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Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

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Old 02-22-2016, 10:20 PM   #126
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Kevin O'Leary thinks middle class focused income tax rate is bad for the country.

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Old 02-22-2016, 10:28 PM   #127
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Quote:
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If you make $23,500/year, you will owe approx $2500
https://simpletax.ca/calculator
Its missing personal allowances.
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Old 02-23-2016, 09:16 AM   #128
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Death and taxes; you can't avoid them.
If you owe taxes after doing your filing, it just means you haven't paid enough taxes through-out the year on your cheques. If the government is paying you, it just means you paid too much during the year.
In the end, you pay taxes regardless: Now or later.
RSP just means you defer taxes for later. The true savings is marginal if you calculate in all factors.
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Old 02-23-2016, 09:21 AM   #129
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Anyone know of any good accountants that handle cross border taxes?

I used AGTax last year and wanted to see what else was out there
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Old 02-23-2016, 12:19 PM   #130
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and every year I'll share that CRA has a list of free certified programs you can use.

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Old 02-23-2016, 07:23 PM   #131
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got over my anxieties and filed 4 years worth of taxes and completed some audits.

I'm getting a 5 digit return with gst and hst returns included.
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Old 02-23-2016, 08:33 PM   #132
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If BC government is not going to reduce MSP but instead, increase it. MSP should at least be tax-deductible.
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Old 02-23-2016, 09:55 PM   #133
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Originally Posted by ForbiddenX View Post
Anyone know of any good accountants that handle cross border taxes?

I used AGTax last year and wanted to see what else was out there
AmeriTax
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Old 02-23-2016, 10:20 PM   #134
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If BC government is not going to reduce MSP but instead, increase it. MSP should at least be tax-deductible.
MSP itself is pretty much a tax
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Old 02-24-2016, 08:07 PM   #135
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Does anyone have any information about being married and claiming a dependent (child under 18)?

My wife used to be able to claim her son as a dependent but since we're now married, I'm trying to claim him under her tax return but it says we can't claim if we're married or common law. I'm using studiotax

I've search in google to see what the rules are with this but it's not giving me answers to what I'm looking for.
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Old 02-24-2016, 08:15 PM   #136
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getting 98 bucks back. should i get RRSP?
im a total noob when it comes to taxes. all i know is if i dont pay then im GOOOD
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Old 02-24-2016, 08:29 PM   #137
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getting 98 bucks back. should i get RRSP?
im a total noob when it comes to taxes. all i know is if i dont pay then im GOOOD


I'm sick. Should I go to the doctor?
I'm a total noob when it comes to health issues. all I know is if i don't die then i'm good.
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Old 02-24-2016, 08:35 PM   #138
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Quote:
Originally Posted by hotjoint View Post
Does anyone have any information about being married and claiming a dependent (child under 18)?

My wife used to be able to claim her son as a dependent but since we're now married, I'm trying to claim him under her tax return but it says we can't claim if we're married or common law. I'm using studiotax

I've search in google to see what the rules are with this but it's not giving me answers to what I'm looking for.
Can you claim the amount for an eligible dependant?
What are the situations in which you cannot claim the amount for an eligible dependant?

From the first link, studiotax appears to be correct.

Quote:
You may be able to claim this amount if at any time in the year you met all of the following conditions at once:

You did not have a spouse or common-law partner or, if you did, you were not living with, supporting, or being supported by that person.
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Old 02-25-2016, 06:45 PM   #139
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Quote:
Originally Posted by hotjoint View Post
Does anyone have any information about being married and claiming a dependent (child under 18)?

My wife used to be able to claim her son as a dependent but since we're now married, I'm trying to claim him under her tax return but it says we can't claim if we're married or common law. I'm using studiotax

I've search in google to see what the rules are with this but it's not giving me answers to what I'm looking for.
it's best to search the website itself first. if you're referring to what used to be line 367:

Replacement of the Child Tax Credit with the enhanced Universal Child Care Benefit

Quote:
The Child Tax Credit will be replaced by the enhanced UCCB for the 2015 and subsequent taxation years.
if you're referring to the "eligible dependent" claim on line 305, then neither of you qualify, as you're married.
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Old 02-26-2016, 11:24 PM   #140
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Anyone here have experience with adding a WITB + T2202A?

I was a full-time student for about two months in 2015 (T2202A documented three months, so 13 weeks). According to TurboTax, "You are not eligible [for the WITB] if you were a full-time student during at least 13 weeks of the year."

Seeing as I was documented as being a full-time student for only 12 weeks, does that mean I can apply for WITB as well?

After adding just my T4/T4A documents, SimpleTax gives me an estimated refund of $1,140. Upon adding my T2202A information, it jumps to $1,670, and then when I add the WITB it jumps to $2,205.

