income taxes :-(

[barbis9]

Ugh, I finally did mine and DH's returns, between us we owe $350 ... the only difference from last year to previous years is the UCCB they now pay us (and it being taxable as income) and the removal of the tax allowance for kids. Thankfully on my spreadsheet I have saved for taxes every month. So this amount is covered.

I would rather pay than get a refund. Make sure you sent out your cheque at the end of April. No point in giving the government money too early.

[Brad]

One year I did some stock trading and my taxes that year were absolutely brutal to complete. I hadn't kept good records about what I bought and sold each stock for and how many shares I bought/sold on each trade, and I made many trades that year often with the same stock. Now I no longer do that, I might make a few trades a year at most so it's easy to keep track of it.

[barbis9]

One year I did some stock trading and my taxes that year were absolutely brutal to complete. I hadn't kept good records about what I bought and sold each stock for and how many shares I bought/sold on each trade, and I made many trades that year often with the same stock. Now I no longer do that, I might make a few trades a year at most so it's easy to keep track of it.

This is the only thing that really confuses me. I want to start doing online trading but I can't find any decent information that is in basic English.

[Mia001]

as i see, many people have more complicated problems with the tax files than i do....

DH always tell me that it hardly can be more simple....except for the family meds that i take on my side and i tried to symplify it at the most over the years by doing only one refund a year /each....

i don't know for those who have QC tax to do , but i find this one harder , can't they make it more simple ....any how, the refunds pay the time i spent on them

[brunt]

This is the only thing that really confuses me. I want to start doing online trading but I can't find any decent information that is in basic English.

Of course, if you restrict your trading to within your RRSP and/or TFSA, you don't have to deal with any of that pesky tax stuff.

If you invest outside of protected instruments, then you typically only have to worry about when you sell for complications at tax time. To buy and hold is pretty easy, you receive slips for dividends received, just enter them and you are done. So if you want to put some money in some ETFs, and hold onto them, it should not be that difficult.