So I Hate Doing My Taxes

[Dan02]

you know what sucks more, i get to go back over my taxes for the last 7 years and refile them all.

[Mccree]

Originally Posted by Sylvanfan

Well if you have a way for me to write off something like moving expenses effective the day I moved I'd be into that. I wasn't aware of any way to have my employer deduct less taxes based on something like a move. With the end of my job near...another move is probably in my near future, and I could use the money immediately.

Just write a letter to your employeer saying you will have enough tax deductions at year end to cover the tax short fall. We do that all time here at my office. I just top up my RRSP to ensure I get a small refund on my taxes.

In the mean time I get all my bonuses and overtime without tax deductions. You still have to pay CPP and EI.

[bigtmac19]

Originally Posted by Dan02

you know what sucks more, i get to go back over my taxes for the last 7 years and refile them all.

Ouch that sucks. Why?

[Locke]

Ahhhh....the inevitable tax thread...welcome to my world gentlemen...for the next 3 months I am slaving away as an independent tax preparer, I've seen and heard it all.

[Locke]

Originally Posted by fotze

Godammn taxes.

I have two american tax slips, Form 1042-S. What the hell do I do with these? They are dividends from an American stock. You see on T5 slips that there is box 10-Actual amount of dividends, then Box 11-Taxable amount of dividends but none of that on these slips, also what exchange rate would I use since its in USD$? Can I just print out my tax return as of now then submit these two slips to Revenue Canada and say "You figure out what the fata to do with these"

Also, looks like the Americans have taxed me on this, can I get that tax back?

How are you filing this? They're easy, just adjust the funds into Canadian dollars, its interest income so theres no opposing credit and do the same with the tax. Yes, you should get credit for withheld American tax.

Amateurs.

[cSpooge]

Originally Posted by fotze

Godammn taxes.

I have two american tax slips, Form 1042-S. What the hell do I do with these? They are dividends from an American stock. You see on T5 slips that there is box 10-Actual amount of dividends, then Box 11-Taxable amount of dividends but none of that on these slips, also what exchange rate would I use since its in USD$? Can I just print out my tax return as of now then submit these two slips to Revenue Canada and say "You figure out what the fata to do with these"

Also, looks like the Americans have taxed me on this, can I get that tax back?

They won't do it for and and you might get a nice warning letter telling to never do it again :P

[cSpooge]

that is different... if you send them in after they will add them in for you because they assume that is the reason you sent them in.

[Locke]

Originally Posted by fotze

I was going to use a program, do I enter this in a T5 spot, since I have other T5's, what exchange rate, I used the 2008 average rate since they were paid in 4 installments throughout the year. What box do I put the tax deducted in?

T5? Use box 15 for the income and 16 for the tax. Just make sure you adjust it into Canadian dollars, the CRA US Average for 2008 is:

1.06601429

My bill is in the mail.

[NSFL]

So... I'm going to be doing my taxes for the very first time ever. Anyone know of a good free online program to use? Mine is going to be a little complicated as I only did full time studies for one semester.

[JiriHrdina]

The tax system needs to be overhauled and simplified. There is no good reason why a tax return can't be 2 pages max. The CTF has been lobbying for a simplified tax return for years - and they are bang on.

Each year millions of hours are wasted by Canadians who have to fill out an needlessly complex tax return.

[cSpooge]

Originally Posted by NSFL

So... I'm going to be doing my taxes for the very first time ever. Anyone know of a good free online program to use? Mine is going to be a little complicated as I only did full time studies for one semester.

http://www.netfile.gc.ca/sftwr-eng.html


and the tax system may need to be overhauled but it will not happen any time soon.

[NSFL]

That's great. Thanks!

[NSFL]

Originally Posted by cSpooge

http://www.netfile.gc.ca/sftwr-eng.html


and the tax system may need to be overhauled but it will not happen any time soon.

Whoo! Taxes done in a half hour. Thanks again!

[Bobblehead]

Originally Posted by JiriHrdina

The tax system needs to be overhauled and simplified. There is no good reason why a tax return can't be 2 pages max. The CTF has been lobbying for a simplified tax return for years - and they are bang on.

Each year millions of hours are wasted by Canadians who have to fill out an needlessly complex tax return.

Do you want it easy, or do you want it fair?

If you look at most of the stuff that makes it complicated, there is usually pretty good reasoning behind it. But the rules need to be explicit or people will take advantage of credits.

For everything that you exclude to make it easier to do the thing most people spend a few hours on once a year, you are making someone else pay more tax. Unless you hate children, married people, the poor, the elderly, the infirm, and so on, in that case then a flat tax is what you want.

[SeeGeeWhy]

Tax evasi.... errr... efficiency is definitely one area that I have yet to step up my "game".

I used to work for an income trust that made it extremely complicated to track annual income accurately, and cost base for the trust units purchased in one of their multiple employee contribution compensation programs.

Revenue canada came back at me with a letter saying I owed some money for miscalculating my income from trust units last year and I fear that if I submit the crappy spreadsheet that my ex-employer provided I will get federal, pound me in the arse audited.

I'M TOO YOUNG TO BE AUDITED!!

Hence, I've been dragging my ass to file taxes as I don't even want to think about it, or how terrible my record and accounting system is. BLARGH, more work.

[Old Yeller]

I had some considerable side income this year so I declared it and did some research and found out with a home office I can write off all sorts of things off to do with my home office.

I did everything by the book and I'm still worried they're going to come back and beat me with a rubber hose.

[Locke]

Originally Posted by Old Yeller

I had some considerable side income this year so I declared it and did some research and found out with a home office I can write off all sorts of things off to do with my home office.

I did everything by the book and I'm still worried they're going to come back and beat me with a rubber hose.

They dont use rubber hoses anymore, they've upgraded to pipes.

[Bobblehead]

Originally Posted by Locke

They dont use rubber hoses anymore, they've upgraded to pipes.

But it is still the lead ones.