My tax return last year was a lot simpler since I was a full-time student and I just want some confirmation if I'm doing it right this year. It seems too easy to be obtaining several hundred back like that.

EDIT: Turns out I will be fine submitting my T2202A and applying for the WITB.

According to the Income Tax Act that someone linked to me - http://laws-lois.justice.gc.ca/eng/a.../page-127.html

ineligible individual for a taxation year means an individual:
(b) who .. was enrolled as a full-time student at a designated educational institution for a total of more than 13 weeks in the taxation year
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Old 02-29-2016, 10:08 PM   #141
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did my own taxes this year as its only a t4 and a small amount of RRSP, and used that simpletax website. only getting 59$ back =[ lame haha. how to change it so they tax me a bit more so i can have a bit more of a return later on in the year
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Old 02-29-2016, 10:20 PM   #142
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did my own taxes this year as its only a t4 and a small amount of RRSP, and used that simpletax website. only getting 59$ back =[ lame haha. how to change it so they tax me a bit more so i can have a bit more of a return later on in the year
talk to the payroll of the company you work for and ask them to take off an extra 80-100 off per cheque.
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Old 02-29-2016, 10:46 PM   #143
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did my own taxes this year as its only a t4 and a small amount of RRSP, and used that simpletax website. only getting 59$ back =[ lame haha. how to change it so they tax me a bit more so i can have a bit more of a return later on in the year
Why? I mean why would you want the gov to take your money and spend it without giving you any interest at all. Sure you get it back a year later, but why not have it now and use it on what you like IE investment, hookers and blow, new cell phones etc etc......
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Old 02-29-2016, 11:12 PM   #144
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Need to confirm the numbers, but having shifted companies, and nearly fucking myself over on a low RRSP contribution, I'm getting $600 back.
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Old 03-01-2016, 01:45 AM   #145
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apparently i contributed a lot to my pension plan from my union. do any of you still invest in rrsp if you have a good pension plan?
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Old 03-01-2016, 07:20 AM   #146
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apparently i contributed a lot to my pension plan from my union. do any of you still invest in rrsp if you have a good pension plan?
I do if I have the funds and if it helps me fall into a lower tax bracket and I get a nicer return. I also have to do a HBP payment.
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Old 03-01-2016, 09:40 AM   #147
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Fall into a lower tax bracket? lol
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Old 03-01-2016, 10:42 AM   #148
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apparently i contributed a lot to my pension plan from my union. do any of you still invest in rrsp if you have a good pension plan?
How good is your pension plan? Do you think it will be there when you retire? If it's a gold-plated, defined-benefit, public sector pension protected by legislation, then it will likely be there when you retire. However, if it's a private sector pension plan, there's always a chance that the company could go under and won't be able to fund its commitments to the pension fund. Or, the company could implement a change to a defined contribution plan, particularly as a tradeoff for something like higher wages in a future collective bargaining agreement.

A lot of people say that if you're young, it's better to put your savings in a TFSA because you're likely making a lower salary now than you will be in the future. The TFSA is a much more flexible instrument because you can make withdrawals and regain the contribution room the following year. If you have to use your RRSP for unforseen emergencies, you lose that contribution room forever and you have to pay tax on that money at your marginal rate when you take it out. When you retire, you have to start withdrawing your RRSP at age 71 and you have to set up a Retirement Income Fund (RIF) to stage your withdrawals to minimize your income taxes. If you have a gold-plated pension plan that is indexed to inflation, forced RRSP withdrawals could increase the taxes your normally pay, depending on amount of your pension. On the other hand, any money you decide to withdraw from your TFSA will not be taxed, no matter how low or high your income is at the time you withdraw it.

Last edited by Tapioca; 03-01-2016 at 10:48 AM.
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Old 03-01-2016, 10:58 AM   #149
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i'm not sure what type of pension plan i have, but it's the municipal pension plan. i contributed close to 10k last year and have very little room for rrsp contribution. this is the first year i opened a tfsa account but i guess i should contribute more into tfsa.

thanks for the info. so much info out there in google that it gets a bit confusing.
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Old 03-01-2016, 11:13 AM   #150
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i'm not sure what type of pension plan i have, but it's the municipal pension plan. i contributed close to 10k last year and have very little room for rrsp contribution. this is the first year i opened a tfsa account but i guess i should contribute more into tfsa.

thanks for the info. so much info out there in google that it gets a bit confusing.

You should read your pension information booklet and learn about how it's managed, the types investments it contains, etc. If it's municipal, it's likely defined-benefit which means your pension is determined by some sort of formula - for example 2 times the number of years of service, divided by 100 to determine the percentage of your salary you would receive in retirement. You get the payment based on the formula, as opposed to how well your investments in the pension fund have done over the years.

However, municipal governments, because they're inherently smaller, may be riskier in terms of the financial health of their plans. You should read the financial statements of your pension plan to determine how safe it is.
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