Tax Season....

[DownhillGoat]

Originally Posted by Locke

Thats great. As long as you did something with it to earn interest with that interest free loan. If you didnt, and you spent your interest free loan on hookers and blow, then its just another bill to pay at the end of the year that you'd rather not have.

I'd rather have the hookers and blow now, and pay the other bill later thank you very much.

[Gundo]

Remember guys Income Tax is just a temporary measure to pay off the war debt.

[cSpooge]

Originally Posted by 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

For bus passes you have 2 options:

1. Provide just the passes as long as they have the date they are valid, name of the transit authority, amount paid, duration, and the identity of the ride.
2. Provide passes and receipts.

The key point is to avoid having to provide receipts you the passes have to have very specific information.

http://www.cra-arc.gc.ca/tx/ndvdls/t...whtnd-eng.html

[albertGQ]

Originally Posted by cSpooge

For bus passes you have 2 options:

1. Provide just the passes as long as they have the date they are valid, name of the transit authority, amount paid, duration, and the identity of the ride.
2. Provide passes and receipts.

The key point is to avoid having to provide receipts you the passes have to have very specific information.

http://www.cra-arc.gc.ca/tx/ndvdls/t...whtnd-eng.html

CRA actually reviewed my transit expense last year. That's because the guy I paid $45 to do mine and my wife's taxes told us we could claim a nominal amount since she's a university student. I thought that was weird but we did it anyway since he's supposed to be the expert.

All I did was photocopy the front and back of my passes with my name on them. CRA was okay with that and I was fine.

So I think I know what I'm talking about.

[cSpooge]

Originally Posted by albertGQ

CRA actually reviewed my transit expense last year. That's because the guy I paid $45 to do mine and my wife's taxes told us we could claim a nominal amount since she's a university student. I thought that was weird but we did it anyway since he's supposed to be the expert.

All I did was photocopy the front and back of my passes with my name on them. CRA was okay with that and I was fine.

So I think I know what I'm talking about.

I never said anything about not know what you're talking about. I was just pointing out what the rules actually state.

[PIMking]

Made 13k this year as a full time student and get $1,393 back in taxes... Not bad

[llama64]

I some how lost last years notice of assessment which means I now have to call Revenue Canada. That will cost me about an hour of my time, plus another few hours to figure out how much of the ridiculous deduction scheme I can apply for.

Really wish we'd drop income tax and just apply a consumption tax across the board. Would be so much simpler.

[cSpooge]

Originally Posted by llama64

I some how lost last years notice of assessment which means I now have to call Revenue Canada. That will cost me about an hour of my time, plus another few hours to figure out how much of the ridiculous deduction scheme I can apply for.

Really wish we'd drop income tax and just apply a consumption tax across the board. Would be so much simpler.

call after 6pm and you shouldn't have a tough time getting a person.

[Mccree]

Originally Posted by llama64

I some how lost last years notice of assessment which means I now have to call Revenue Canada. That will cost me about an hour of my time, plus another few hours to figure out how much of the ridiculous deduction scheme I can apply for.

Really wish we'd drop income tax and just apply a consumption tax across the board. Would be so much simpler.

http://www.cra-arc.gc.ca/myaccount/

[tenyardrambo]

Originally Posted by Gundo

Remember guys Income Tax is just a temporary measure to pay off the war debt.

true...but hey, we are here and free because of it

[DownhillGoat]

Bit of a bump for the end of tax season:

Does anybody know the rules around writing off interest for an investment loan? According to RevCan, you can't write off interest if you're buying stocks for the sole purpose of capital gains. However, I was under the impression that if you purchased a Canadian dividend paying stock you could write off the interest accrued.

[Engine09]

Always have my taxes taken care for me, this year I'll hav to pay a pro since it's a bit more complicated with stock bought and sold, etc. Was planning on going to Liberty Tax to get it done, is that a good idea or no?

Locke, are you super busy?

[Weirdness]

So I finally stopped burying my head in the sand and went to H&R block with all of my documents. It was expensive ($120 x 4 returns) and they found I was owing for 3 of the 4 years. 2011 was netfiled but the previous three were sent by snail mail. That was about 3 weeks ago.

I got my 2011 notice assessment in the mail, explaining that they recalculated a bunch of stuff and gave me a refund of around 4x what H&R told me I owed (over the 4 years combined). I'm really confused and actually kind of freaked out, but I guess I'll have to wait for the other NoAs before spending this windfall I just received.

Kids: do your taxes the first time, on time, and every time.

[Locke]

I dont understand. They did such a bad job that CRA had to correct them?

[AR_Six]

That is pretty odd.

[Locke]

Its a good thing we dont have a ranting thread. Someone came into my office this morning with 6 H&R Block returns that I'm now fixing.