Preparing for 2012 Income Tax Return

[gourmetsue]

Mia, I understand. I had a great business teacher in high school who made doing income tax preps like a game. I think we won prizes for the person to get "the client" the most money back.

Gourmetsue, I should be getting money back, from paying tuition. We want to pay down our mortgage with the expected refund. So, that's why I'm thinking about it now.

I am seeing $$$

Same here! We are putting our "refund" on our mortgage. I know some folks say that getting a refund means you've been giving the government your money for free but there is something satisfying about getting a big payday in april. I love getting started at this time of year to see how much we can top up our RRSP's, donate, claim on medical expenses etc to get the max refund.

[amandabananda]

December is the time that some people make donations to charities. Just make sure you know the minimum amount needed before they will give you an income tax receipt. Some say minimum $10, some require a minimum of $20.

There's normally a checkbox where you can get a receipt even if it's below the minimum. I've given donations to co-workers for Run for Light, or Terry Fox Run and get a receipt for my $5.

I'm in accounting and trust me, we don't all know the "in's and out's". I use TurboTax since we have T4's, tuition, RRSP, a child, daycare expenses etc. It's too much work to do everything by hand, I could do it if I REALLY felt like it, that's how we're trained in the beginning. Takes my husband and I about a half hour to do our returns.

[Shwa Girl]

There's normally a checkbox where you can get a receipt even if it's below the minimum. I've given donations to co-workers for Run for Light, or Terry Fox Run and get a receipt for my $5.

I'm in accounting and trust me, we don't all know the "in's and out's". I use TurboTax since we have T4's, tuition, RRSP, a child, daycare expenses etc. It's too much work to do everything by hand, I could do it if I REALLY felt like it, that's how we're trained in the beginning. Takes my husband and I about a half hour to do our returns.

Great - $5 can get someone a tax receipt. Good to know.
Good to see a post from someone in accounting.

[xox2010]

I used Ufile the past two years. I make under a certain income so it's free for me. Does everyone else get back a lot of money for their tuition? I get back nothing for my tuition and books?

[Natalka]

I do them old school. I've already gotten most of the stuff together - mine is nothing to do, husband's is average, son's is a little more complex because of school. I have to remember to dig out the form he got back with his refund because on it, it says how much to carry forward for him. He got a huge stinkin' refund last year, but it will be less for this year.

xox - I remember the discussion from last year - I guess it must be because of a different province, maybe, how those provincial taxes end up affecting the total - since the federal is the same. Milan worked barely six months at just a bit above min. wage.

[Shwa Girl]

I used Ufile the past two years. I make under a certain income so it's free for me. Does everyone else get back a lot of money for their tuition? I get back nothing for my tuition and books?

If you qualify as a full time student, there is an allowance for each month of studies plus the tuition deduction. I learned about this from the tax prep programs. It is in the tax guide but you have to read the guide. The program prompts you through out the process. Very interactive.

Like this:
http://www.youtube.com/watch?v=Kgh5U8YKdBY

Note -- I am not promoting this company

[theguyz]

I always register online with intuit ( quicken ) and play with #'s, as some items you can claim a few years back. Rather than pay for service, I just view pages and transfer #'s from the forms. Usually fall into the forced $29 fee due to incomes and extra's needed, and this saves me the $29 :p

[Shwa Girl]

I always register online with intuit ( quicken ) and play with #'s, as some items you can claim a few years back. Rather than pay for service, I just view pages and transfer #'s from the forms. Usually fall into the forced $29 fee due to incomes and extra's needed, and this saves me the $29 :p

Interesting.
So are you able to get free income tax service that others pay $29 to $39 for?

[matrix82]

Tax Question. I know if you live in a rural area that you can claim mileage to medical appointments. We moved into an urban area, and we are on waiting lists for doctors in our area. Currently if we need to see a doctor we drive 5 hrs to our old doctor's office, can we claim this as an expense, it's about three trips a year. I already have the paper from my doctor saying when I was in for an appointment.

[Shwa Girl]

Tax Question. I know if you live in a rural area that you can claim mileage to medical appointments. We moved into an urban area, and we are on waiting lists for doctors in our area. Currently if we need to see a doctor we drive 5 hrs to our old doctor's office, can we claim this as an expense, it's about three trips a year. I already have the paper from my doctor saying when I was in for an appointment.

Good question. I think there are some SCs who are tax savvy. Hopefully they will read this thread and answer.

[macw1960]

Tax Question. I know if you live in a rural area that you can claim mileage to medical appointments. We moved into an urban area, and we are on waiting lists for doctors in our area. Currently if we need to see a doctor we drive 5 hrs to our old doctor's office, can we claim this as an expense, it's about three trips a year. I already have the paper from my doctor saying when I was in for an appointment.

I use this info every year, hope it helps you. This is last years.

Line 255 - Meal and vehicle rates used to calculate travel expenses for 2011

[macw1960]

I prefer the old fashioned way.

[matrix82]

Thanks. I wish I had known about moving expenses :S. I never kept any of the receipts.

[sweet sparrow]

[QUOTE=Shwa Girl;5159524]If you qualify as a full time student, there is an allowance for each month of studies plus the tuition deduction.[\QUOTE]

What I found interesting is that universities consider full time students to have five or six courses, plus labs, tutorials, etc. Canada Revenue considers full time studies as being enrolled in at least three courses. (Or it was when I last looked at it.)

[Shwa Girl]

[QUOTE=sweet sparrow;5161355]

If you qualify as a full time student, there is an allowance for each month of studies plus the tuition deduction.[\QUOTE]

What I found interesting is that universities consider full time students to have five or six courses, plus labs, tutorials, etc. Canada Revenue considers full time studies as being enrolled in at least three courses. (Or it was when I last looked at it.)

Good to know about Revenue Canada.
I think some universities allow for less courses to be considered full time. For me, one graduate level course per semester x 3 semesters qualified me for full time.