question :p Does anyone know more about claiming "rent" ?
Jamie |
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| dtjohnst |
quote:
Originally posted by EK9Hatch
I know you can claim rent if you are renting out a property, or the owner of a house, etc.
But I never heard of being able to claim rent in general. :dunno: Does anyone have any more detailed info on this? I'm very interested to know the facts.
Thanks
Jamie
That would be claiming it as income though. So you'd owe more taxes. I'm talking about claiming it as an expense, thereby reducing my income and resulting in a refund.
I think technically it's supposed to be only if it's business related...like if you run a home business. But I can't find anything online. So I'll just keep filling in the blanks.
Maybe the accountants can answer it |
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| EK9Hatch |
^ Yes, if you claim it as a "home business" then you can legally do so. But, I am pretty sure that you can't just claim rent.
Jamie |
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| JustinL |
| No you can't claim personal rent as a tax deduction or credit. If you get audited, you're gonna be in a world of back tax. People should know not to just fill in the blanks when it comes to documents like this and spend a few minutes learning. |
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| dtjohnst |
quote:
Originally posted by JustinL
No you can't claim personal rent as a tax deduction or credit. If you get audited, you're gonna be in a world of back tax. People should know not to just fill in the blanks when it comes to documents like this and spend a few minutes learning.
Either way I was covered last year, which is why I never looked it up. Since i haven't done my taxes this year 'cause I've got 3 more T4's to come in, I haven't looked it up. |
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| TrevorK |
quote:
Originally posted by EK9Hatch
Back to my question :p Does anyone know more about claiming "rent" ?
Jamie
Ontario has a property tax credit, whereby renters (who meet certain conditions) are allowed to claim rent and receive a refund (Up to a maximum amount).
As far as I know, Alberta has no such credit. |
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| SilverZ24 |
| I missed reading that in the thread, but you definitely can't deduct your personal rent. Just like homeowners can not deduct any of their mortgage payment. |
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| dtjohnst |
quote:
Originally posted by SilverZ24
I missed reading that in the thread, but you definitely can't deduct your personal rent. Just like homeowners can not deduct any of their mortgage payment.
If you just moved more than a certain distance, you get a few months where you can claim it as part of your moving expense. I think the number was 3. When I first moved here, I was living in the north end. And working at the International. So the distance drive was over the required number and I could claim my gas and whatnot too. Then I moved to the very end of the south side, which again put me over the limit and I could claim the move, but not my commute. And 3 months after that it was a new year.
Anyways, I hadn't read all the details about claiming or not claiming rent, I just new it applied to me and was considering claiming it again, though of course I'd have to read first.
Can you claim any medical expenses not covered by AHCIP? |
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| EK9Hatch |
Medical expenses CAN be claimed only if they are equal to, or more than 3% of your total income. I know that for a fact because I was going to claim my eye exam, etc....but it was no where near the required 3%.
I know you can claim moving expenses, but claiming rent just didn't seem right...if that was the case, everyone would do it :p
Jamie |
|
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| dtjohnst |
quote:
Originally posted by EK9Hatch
Medical expenses CAN be claimed only if they are equal to, or more than 3% of your total income. I know that for a fact because I was going to claim my eye exam, etc....but it was no where near the required 3%.
I know you can claim moving expenses, but claiming rent just didn't seem right...if that was the case, everyone would do it :p
Jamie
Damn. What if you have to leave your insanely high-paying job for medical reasons? I'm just trying to find a way to get some more back to make up for the debt accrued while trying to recover. I had a fair bit of savings, but not enough to completely sustain me, and for some reason my insurance didn't consider a stress-induced heart attack a reason why I couldn't go back to a non-labour, but high stress, job that paid a huge salary. :-( Maybe I can move again......... |
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| ehos |
Dt, take your reciepts and go to an accountant. They are super cheap and informative for what you pay. Probably the only real good deal left in the professional services area.
(If theres' a legitimate deduction coming to you, they will most likely find it). |
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|
| Casanova |
quote:
Originally posted by Fire'N'Ice
And to Casanova...yes, only one of you can claim...whoever has primary custody. Even if it's joint, I assume she's the one who pays for daycare etc? Even if you do pay support, she gets the benefit of writing it all off.
ahh yah see, thats what everyone assumes since I am a guy. But I have him more than her, we have shared custody with me as the primary custodial parent. Instead of daycare he is taken by either my mom or my sister so neither of us pays. I pay his school fees, lunchroom fees, field trips, healthcare etc etc. So I got to find out if she has claimed him. If so we will have to work out something. Likely get her to tell them she was in error and I will split the diff of back taxes or just allow her to use him as a dependent on taxes going forward. We will see. dang it. |
|
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| Fire'N'Ice |
quote:
Originally posted by Casanova
ahh yah see, thats what everyone assumes since I am a guy. But I have him more than her, we have shared custody with me as the primary custodial parent. Instead of daycare he is taken by either my mom or my sister so neither of us pays. I pay his school fees, lunchroom fees, field trips, healthcare etc etc. So I got to find out if she has claimed him. If so we will have to work out something. Likely get her to tell them she was in error and I will split the diff of back taxes or just allow her to use him as a dependent on taxes going forward. We will see. dang it.
you're right, it was an assumption...but now knowing a bit about the your scenario (which hats off to you) it's definately something you should discuss with mom |
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| Eclipser |
| I'll be taking mine to an account or h&r block this year, as I do not know what all I can claim and what i cannot. And someone told me I should be getting more than 50-60$ back out of the 2000-2500$ I was paying a year while i was in school, so want to get that checked out. |
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| Seks |
On front of my T4, I have:
Box 14, $employment income
Other information, Box 40, $xxxx.xx
On back of my T4, it says:
Do not report these amounts on your tax return - CRA use only
(amounts in boxes 30, 32, 34, 36, 38, and 40 are already included in box 14)
40 Other taxable allowances and benefits
______________________
So when I do my stuff in quicktax, i don't put anything in box 40? |
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| tommykung |
quote:
Originally posted by ehos
Another one in the smart column.
