Income Tax FAQ's

[albertGQ]

I thought I'd start a tax thread about common FAQs. It is tax season and I'm sure there are a bunch of people out there that have questions as well. I do my taxes the old fashioned way. With a pencil and an eraser. I'll start first with my question.

I added up all my CPP contributions (box 16) and it totalled $2,256.80. I was going to enter this on line 308 on the Federal Tax Schedule 1. But that line says the maximum I can enter is $1,989.90. So if I contributed $2,256.80, why can't I enter that amount? Am I out the difference ($266.90)? Or would I get this back when I get my refund? If I enter only $1989.90, will the Feds know that I paid more than that and will automatically give me a refund or do I have to fill out a seperate form?

Anyone know?

THanks in advance!

[albertGQ]

Originally Posted by fotze

I think there is a CPP overpayment form of some sort.

Really? Where is this form? It didnt' come in the tax package.

So I shouldn't enter $2,256.80 on my tax forms?

[BlackArcher101]

That's right, you made an overpayment. You get even more money back!

http://www.cra-arc.gc.ca/tax/individ...485/448-e.html
http://www.cra-arc.gc.ca/tax/individ...payment-e.html


You need to fill out form T2204 to find out the overpayment amount.
http://www.cra-arc.gc.ca/E/pbg/tf/t2204/README.html

[albertGQ]

Never mind. I found out the answer

I can only enter the maximum, and the excess I enter on line 448

[Dion]

This is the form they sent me

[Locke]

Originally Posted by albertGQ

Really? Where is this form? It didnt' come in the tax package.

So I shouldn't enter $2,256.80 on my tax forms?

I dont do it the old fashioned way, but since tax is my specialty when the paper copy is processed the overpayment will be accounted for and the difference will be refunded to you.

[McG]

For sure you get that money back...as I changed jobs this year I actually double paid my CPP/UIC and that will act as a credit to the tax owed. If you have overpaid with your tax as well, then expect a refund on that!

aGQ, I'm not actually sure why someone would do their taxes by hand any more. I used to do it by hand as well and it became increasingly complex year after year...I switched to the installed software version and I know lots of folks who do the $20 online one...but the time saving (and mental saving) is worth every penny to me. In fact, I don't believe that I could actually do the manual way any more. when you add family members...it just seems that i would miss something. hmmm...that seems more like a comment on McG "user error" than anything. doh!

hehheh

[PowerPlayoffs06]

Are you allowed to claim fuel expenses for purposes of getting to and from work?

My new accounting program, Quicken, labels all my fuel charges for tax purposes but I'm not self-employed or have a company vehicle or anything.

[Locke]

Originally Posted by PowerPlayoffs06

Are you allowed to claim fuel expenses for purposes of getting to and from work?

My new accounting program, Quicken, labels all my fuel charges for tax purposes but I'm not self-employed or have a company vehicle or anything.

Absolutely not. To and from work is ineligible.

[PowerPlayoffs06]

Originally Posted by Locke

Absolutely not. To and from work is ineligible.

Hrm... I didn't think so. Wonder why the program does that then. I'll have to turn that off somehow. Thanks. =)

[Locke]

Originally Posted by PowerPlayoffs06

Hrm... I didn't think so. Wonder why the program does that then. I'll have to turn that off somehow. Thanks. =)

Because its cheap.

No problem, my bill is in the mail.

[jolinar of malkshor]

I used online Ufile. Worked great.

[FireInTheHole]

Can I claim my hookers and blow expenses as a tax write off?

[HelloHockeyFans]

Originally Posted by jolinar of malkshor

I used online Ufile. Worked great.

Yeah, I use that as well.

[Locke]

Originally Posted by FireInTheHole

Can I claim my hookers and blow expenses as a tax write off?

Medical Expenses....

I have seen some weird deductions in my time, but those probably wont fly...

[FireFly]

I think they'd be entertainment expenses or marketing expenses if you own your own business....

[Flash Walken]

Originally Posted by FireInTheHole

Can I claim my hookers and blow expenses as a tax write off?

Sean Avery, is that you?

[Dion]

Originally Posted by McG

I'm not actually sure why someone would do their taxes by hand any more. I used to do it by hand as well and it became increasingly complex year after year...I switched to the installed software version and I know lots of folks who do the $20 online one...but the time saving (and mental saving) is worth every penny to me.

I still do mine by hand. For sure it takes time, it's just that i need the mental stimulation to remind me how bad my math is.

[FlamesKickAss]

What about school, my work pays for my classes that are university level. can I claim that amount or hours or something?

[BlackArcher101]

Originally Posted by FlamesKickAss

What about school, my work pays for my classes that are university level. can I claim that amount or hours or something?

IIRC, you cannot claim tuition or education amounts if they were reimbursed by the employer. You can claim tuition though if the reimbursed amount was included in your income.

Originally Posted by The Department of the Government that likes to take your money

If your fees were paid or reimbursed to you by your employer, or an employer of one of your parents, you can claim them only if the payment or reimbursement was included in your income or your parent's income.

Click the "Answer" link to the right of each amount to see if you are eligible or not.
http://www.cra-arc.gc.ca/tax/individ...23/menu-e.html