The Tax Preparation Blog

Posts Tagged ‘canada’

Question: File tax return question?

I’m going to file U.S tax for 2007 under the resident alien category. As I moved back to Canada, do I need to file income tax for 2008 if I still have a saving account in U.S that may generate some interest this year. If anyone knows, please reply. Thanks.

P.S: The estimate interest may be less than $50.

Answer: I would think not…

$50 less $3,400 exemption leaves no taxable income…

The IRS may get your 1099-INT but if there are no W-2 wages or 1099 payments, then I would assume they would ignore it…

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For Members

What do unions do? The AFL-CIO argues that unions offer a pathway to higher wages and prosperity for the middle class. Critics point to the collapse of many highly unionized domestic industries and argue that unions harm the economy. To whom should policymakers listen?

Freedom After Highschool?–Skills Canada Submition 2008

Question: Tax return in Canada?

This is my first time doing the tax and I apparently missed it because I was supposed to do it in April. I regret it very much and I’d like to do it as soon as possible.

I went to look for forms for it but none of the post offices carrys it anymore and they told me to download it online. But which one? I don’t know which ones to download from Revenue Agency site of Canada because there are so many! I don’t have computer at home so I can’t surf! I can only have 15 minutes at library to download. Please someone help me!

Thanks in advance!

Answer: Given your apparent lack of tax knowledge perhaps you should consider having a tax professional help you.

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SiriusXM Reports Record 2010 Results

Sirius XM Radio today announced full year 2010 financial results, including revenue of $2.82 billion, up 14% over 2009 revenue of $2.47 billion, and adjusted EBITDA of $626 million, up 35% from $463 million in 2009.

Cutting Through the Matrix with Alan Watt 12/27/10

Question: If I am a licensed tax preparer in Calfiornia, can I move to Canada and be able to get licensed in Canada?

I have a Ctec license in Calfiornia to do US federal and California tax returns. Can I get licensed in Canada to prepare tax returns for US federal returns? If not, how can I get licensed in a 60 hour online course for Canada? Where would I start to get qualified for Canada without having to do the whole 4 year college program?
Is tax preparation gov’t run? I do not mean the taxation ministry but the ones who prepare your tax returns that you send to the gov’t.
I live in an area where many Canadains and American live and work and have to file both US and Canadian taxes. I want to be able to prepare US taxes and Canadian taxes while I live in Canada. I know you have to be licensed.
In the US you have to be licensed and bonded to prepare (sign) tax returns, audit or represent someone in tax court.

Answer: You do not need a specifc license to prepare a Canadian tax return for a Canadian taxpayer, although many professional tax accountants (CA,CGA & CMA) prepare such returns. There are also many american CPAs here doing US tax returns. You may find jobs from such firms in Toronto or Vancouver, where there are lots of americans living.

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Koppers Holdings Inc. Reports Fourth Quarter 2010 Results

PITTSBURGH, PA–(Marketwire – 02/16/11) – Koppers Holdings Inc. (NYSE: KOP – News ) today announced results for its fiscal 2010 fourth quarter. Consolidated sales for the fourth quarter of 2010 were 14%, or $37.5 million higher than sales in the prior year quarter. Sales for Carbon Materials and Chemicals (CM&C) increased by 11%, or $19.8 million over the prior year quarter, while sales for …

The Arrivals pt.24 (Freedom Unplugged)

Question: Was there ever a time when a couple would file a joint tax form in Canada, or has it always been individual.?

For people living in Canada, was there ever a time or year(s) when a married or common-law couple filed a tax return together, or has it always been that everyone files individual returns but lists their spouse and income on their return?

Answer: Yes, some time ago. IIRC, the change was made to remove any bias from the system which favoured married vs unmarried (or vice versa).

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Peyto Exploration & Development Corp. Announces 2010 Canadian Tax Information

CALGARY, ALBERTA–(Marketwire – Feb. 11, 2011) – Peyto Exploration & Development Corp. (“Peyto”) (TSX:PEY) is pleased to announce the 2010 tax information for unitholders of Peyto Energy Trust resident in Canada.

How to Complete a 1040A Tax Form : Are Kids a Tax Exemption?

Question: Line 363 Canada Employment Amount Federal Tax Sch. 1?

okay i should probably repeat grade 7 but i’m not getting how this helps me. in the guide it states that the non refundable tax credits reduces your federal tax but if the total of these credits is more than my federal tax i will not get a refund for the difference. if i hadn’t entered the amount of $1,019 on line 363, i would be getting WAY more of a refund. as it stands, i now owe, as it’s more than the federal tax i paid. also, if you entered an income of over $1,019 (and like who wouldn’t…) on line 101 of the return, then you enter the maximum ($1,019) on line 363 of the federal tax schedule? sorry if i sound dumb, but this is the first time i’ve done my own taxes. somebody tell me how this helps me out, this line 363 amount, thanks!!
actually, i checked it over and it was just my calculater display that screwed up and missed a number….so yes, with the $1,019 included, i saved $150, wooohooo! now i only have to pay $6 instead of …. well you do the grade 5 math, lol

Answer: >>if i hadn’t entered the amount of $1,019 on line 363, i would be getting
>>WAY more of a refund

This is impossible.

Either a Non-Refundable Tax Credit reduces your taxes by 15% of the line amount (in this case 15% x $1019) (see line 38 of Schedule 1), or they are more than the total tax liability, in which case they do nothing since line 23 can’t be negative.

It’s actually grade 5.

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Taxman’s website source of TFSA confusion

OTTAWA – A single, ill-chosen word on the Canada Revenue Agency website appears to have compounded confusion about a popular tax shelter that left 72,000 people with unexpected tax notices last year.

The Ultimate Revenue Canada Taxpayers Survival Guide | Tax Help | Tax Protection