TAX TIME (13)
Tax time... I don't dread it, I LOVE it!! But then I'm an accountant!! 
Stupid thing is I get sooooo busy doing other peoples taxes that I usually forget about mine until early April...
Stupid thing is I get sooooo busy doing other peoples taxes that I usually forget about mine until early April...
i love this time of year. Being a single dad, i usually get all the money i pay in income tax back. Meaning nice refund.
As for tips; its simple, create as many deductions as you can and end up paying less in tax. Here are a few;
-make RRSP contributions..early in the year is best.
-keep reciepts for medical for you and your kids, ie-dentist, eyes, prescriptions etc, they to can be dedcuted on your returns.
-claim a dependant or spouse.
-claim your daycare expenses.
-if you use your vechicle for work, claim it.
-if you use part of your home for work claim it.
-donations.
there are so many deductions.
As for tips; its simple, create as many deductions as you can and end up paying less in tax. Here are a few;
-make RRSP contributions..early in the year is best.
-keep reciepts for medical for you and your kids, ie-dentist, eyes, prescriptions etc, they to can be dedcuted on your returns.
-claim a dependant or spouse.
-claim your daycare expenses.
-if you use your vechicle for work, claim it.
-if you use part of your home for work claim it.
-donations.
there are so many deductions.
I'm with Pucks on this one...If I was all alone (no kids) I just wouldn't file....what are they gonna do take my house?..If I had won my house in a poker game I would have dealt it back in and hoped I lost.
i got another 4 more yeas to file before they can charge me and im waiting all 4 years i hate taxes and now I am so behind in doing them its been 3 years sice i have..........
they won't charge you unless you owe a ton of dough .
Well there is a new change for any students out there...you don't have to claim your bursaries as income as of this year...that means that they are no longer taxable 
I just wished this would have changed back when I started university rather than once I was done...I would have saved thousands in taxes....
I just wished this would have changed back when I started university rather than once I was done...I would have saved thousands in taxes....well previously the first $3000 was not taxable so long as you attended school during the year. there is also a new credit based on the months in attendance to help cover the cost of text books.
I once waited 3 years to file, partially to avoid having to split my refunds with my ex....BUT, I also learned from the accountant that finally got me caught up that as of the 4th year you forfeit any refund (which made me move a wee bit faster)...so if you think you have money coming to ya, grab it quick!!
Please don't remind me! lol As for a tip...Let someone else do your taxes LOL
I dont really know 2 much about them, I think I need that Book you have Wikked.. lol..
But Last Year, I didnot do my Taxes, and they didnot give me my Baby Bonus in Auguest,.. I was so Upset, I Went right in to do my Taxes. I was so Pissed, because I need 2 pay my babysitter, and Get his diapers, and you know all that stuff for him!! This was a Lesson that was Learn't! I will never do that Again!!
But Last Year, I didnot do my Taxes, and they didnot give me my Baby Bonus in Auguest,.. I was so Upset, I Went right in to do my Taxes. I was so Pissed, because I need 2 pay my babysitter, and Get his diapers, and you know all that stuff for him!! This was a Lesson that was Learn't! I will never do that Again!!
Yes if you do not file your income tax returns you do not get Child Tax Benefits, GST cheques or any other benefit that is based on your income that may be handed out during the year - such as the National Energy benfit (or something like that) that came out last year for $250...
Thanks For the info Wolfdogg.. I will not ever do that again! lol..
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Created: Feb 2007
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Purchased a new book just revised/expanded and released called "Tax Tips That Revenue Canada Does Not Want You To Know"...
Does anyone here have any "tax tips" that help them with their returns??