The Tax Preparation Blog

Posts Tagged ‘wiki’

Question: Submitting my very first tax claim?

I will be filing my first tax return. I am on Post Graduate work permit at the moment and here is my recent history in Canada

1. Sept 2006 Enrolled for a masters degree
2. Graduated Dec 2007
3. Started Job March 2008
4. Filing taxes

I received my first T4 slip in January for the year 2008. I signed up at Quicktax online and was filling out…. It asked me to whether I wanted to create a student profile. I did and there is a huge tax refund due to my tution fee which is around $30,000. I only received a 2202A form for Jan 2008 – Dec 2008, when I was enrolled in only one course. I did not receive anything for 2006 or 2007 probably because I was not working had no record at CRA.

Can I still ask for the tax refund for my previous years?

Answer: Regardless of whether you have ever filed a tax return, you should have received a T2202A slip for your tuition fees paid in 2006 and 2007. Speak to the someone at the university about getting copies of these, as they will be very valuable to you now that you are earning income.

Once you get the slips, you will need to file tax returns for 2006 and 2007 to report the tuition fees and related education and textbook credits. Assuming that you had no income in these years, you will not be penalized for late filing. The tuition and related credits will then be available for you to claim as tax credits on your 2008 return. Any amounts that you are not able to use in a given year can be carried forward to future years.

Have a look at the CRA pamplet P105 – Students and Income Tax for more information.

http://www.cra-arc.gc.ca/E/pub/tg/p105/README.html

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Bank on dividend compounding

Advice for the income investor.

Foreclosures in Canada – CanadaForeclosureList.ca

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: Federal Tax ID numbers.?

I know that businesses need to have them listed in some form or the other because it is part of the public forum. Some are much easier to find then others. Are there any online sources for Fed Tax ID listings that anyone knows of, (I found an official on last year but got a new computer).

Answer: you can apply for an fed id number through irs.gov. they are not really public. although they are included on w-2’s, 1099’s, etc.

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Question: Since Sports Athlete’s and Actors have Labor Unions why do the Democrats support Labor Unions and support a Pr?

Since Sports Athlete’s and Actors have Labor Unions why do the Democrats support Labor Unions and support a Progressive Tax System why do they suport higher taxes on their Union Brothers and Sisters many which make millions of dollars a year. Am I right that the reason why Sports Athlete’s make so much money is because of Strikes ? Also my point is not all Rich people are CEOS of Big Wealthy Corporations.

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

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

http://en.wikipedia.org/wiki/Professional_Hockey_Players’_Association

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

Answer: I was in a union and I made during my best year $60k, I never met a union brother or sister that made millions a year. Nor have I heard of one, except when it comes to those few professions that have them.

The reason the pro athletes are unionized was before the owners paid them little, no retirement, no nothing and threw them out when they were used up. Now some of the athletes are wealthier then the owners. Good for them.

If we go back to a non union America, we will end up with this:

6 1/2 day work weeks
12 to 14 hour work days
No retirement
Barely livable poverty wages
fired at will
management running over the workers
20 minute meal breaks
terrible working conditions
absolutely no protection.

We’ll be back to third world.

As far as your tax question, taxes are a bi partisan effort over decades to get to where we are. There are 213 various taxes in the USA. Income tax is but one of them. The average person pays 50% of their salary in taxes.

Now that is something we can all biiiitch about. But we don’t. We are stuck in income tax and ignore the rest. Look at how the press reports on taxes, it is almost always about income taxes, rarely about the rest of the taxes.

Stupid

More Optimistic Fluff And Spin on Pessimistic Macro Numbers – This Type Of Reporting Simply Drives The More …

The newest home sale numbers are in. I was going to quote the various MSM news outlets, but ZeroHedge’s Tyler Durden did such a superb job of congealing the essence of the various reports, I’ll just quote him: Stocks are up which means another fundamental data indicator must have missed expectations (following the earlier GDP miss). Sure enough, the NAR just reported November existing home sales …

Dusty Springfield – Tribute (1939-1999) Remastered HQ Digital Stereo

Top 10 stories of 2005

Every year starts with a clean slate, only to be filled with surprises. Some of the news is undeniably bad. Some is hopeful. Looking back gives a sense of how we all have grown and coped, and a hint of what might in store for us in the coming year.