The Tax Preparation Blog

Posts Tagged ‘claim’

Question: Canadian Travelling overseas?

I am planning a trip to Australia and New Zealand, and other parts of the South Pacific. This is going to be a long trip perhaps a year. How does this affect my residence status as a Canadian? I am on a pension income which is low; therefore I am not paying income tax now. I am planning to rent a studio apartment or In-Law-Suite in Alberta. Do I have to return back to Alberta after 5 months, and for how long a period do I have to stay, before I can travel again? I appreciate any information provide, thank you.

Answer: This would affect your residency status within Canada.

Residency is determined by the province in which you reside. In Alberta, the restrictions for being considered an Alberta resident (and therefore able to retain your Alberta Health Care, etc) is that you reside in Alberta for at least six months in a year. This means not just owning property, but physically being present. Obviously you can raise questions about who would know if you are not in the province the whole time, but that is the official regulation.

The residency would not affect your CPP (presuming you are receiving this as part of your pension) as CPP is not limited to Canadian residents so long as you qualify to receive payments. Although you do not necessarily need a Canadian bank to receive CPP, just retain your Canadian bank account and there will be no problems with this.

Australia Beer Market Analysis

Volume growth in beer in 2009 was attributed by leading manufacturers to a follow-on beneficial impact from the collapse of RTDs following the introduction of higher taxes on these products.

ATO grilled over tax return bungle

Question: How do you figure in a German claim/award on your income tax?

My husband’s grandfather passed away many years ago, and we recently got some $ from German Claims program @ the US Treasury. His grandfather lived in Germany and was a schoolteacher there. I figured we would have to report this on our taxes. But I started doing our taxes today online and really couldn’t find a place for it. I know I should probably ask an expert (like a CPA) but I was wondering if anyone knew.

Answer: If this payment was considered a reparation for victims of the Holocaust, they are not taxable.

See IRS Pub 525, page 30. Here’s a link: http://www.irs.gov/pub/irs-pdf/p525.pdf

J.K. Lasser’s Your Income Tax 2012: For Preparing Your 2011 Tax Return $14.12 This guide offers easy-to-follow, expert advice and guidance on planning and filing your taxes. It covers some of the most important tax topics, from what you must report as income and strategies that will save you on taxes to how much tax you actually owe and what deductions you can claim….

Jump online to claim pay

MORE families are choosing to claim family payments over the internet, with about half of all family assistance claims now being made using convenient and improved online services.

Does a company have to pay tax to claim R&D tax relief?