The Tax Preparation Blog

Posts Tagged ‘canada’

‘Drastic’ postal lockout forced feds to take action: Raitt

Labour Minister Lisa Raitt said “an erosion” at the bargaining table between Canada Post and its union forced the government to serve notice it will table back-to-work legislation if the two sides can’t reach a deal.

Question: buying a car …help ?

me and my family are new in toronto, canada. It’s been two years since we’ve come here. My mom works in a Dollar Store and dad is a part time professor at Centennial College. Being part time, he doesn’t get paid much; about $600/mo and mom makes about $1000/mo and i have two more bros (age 13). and i (Grade 12) work at Mcdonalds make about $300/mo. so you can see that our financial status is very poor.
Well now i feel that buying a car has become very necessary for us. For different reasons it’s really hard to live without a car and specially in winter.

So is there any possibilities that Ontario Govt can help us by putting low tax and insurance on car. We have the money to buy the car but tax and insurance are the main problem to face.

if so how and what to do to make govt lower that taxes or can we take social service help?

plz any help appreciated. thanks in advance..

Answer: The government won’t lower the taxes on your car, sorry. They can’t really do much to help you in this situation. Insurance coverage is more up to you and your company than anything or anyone else. You can pay for the least expensive option but if you get into an accident you might be completely screwed.

The best option is to take your budget and remove from it the cost of insurance and tax. If that leaves you with an almost non-existent budget, then you need to save up for a while. Cars are never cheap and they need to be planned for with money in the back in case something goes wrong. In situations like yours, provisions need to be made not just for the cost of the vehicle but for all of the inherent maintenance and fees.

AMERICANS MOVING TO CANADA – How To Move & What You Need To Know For Stress Free Settlement With Your Tax And Financial Planning Tips To Maximize Your Assets $5.99 As an American this book will help you to decide if you are the right candidate to move to Canada or not. If yes, then it offers you the necessary information about Canadian immigration system with your options to move. Then help on necessary planning for cross border issues that provides both challenges and opportunities. Canada has a well deserved reputation for having some of the highest margin…

Ontario Tax Sale Property Listing December 2011 Tax Sale Property listings for Ontario Canada for December 2011Looking for tax sale properties, tax lien property, foreclosed homes, bank seizures, a house, vacation properties, vacant land, commerical properties or even an island? Browse through our Ontario tax sale property listings and find your property.Properties can be found all over Ontario, Canada in large cities like Toronto, Ottawa, Hami…

Conrad Black tax evasion charges dropped by the Canada Revenue Agency: lawyer

TORONTO – Chalk up a Canadian legal victory for Conrad Black, the former newspaper publisher who is fighting to have his U.S. fraud convictions overturned.

Final Return and Tax Planning | Deceased-Tax-Returns-Canada.com (Toronto Services)

Question: How to declare and carry foward capital loss in Canada?

Here is my situation: I lost about 1500$ in stocks this year (a stupid mistake) and I have no capital gain. My online broker told me that a receipt will be sent at the end of the year for my taxes. I don’t have a big income (8500$ this year) since I’m in college now. This means that I don’t pay any taxes.

I will get my degree in 2011 and start to have a bigger income. Until then, I won’t gain much more than 8000-9000$ in salary.

Can I carry over that 1500$ all the way to 2011 so I can deduct this amount on my bigger income? It’s not worth it for now to deduct it for 2008, since I know that 1500$ is not in credit, but in deduction. And if I can fully carry the amount to 2011, how do I fill the schedules on my tax report for this year and the following years?

Thank you.

Answer: When you fill out your 2008 tax return in April 2009, you will complete Schedule 3 Capital Gains/Losses. On this form you will list all the stocks you sold during the year showing the losses you had. Since you have no gains to apply them against the government will just keep a record of them and should it your letter of assessment.

For the following years there is nothing to do unless you want to apply these losses against investment income, then you just place the amount you want to use on line 253 as a deduction for Net Capital losses of other years.

Editorial Roundup: Excerpts From Recent Editorials

Excerpts from recent editorials in newspapers in the United States and abroad:

Tax Refund in 2 Weeks from Revenue Canada

Question: Gay couple considering marriage in Ontario Canada..Tax Advice ?

We have been together for over 20 years. We jointly own our (mortgaged) home…have no dependents….each work full time at an hourly rate but one of us pulls in more income from gratuities and is usually the higher income earner (negligible). We have been filing separate income tax returns to allow the lower income earner to claim deductions on property tax, capital gains etc. We are now considering marriage, but as we are committed to one another in every way, we wonder what possible advantage this could have economically. We are thinking of marriage as “the right thing to do” to validate our union, and as a romantic gesture to compliment one another on our respect for it. However, if the tax burden increases as a result we’d like to know beforehand. Any advice ? Thank you for your attention and hope someone can clear this up !

Answer: In Canada, you file personal tax returns no matter what your marital status. The only impact of being married (and that status is not based on a piece of paper, it’s based on your living circumstances, and is NOT optional) is your right to certain tax credits.

Unless you are each collecting GST credits, being married will make no difference tax wise.

Daw: Billionaires — To envy or raid for our benefit?

Journalist Linda McQuaig and tax expert Neil Brooks argue billionaires, and inequality, are bad for the rest of us: So let’s raid them.

reinvest profit in real estate income tax canada with Abel

Question: How much tax will I pay / get back (canada)?

Sorry, I know this kind of thing is asked a hundred times, but all the calculators I’ve seen on the internet say different things when I feed them my info, so I just thought I’d ask some people who might actually know.

Okay, so I live in Ontario, I made 32158.29 from my job last year and paid 5145.12 in income tax and 419.10 in union dues.

I also recieved 3256.00 in EI benifits and paid 392.00 in income tax

Finally, I put 1000.01 into an RRSP.

Will I get a refund and, if so, how much will it be?
Thanks to the first poster.

No dependants, no… anything else really. All other info is normal. No deductions or expenses.

Answer: using the E+Y tax calculator located at http://www.ey.com/GLOBAL/content.nsf/Canada/Tax_-_Calculators_-_2007_Personal_Tax

Your income for tax purposes is: $33,995.18
(Employment Income + EI – Union Dues – RSP)

Which in ontario should be subject to $5,199 in taxes. Which should result in your getting a $338 return

Turn ‘dead’ money into new wealth

For some home owners, freeing up real estate equity is a good move