Anyone filed their income taxes yet? And how much you got back or owe?

[sdubfid]

Originally Posted by roopi

I can't believe some of the refunds being posted here. Are your employers deducting too much or do have that much in deductions to apply over the year (rsps, donations, etc)

I usually get back 10-20k due to rrsp contributions, multiple employers and could care less about giving the gov a "loan"
26 pay periods a year would make it approx $460 per pay period. Investing it each pay period would cost approx 1-2% in commissions not to mention the headache of 26 extra transactions or I could put it in .5% high interest account and maybe get enough to buy a roll of toilet paper.
For me I prefer to just get the lump sum payout as it's an unexpected surprise each year.

[meme405]

Originally Posted by roopi

I can't believe some of the refunds being posted here. Are your employers deducting too much or do have that much in deductions to apply over the year (rsps, donations, etc)

There are a number of things which can be the reason, and many of them are completely out of the control of your employer.

For example capital gains, or losses from a house, or interest on a mtg is all deductions.

[roopi]

Originally Posted by meme405

For example capital gains, or losses from a house, or interest on a mtg is all deductions.

I'm assuming you are referring to interest on a mortgage for an investment property?

The rental income would mean you would most likely paying taxes unless most people show a loss on their rentals?

[meme405]

Originally Posted by roopi

I'm assuming you are referring to interest on a mortgage for an investment property?

The rental income would mean you would most likely paying taxes unless most people show a loss on their rentals?

I don't know about "most people", but I do know that if for some reason your property isn't rented for a portion of the year, or if you are renovating and it is vacant. The expenses related to the renovation as well as the interest on your mortgage can very quickly bury the minimal rent people pay in this city.

Look at it this way in Henderson (south of vegas) you have properties worth ~100k being rented for ~$1000/month. Even if the person has 50% of the value mortgaged, he's bound to make more in rent than hes going to pay interest (averaging out other factors).

Now choose van; guy buys a place for 1 million, depending on a variety of other factors the rent on it could be as little as 2k to 3k. Meanwhile he has an 800k mortgage on the fucking thing. Yeah his interest could very quickly topple any form of profit from renting.

[roopi]

Originally Posted by meme405

I don't know about "most people", but I do know that if for some reason your property isn't rented for a portion of the year, or if you are renovating and it is vacant. The expenses related to the renovation as well as the interest on your mortgage can very quickly bury the minimal rent people pay in this city.

Look at it this way in Henderson (south of vegas) you have properties worth ~100k being rented for ~$1000/month. Even if the person has 50% of the value mortgaged, he's bound to make more in rent than hes going to pay interest (averaging out other factors).

Now choose van; guy buys a place for 1 million, depending on a variety of other factors the rent on it could be as little as 2k to 3k. Meanwhile he has an 800k mortgage on the fucking thing. Yeah his interest could very quickly topple any form of profit from renting.

Makes sense. I'm in Calgary and I don't like tax season due to rental income. Never enough expenses to claim.

[slaughterhouse]

Anyone know how to go about reporting stocks on turbo tax? Do i fill out all sales of my stock in t5008 or in the capital gains/gain deduction section?

If so how do I do this? what is adjusted cost base (ACB);

It's my first time reporting stocks on my taxes I'm so confused

[blkgsr]

looking for some info:

i can get extended health coverage and life insurance trough my company for around $3000 taxable benefit

i already have coverage through my wife's work (government) and i already have life insurance so i probably wouldn't take that anyways

my questions is, what sort of ACTUALLY taxes am i going to see on the $3000? consider i'm in a "higher" tax bracket

[ntan]

Originally Posted by slaughterhouse

Anyone know how to go about reporting stocks on turbo tax? Do i fill out all sales of my stock in t5008 or in the capital gains/gain deduction section?

If so how do I do this? what is adjusted cost base (ACB);

It's my first time reporting stocks on my taxes I'm so confused

T5008 reports your sales proceeds (don't remember exact literature).

So if you sold 50 shares @ $100 each, ie. $5000, T5008 will report that figure, but it's not like you made $5000 off it; you might've bought it at $90, so your actual proceeds is $500. This is what you need to fill in to your ACB.

It gets a little bit more complicated if you purchased shares at different times (ie. 10 shares @ $30, 30 shares @ $90, 10 shares $120).

[ForbiddenX]

Anyone know where I can find what the interest rates would be if I can't pay my taxes all at once?

I wasn't expecting this much of an owing for my Canadian side and had budgeted what I paid last year. It gets offset by my American refund but the problem is I didn't get my American refund until Julyish.

[bobbinka]

Originally Posted by ForbiddenX

Anyone know where I can find what the interest rates would be if I can't pay my taxes all at once?

I wasn't expecting this much of an owing for my Canadian side and had budgeted what I paid last year. It gets offset by my American refund but the problem is I didn't get my American refund until Julyish.

5% per year, compounded daily

[blkgsr]

Originally Posted by blkgsr

looking for some info:

i can get extended health coverage and life insurance trough my company for around $3000 taxable benefit

i already have coverage through my wife's work (government) and i already have life insurance so i probably wouldn't take that anyways

my questions is, what sort of ACTUALLY taxes am i going to see on the $3000? consider i'm in a "higher" tax bracket

anyone with some input?

[heisenberg]

anyone get their returns yet?

[fsy82]

Originally Posted by blkgsr

anyone with some input?

Too many variables to answer your question. We need to know what tax bracket you are in first of all. How much federal tax deductions you had already. Do you have any taxable write offs to reduce your income..etc etc