Tax Season....

[freedogger]

My tax strategy for next year is to not have any deductible business expenses. No more books, no more training, no more exotic computer hardware purchases. I will ride my ebike everywhere so no more car expenses either. Bye bye dumb smart phone, hello office land line. See ya later skanky bizness lunch waitresses.

Take that economy, that is what you get when the CRA classifies my company as a personal service business that cannot claim anything but salary as an expense.

https://docs.google.com/viewer?a=v&q...pKXTFSEpT18ghA

[Locke]

Wow, heavy tax breaks only for the Married with Children, seems awfully biased against single people.

And yet gay marriage purportedly destroys the sanctity of marriage, but soon it'll be cool just to save a few bucks? An equitable business arrangement.

[First Lady]

Originally Posted by Locke

Wow, heavy tax breaks only for the Married with Children, seems awfully biased against single people.

Only when they are young. Once grown and on their own, you're basically back to crappy deductions of single people.

Long standing beef of mine.... political contributions offer better tax savings than charitable contributions.... this needs to be switched around IMHO.

[GP_Matt]

That is only for small donations.If you donate $2000 I think the tax breaks are better for charitable donations. In Alberta 2K to charity nets you a $1000 credit while the same to your favorite provincial party returns a of $900 tax credit. From there the charitable credits keep going up while the political donation maxes out at a $1000 tax credit. For the average Albertan $2000 is around 5% of salary which is only half of tithing if you happen to be religious. For the average CP'er of course $2000 is closer to 2% of salary which doesn't seem all that onerous.

[albertGQ]

Everyone should claim transit passes.
That will save them just over $150.

I actually buy buss passes, but if I didn't, I'd probably claim them anyway

[Northendzone]

Originally Posted by albertGQ

Everyone should claim transit passes.
That will save them just over $150.

I actually buy buss passes, but if I didn't, I'd probably claim them anyway

so what would you do if you were audited? as i recall, you had to save the receipt and the pass itself - and tickets were no longer eligible.

[malcolmk14]

Originally Posted by albertGQ

Everyone should claim transit passes.
That will save them just over $150.

I actually buy buss passes, but if I didn't, I'd probably claim them anyway

You can't just claim transit passes without buying them first.

[DownhillGoat]

Originally Posted by albertGQ

Everyone should claim transit passes.
That will save them just over $150.

Tax fraud is always the best way to save on taxes.

[flamesrule_kipper34]

Originally Posted by Northendzone

so what would you do if you were audited? as i recall, you had to save the receipt and the pass itself - and tickets were no longer eligible.

Originally Posted by malcolmk14

You can't just claim transit passes without buying them first.

Not that I do this, but if someone really did want to "get away with it" what's the worst that could happen?

You get audited and you tell them you can't find the receipts for that marginal/small of an item I'm assuming that at worst they would simply tell you, you aren't eligible for that tax break without any other fuss about it.

[Fire]

Originally Posted by flamesrule_kipper34

Not that I do this, but if someone really did want to "get away with it" what's the worst that could happen?

You get audited and you tell them you can't find the receipts for that marginal/small of an item I'm assuming that at worst they would simply tell you, you aren't eligible for that tax break without any other fuss about it.

You would probably be fined a small amount. Not sure though.

[flamesrule_kipper34]

Hmm interesting, well I guess if you went down that route then round up some others bus passes.

[something]

Originally Posted by fotze

But you could also advertise to buy someone's old bus passes. Be a good black market for bus pass and accompanying receipts.

Set up a website where people are paid to submit them and you are assured to get a set in return in the case of an audit. A communal historic bus pass library if you will.

Except that you're banking information won't line up with the receipts.

[Mccree]

Originally Posted by something

Except that you're banking information won't line up with the receipts.

What if you paid cash?

[something]

Could work, assuming you coincidentally withdrew a sum of money that correlates to the purchased bus passes every month.

Of course, most people pay for such a thing with a credit or debit card in the event the receipt goes missing, since you can then provide the bank statement as proof of purchase.

So, yeah. Might work, at least well enough that you incur nothing more than suspicion.

[something]

For the OP:

Under heading 3 you can find some helpful information:

http://www.cra-arc.gc.ca/gncy/t1gtrdy/menu-eng.html

[squiggs96]

“You Can Be A Millionaire.. And Never Pay Taxes!”

“You.. can be a millionaire.. and never pay taxes! You can be a millionaire.. and never pay taxes!
You say.. “Steve.. how can I be a millionaire.. and never pay taxes?” First.. get a million dollars.
Now.. you say, “Steve.. what do I say to the tax man when he comes to my door and says, ‘You.. have never paid taxes’?”
Two simple words. Two simple words in the English language: “I forgot!”
How many times do we let ourselves get into terrible situations because we don’t say “I forgot”?
Let’s say you’re on trial for armed robbery. You say to the judge, “I forgot armed robbery was illegal.” Let’s suppose he says back to you, “You have committed a foul crime. you have stolen hundreds and thousands of dollars from people at random, and you say, ‘I forgot’?”
Two simple words: “Excuuuuuse me!!”

[albertGQ]

Its a myth that you have to provide receipts for your bus passes. You just need the bus passes. Not the receipts. And you only need the bus passes if they request it. All you need is one person in your circle of friends or family that takes the bus on a regular basis that buys the passes. If anyone gets audited, you just take the passes, write your name on the backs, photocopy them and then send them in to the gov't

[albertGQ]

Originally Posted by malcolmk14

You can't just claim transit passes without buying them first.

Its morally wrong and illegal, but technically, you can

[MrMastodonFarm]

Originally Posted by albertGQ

Its morally wrong and illegal, but technically, you can

lol well yeah, but I think he was looking for legal tips.

[GP_Matt]

Am I the only one who thinks it is wrong to plan tax fraud on a public forum?