The Tax Preparation Blog

Posts Tagged ‘money’

Question: Is there somewhere I can go online to see how much my tax refund will be (Canada)?

I am not sure if I want to go to H&R block to get my income taxes done- or if I should do them myself… I am wondering how much money I am looking to get back so I can figure what H&R would deduct and if its even worth it for me…
I’m sure theres a place to go that does them for you free but doesnt let you print or file online… cant remember!!

Answer: Go to www.genutax.ca

From there you can download a free trial version and plug in all your numbers and get your results. But, you’re right, you can’t netfile or print it unless you buy the program.

I have been using this program for a few years now. I like it. It’s really easy to use and the best part is that they send me free updates each year.

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Some innocent advice

Innocent but not naive.

Canada Tax Free Savings Account

Question: Buying from a UK retailer, living in Canada.?

Looking to see if anyone has any info on what I can expect relating to buying from a UK retailer who would be sending my package through Royal Mail’s signed for service. Does anyone know if the package would be sent directly to my home? To my local Canada Post office ( Toronto, Ontario Canada)? Other than Duty taxes, would I be looking at other charges. I have bought things from the US in the past who used UPS. They hit me for a temporary import number fee in addition to the duty. It was like an extra $20 that I wasn’t expecting? Would this be the case with Royal Mail? Thanks very much.

Answer: I’m a Royal Mail postman, so I can help.
For a while, I actually used to work in the section of Royal Mail that processes international mail arriving and leaving the UK, so I know about how Royal Mail’s International operations work.

Fedex and UPS aren’t technically postal services, they are actually courier services, and there are lots of crucial differences between the two.

Royal Mail is the UK’s national postal service, and therefore, under the terms of the Universal Postal Union, they will use their Canadian equivalent.

Your item will be delivered by Canada Post, and it will be treated in the same way as your mail. “Signed For” means that the item is “Registered” and a signature or other confirmation of delivery is required by Royal Mail.

Regarding Customs Duty and charges, whether the item is coming by UPS, FedEx or Canada Post is irrelevant. ALL international items will be screened by the Canadian Customs authorities, so if there is anything you’ll have to pay, you’ll still have to pay, regardless of the shipping firm.
There should be no extra charge from Royal Mail or Canada Post, although I expect that Canada Post will process any Customs charges on your behalf and pass the cost onto you.

Enjoy!

No intention of toning down in 2011, Ford says

Toronto mayor predicts auditor’s report will be ‘pretty earthshaking’

Liberty Tax Service Franchise The Best in USA and Canada

Question: Anyone else think the ‘Tea Party’ folk chose a very ironic name?

The people who dumped the tea in to Boston Harbour were angered because the East India Company (which was the world’s largest multinational company at the time) received large tax cuts and the tax income that would of come from the East India Company tea was then levied on to the colonies which the East India Company directly exported its tea to.

This is what I find ironic, because these people are supporting Republican politicians and ideals on which taxes on the average American are increased, but taxes on corporations and the very wealthy are decreased. It all just seems so very absurd.

http://en.wikipedia.org/wiki/Boston_Tea_Party

http://en.wikipedia.org/wiki/Tea_Act

No, it didn’t originally stand for “Taxed Enough Ready”. It was meant as a reference to the Boston Tea Party.

http://en.wikipedia.org/wiki/Tea_Party_protests

Answer: Wow, you are so wrong. To explain why, is utterly useless.

Canadian economy chugging along, ‘not at full steam’

The Canadian Chamber of Commerce is warning that the domestic economy is heading into a period of subdued growth — less than 2.5 per cent in 2011 — after an initially robust rebound from the recession.

Indian Intelligence Network-Miss 420 (1998)

Question: interest on nro account is subjected to tax in india?

hey guys I want to konw
I planning to open NRO account in India and Invest some money. I heard that in that account Indian govt will tax on my income.
I wnat to konw exactly how indian govt will tex on that income. I mean, is indian govt charge tax me on just interest or whole amount (priciple and interest both togather)
My worry is if indian govt charge me on whole amt then its gonna cost me, while if charge me on interest then its ok
And how much indian govt charge me tax me on my income.

Answer: You will be liable to Tax only on interest earned on deposits made by you in NRO account. Tax is not chargeable on principle deposited by you. The interest will also be liable to tax at source as per applicable rates of TDS. If your annual income from all other sources in India does not exceed taxable limits you may have to claim refund of Tax so deduced at source.

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Company Taxation in the Asia-Pacific Region, India, and Russia $91.37 The Asian-Pacific countries as well as India and Russia offer multinational companies all the benefits of booming economies in a world of recession. However, the investor must be aware of the tax regime under which he will operate. This survey presents the rates, definitions of taxable income and the incentives available in a complete, yet concise form. It goes on to review tax minimisation strate…

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Best tax-efficient countries revealed in indices

Wealthy investors seeking to minimise tax should relocate their businesses to Saudi Arabia, Russia or Mexico, and later retire to Dubai, Monaco or Austria – according to two new tax indices launched in recent weeks.

Dion Economic Vision Part 1 of 2

Question: UK Emergency Budget announced…?

I am sure you have all heard about the emergency budget announced by George Osbourne, some of the things that he has introduced are:
VAT to rise 2.5% to 20% from January 2011
Deficit reduced 77% by spending cuts, 23% by tax rises
Departments face cuts of 25% over the next five years
Two-year pay freeze for public sector workers earning over £21,000
Child benefit frozen for three years and tax credits cut
Disability benefit claimants face new medical checks
Corporation tax cut from 28% to 24% over four years
Capital Gains Tax hiked to 28% for top-rate taxpayers
Bank levy from 2011, raising £2bn a year
Income tax threshold raised £1,000 to £7,495
Pension link to earnings restored or 2.5% rise from next April
Civil list frozen at £7.9m

Are you happy about the Budget and how is it going to affect you?

Answer: Tough but necessary, I’m glad they’ve restored the earnings link to pensions so pensioners can have some dignity, many of them don’t claim what they are entitled to because of all the ridiculous and intrusive form filling and we’ll all be old one day, Vat rise will mean a bit more restraint when spending, but it is a relief that we have a government that is trying to get a grip instead of fiddling while Rome burns like the last lot.

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Top tips for Christmas giving

Two thirds of UK charities are now worried about their future income due to public-sector spending cuts and the increasing number of people that need their help, according to the Charities Aid Foundation …

Pre Budget Report | Part Two