The Tax Preparation Blog

Archive for July, 2007

German Unemployment Falls as Export Outlook Brightens (Update1)

German unemployment unexpectedly fell in December as the outlook for exports brightened and government spending helped bolster Europe’s biggest economy.

10 Emerging Financial Centers

New York and London, the world’s current centers of finance, are about to get blindsided.

Toronto Divorce Lawyer,Attorney Legal Services,Lawyers Personal Injury,Criminal Defense Attorneys,Counsel,Mediator,Counselor,Power of Attorney,Immigration,Bankruptcy,Tax Law Office,Notary,Notaire,Attorney General,Medical Malpractice,Brain Injury

Question: Tuition fee for income tax?

I live in BC Canada and I have spend about $30,000 for tuition fee for college in the past 3 years. Last year when I did my tax return, my total income was about $3,000.

Someone told me that I still have a credit for $27,000 for this year. Is that true?

If so, how do I claim for the credit? is it something that I just get when I do my tax?

Thanks

Answer: Hopefully, you were still filing income tax returns for those years even if you didn’t have any income. The tuition and education amount is a non-refundable credit, meaning you use as much as needed to bring your tax liability as close to zero as possible and then carry forward the rest (if there is any). Since you made only $3000 last year, you are already non-taxable so the amount would have been carried forward. These amounts can actually get carried forward indefinitely until you use them all up… so you don’t lose your credits if you don’t have enough taxable income within a certain time period. The amount that you have left to carry forward would have appeared on your notice of assessment that you would have received within a few weeks of filing your taxes last year. If you don’t have it, call CRA at 1-800-959-8281. Be prepared with your SIN and last year’s return if possible. If you don’t have that, they’ll just ask a few questions to verify your identity. Also, if you have an “epass”, you can get that info on the My Account section of the CRA website. http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/myccnt/menu-eng.html

Info on carry forward amounts:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/323/crry-frwrd-eng.html

Tax tips for commonly missed deductions

Tax season is here again, but many Canadians aren’t aware of a number of tax credits they can claim to get money back.

Question: Can anyone here mentor me about commercial loan brokerage?

One question I have is whether a cap rate of 8% is good for a cap rate of 8% is good for this type of property:

Also, where do I find people interested in buying such a property? Can I contact you for more questions?

NET LEASE INVESTMENT

20,000 SF CENTER

BUILT 10 YEARS AGO

PROPERTY LOCATED IN AFFLUENT DEMOGRAPHIC NEIGHBORHOOD..MEDIAN INCOME $90,000 PLUS.

WITHIN 1 MILE TWO REGIONAL HOSPITALS

ABOUT 200 FEET FROM WALGREENS.

TENANTS INCLUDE 4 MAJOR NATIONAL FRANCHISES..ONE REAL ESTATE..ANOTHER HAIRCUTS, ANOTHER TAX PREPARATION, ANOTHER COFFEED AND DOUGHNUTS AND A MAJOR NATIONWIDE INSURANCE COMPANY FOR HOME AND AUTO..
GREAT VISIBILITY & ACCESS

STOP LIGHT INTERSECTION

SELLER ASKING 4.5 MILLION DOLLARS

Answer: for commercial prop, 8% is average.
PERIOD.

yes, you can contact me for any
RE questions.

Taxpayers may not be able to get anticipation loans

McALLEN — Jackson Hewitt Tax Service might not be able to provide tax refund loans after regulators ordered its bank partner to stop providing the money, according to a federal filing from the New Jersey-based tax preparer. Customers of the 30 Rio…

Bookkeeping/payroll services by professionals at cheap rates

Question: I bought a home in Canada am i entitled a tax rebate on my income taxes?

I just purchased a used home (my first home i am a first time home owner)…the closing date was in November of 2008…Am i entitled to a tax rebate on my income tax return…I heard somewhere that I am entitled to a $750 claim on my Canadian income tax return…is this true?…if it is what do i need to prove on my income tax return…THANKS!!!

Answer: Sorry the HBTC is only for sales closing after January 27 2009…

http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html

AutoCanada Income Fund and AutoCanada Inc. Announce Closing of Plan of Arrangement

AutoCanada Income Fund and AutoCanada Inc. are pleased to announce the closing of their previously announced conversion of the Fund’s trust structure to a corporation pursuant to a plan of arrangement transaction under the Canada Business Corporations Act.

Public Safety – Working in Canada