If you think you're getting a 'refund' you should realize, the government kept your money for the whole year basically with ZERO percent interest.
I'd love to get into that racket. Especially for the guys getting more than 1-2K+ 'refunds', you're getting screwed (actually you're screwing yourselfs). You need to re-adjust how much you pay, so you wind up PAYING the government or something close ($500-600 is good). Just don't pay late! (Then THEY charge interest, seems stupid to me...). Some of these can't be helped (ie selling stocks, what can you do?). But for people with just jobs (99%) and 'normal' taxes, you should be owing every single year.
Count up these 'refunds' over many years, and all the interest or loss of opportunity and it adds up to alot. I will try to find the link that listed the actual loses over many years (and it was a shocking amount!).
But some of you are rich, so that little 'refund' (lol) is a nice chance to go shopping. Sadly, for some people, that 'refund' is the only lump some of money they'll have all year (jeez).
People spend 20 hours watching TV, but I doubt there's anyone here that even spends even 2 hours a week on their finances, or learning more about them?
I do agree with what you say in someway. Yes you own them mean u have the rest of the gaint in ur pocket which u can do all this investments and get some more back from that. but in the other hand. think buddy ;) Write off from School fees. Like me this year. I should get around 24xx over back purely due to my education keke ;) |
|
|
| tommykung |
quote:
Originally posted by ehos
Dt, take your reciepts and go to an accountant. They are super cheap and informative for what you pay. Probably the only real good deal left in the professional services area.
(If theres' a legitimate deduction coming to you, they will most likely find it).
again, They are super cheap.. all depend... right now is around 80 to 120$ per hr for them do get all the stupid reciepts done. Woundering why i konw ? ahhah |
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| dtjohnst |
quote:
Originally posted by tommykung
I do agree with what you say in someway. Yes you own them mean u have the rest of the gaint in ur pocket which u can do all this investments and get some more back from that. but in the other hand. think buddy ;) Write off from School fees. Like me this year. I should get around 24xx over back purely due to my education keke ;)
I've still got $45,000 in past tuition to claim. :blue: |
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| SilverZ24 |
quote:
Originally posted by Seks
On front of my T4, I have:
Box 14, $employment income
Other information, Box 40, $xxxx.xx
On back of my T4, it says:
Do not report these amounts on your tax return - CRA use only
(amounts in boxes 30, 32, 34, 36, 38, and 40 are already included in box 14)
40 Other taxable allowances and benefits
______________________
So when I do my stuff in quicktax, i don't put anything in box 40?
Yes you put that amount into box 40. The note is just there so people doing their taxes manually on paper don't add box 40 to box 14 because it is already included.
CRA just wants to know the amount of box 14 that is taxable benefits. They use the info when they do a benefit audit at your company. |
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| d.maczko |
curious to know if anyone else is an apprentice mechanic in here, I have a question about claiming tools, I read on H&R blocks website about it, quoted below:
"10.10.06 - Details of Tradesperson’s Tools Deduction
As a result of provisions announced in this year's budget, tradespersons may now be able to claim a deduction for tools purchased on or after May 2, 2006. The government has recently provided more details on how this will work.
Firstly, the deduction will be calculated as the lesser of:
1. The total cost of eligible tools in excess of $1,000; and
2. $500.
The reason why the deduction is limited to the cost of tools in excess of $1,000 is that the new Canada Employment Tax Credit will provide a credit for the first $1,000 of employment income once it is fully implemented in 2007. This is designed to cover the cost of miscellaneous employment expenses, including tools, so it was decided to limit the deduction for tools to amounts spent in excess of this figure. However, the maximum you will be able to claim is $500.
Secondly, in order to qualify for the deduction, a tool must not have been used for any other purpose prior to its purchase. In other words, it must be new. Other than that, any type of tool will qualify except for electronic communication devices (for example, cell phones) or electronic data processing equipment (for example, computers). An exception is provided for devices or equipment that can be used only for the purpose of measuring, locating or calculating.
Before you can claim the deduction, your employer will also have to certify that you are required to purchase the tools as a condition your employment. This will be done on Form T2200 Declaration of Conditions of Employment.
As the name implies, the deduction is only available to "tradespersons." Oddly, the new rules do not contain a definition of this term. However, its ordinary meaning is that of a blue-collar worker with a trade. We would therefore suppose that white-collar workers and professionals will not be eligible.
If you are an apprentice vehicle mechanic, you may be able to claim both the new deduction and the existing deduction for tools that has been available to apprentice vehicle mechanics for the past several years. This will increase the amount you can claim for tools beyond the maximum amount of $500 to which other tradespersons are restricted.
In the unlikely event that you subsequently sell a tool for more than its net cost (its actual cost less the amount you claimed as a deduction), you will have to include the balance in your income."
http://www.hrblock.ca/news/news.asp
can anyone clarify how i go about claiming tools, I'm using ufile if that helps, just pm me with any info. |
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| Fazda |
| im only getting 450 back! i was hoping for about 1500.. lol damn.. good thing i baught my big screen tv before i realized i was only getting 450 back..now im just in debt haha |
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| Supra_devil |
assuming i didn't screw up, $2500 bucks.
and its all going into savings and paying off the Visa, Sorry Supra, a new motor will have to wait, lol. |
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