Income tax question

[Harrison]

As far as tax programs go, there is a free one that works just as well as the ones you pay for. It is called studiotax, do a search if you like. As long as you understand the tax process, it is a very easy program to use, being free is all the better.

 

DOH! Where was this a week ago!

 

I agree with the DIY route. Unless you are getting into business tax.

 

Bucktail, I claim the credits for my Mrs as well. Make sure you file her return (I did hers telefile for a simple basic return) as she should get any tax paid as a refund if no other income (investments etc..) and under the personal amount.

 

As for H&R, they are moslty DIY'ers that use the same programs you would use if you DIY.

Edited March 8, 2010 by Harrison

[Raf]

thanks for the heads up re: studio tax.

 

i like free.

[ch312]

studio tax is the best free one out there right now as far as i know. the only pain in the butt this year was all the home reno receipts that i had to sort through. but, i'm getting around $900 for home reno's alone so it was worth it.

 

when doing personal taxes it should be easy enough for most people to figure out how to do it yourself with studio tax...for FREE.

[JohnF]

I always chuckle when someone finally goes to a proper accountant and finds about the different legitimate deductions they didn't know they could make and how much more than the accounting fees it would have saved them. Not to say it happens for everyone but if you have a rental property, or do business from your home, or have tuition fees and school expenses for you or the kids, or use your vehicle for business, etc. there's a good chance you're missing out on deductions.

 

JF

Edited March 8, 2010 by JohnF

[Raf]

mine's simple.. no dependants, a t4 + rrsp contributions.. nothing else. i can't think of anything else i'd be allowed to claim being a regular ole salaried employee. studio tax should suffice.

 

i agree, if it were more complicated i'd hand the ball to an accountant.

[Gerry]

studio tax is the best free one out there right now as far as i know. the only pain in the butt this year was all the home reno receipts that i had to sort through. but, i'm getting around $900 for home reno's alone so it was worth it.

 

when doing personal taxes it should be easy enough for most people to figure out how to do it yourself with studio tax...for FREE.

 

 

If you spent $6,000 in renos then your calculation would be correct.

[sirfish]

Remember, you are only getting the home reno tax refund credit if you are getting a return. If you owe I think they deduct dollar for dollar. There was a story on CFTO about a month ago about this. Lots of peeved people out there when they found out.

 

 

 

 

 

 

 

studio tax is the best free one out there right now as far as i know. the only pain in the butt this year was all the home reno receipts that i had to sort through. but, i'm getting around $900 for home reno's alone so it was worth it.

 

when doing personal taxes it should be easy enough for most people to figure out how to do it yourself with studio tax...for FREE.

[fishermccann]

If you have investments and such, a C.G.A. all the way, I found out the hard way how much not using one cost me.

[lookinforwalleye]

Remember, you are only getting the home reno tax refund credit if you are getting a return. If you owe I think they deduct dollar for dollar. There was a story on CFTO about a month ago about this. Lots of peeved people out there when they found out.

 

 

Why would anyone expect a reno tax credit cheque when they owe taxes!Duh.

[spinnerbaitking]

I have a business on the side & use an accountant, my son decided to get H & R Block to do his last year & phoned to say he was going to have to pay $50.00 plus what ever for them doing them, he had school expenses Tuition, Rent etc. & medical expenses, I told him to get his stuff back & I'd have my accountant do them, it cost me about $60.00 extra & he got over $800.00 back, H & R Block ended up given him his information back & didn't even charge him for what they did,

Richard

[Dutch]

Remember, you are only getting the home reno tax refund credit if you are getting a return. If you owe I think they deduct dollar for dollar. There was a story on CFTO about a month ago about this. Lots of peeved people out there when they found out.

 

This is simply NOT true.

 

The HRTC is a non-refundable tax credit, meaning it does not create a refund for you. If someone had zero income and claimed the credit, they would NOT receive a refund as a result.

 

Contrast that with someone that has paid tax - claiming the credit offsets the amount of tax one has to pay so by reducing the tax, that will increase that person's refund IF they had tax deducted during the year.

 

If someone did not have enough tax deducted and had a payable, the HRTC would reduce the amount they have to pay in the same fashion it would increase a refund.

[John Bacon]

Remember, you are only getting the home reno tax refund credit if you are getting a return. If you owe I think they deduct dollar for dollar. There was a story on CFTO about a month ago about this. Lots of peeved people out there when they found out.

 

If I understand you correctly ... someone who owed the government $1,500 before taking the renovation credit into consideration, and qualified for an $800 renovation tax credit would not receive a refund; but the $800 would be deducted from the money that they owe the government. If this is the case, the tax payer would still have received the benefit of the renovation credit because they would owe the government $700 instead of owing them $1,500. They are still $800 better off than they would have been without the tax credit.

[lookinforwalleye]

yes

[danc]

Here's a globe and mail article about some of the issues being discussed here.

 

Tax Info

 

There's some good links at the bottom of the page as well.