Preparing for 2012 Income Tax Return

[floydrocker]

One thing to keep in mind about your charitable donations claims is that you can carry them forward instead of claiming for each year you make them. The advantage of waiting a few years to claim them is that you'll have a bigger sum when you end up claiming and will get a higher percentage of those dollars back on your return. I haven't read up on it lately but I think you only get a max of 15% on the first $200 and closer to 20 or 30% above that depending on your province. I think you can carry them forward for up to 5 years.

[Shwa Girl]

One thing to keep in mind about your charitable donations claims is that you can carry them forward instead of claiming for each year you make them. The advantage of waiting a few years to claim them is that you'll have a bigger sum when you end up claiming and will get a higher percentage of those dollars back on your return. I haven't read up on it lately but I think you only get a max of 15% on the first $200 and closer to 20 or 30% above that depending on your province. I think you can carry them forward for up to 5 years.

Good point

[tjthemanto]

I do it the old fashioned way still with a calculator and paper...This year is going to be a huge pain because I have had a bunch of seasonal contracts and self employed income that I have to claim on top of my normal day job. Then I have school and medical stuff as well that I need to claim so hopefully I can figure it out and not screw anything up!

Me too , I do it the old fashioned way and then just double check it with one of the FREE online ones to make sure its accurate

Usually I Telefile it and not Netfile it , and I get my refund in 7-8 days by direct deposit

[smilingstar]

One thing to keep in mind about your charitable donations claims is that you can carry them forward instead of claiming for each year you make them. The advantage of waiting a few years to claim them is that you'll have a bigger sum when you end up claiming and will get a higher percentage of those dollars back on your return. I haven't read up on it lately but I think you only get a max of 15% on the first $200 and closer to 20 or 30% above that depending on your province. I think you can carry them forward for up to 5 years.

I'm so excited about this actually. I made donations to the university endowment fund (which was automatically added to my tuition and I never opted out) for all my years of studies and Ufile always told me to not claim them. Now that I'm graduated and making money, I'm really counting on these to help me pay a minimum.

I really do wish I'd kept my receipts and previous tax returns more organized though.

[Ciel]

I agree about carrying forward donations in the years of low income because I did that for 3-4 years and then for one tax year, every non-refundable tax credit (night courses totalling $100 or more at same school + fed & prov. tuition/book credits, medical exp., donations) was a help to me because I actually had some semi-decent income for most of the tax year.

Regarding charitable receipts-unless you can remember when those organizations send the receipts out, I'd suggest figuring out when you donated and making a list/spreadsheet and tick off which receipts you have and which are coming to you in Jan/Feb. 2013. This really is useful if you give to various organizations.

If you do contributions through payroll deductions, check your payroll records for 2012 to see what you have contributed so far, before your T4 slip arrives.

I'm sure many of you have a system of organizing papers/important receipts but if you have been stacking or stuffing a storage unit, it's time to tackle that stack before the New Year and ensure you are not overlooking any receipt. Beside, shredding unwanted paperwork is relaxing...

[Shwa Girl]

I'm sure many of you have a system of organizing papers/important receipts but if you have been stacking or stuffing a storage unit, it's time to tackle that stack before the New Year and ensure you are not overlooking any receipt. Beside, shredding unwanted paperwork is relaxing...

Yes. As soon as the receipt is mailed or e-mailed it goes into a plastic shoe box ($0.50 from Home Depot) and into the desk for bill paying and income tax.

[lucy16076]

Can someone direct me in this ....
My daughter has earned $6700 in 2012. She lives with me 50% of the time, the other 50% with her dad. I claim her as my "dependent."
Now, does her income affect my taxes? She will file on her own, but now when I enter her income on my tax return ?? does it create more "income" for me?

What's the smartest way to go about this? Is she still a "dependent" if she is making her own money? She's 16 & in high school full time.

[lizzie bargain]

I believe you can still claim her but have to deduct her income from the allowable deduction for her-a quick call to Revenue Canada should give you a definite answer.

[lecale]

.

[Shwa Girl]

First day you can e-file is February 11, 2013...six weeks away!

Thanks.
We have not gotten any tax stuff yet. Only one charity donation that we made in the summer -- receipt came in November.

[gwennad]

CRA is no longer mailing personalized tax packages, nor will you need an access code to file through NETFILE (TELEFILE is gone). You can get a copy of the 2012 tax return online to print as of today or can order one through their website as of Jan 15th (though it won't be mailed until Feb 4th, when they will also be available at Canada Post & Service Canada locations). T4 slips have to be provided by the last day in February, though I think a lot of employers provide them earlier than that.

[tjthemanto]

CRA is no longer mailing personalized tax packages, nor will you need an access code to file through NETFILE (TELEFILE is gone). You can get a copy of the 2012 tax return online to print as of today or can order one through their website as of Jan 15th (though it won't be mailed until Feb 4th, when they will also be available at Canada Post & Service Canada locations). T4 slips have to be provided by the last day in February, though I think a lot of employers provide them earlier than that.

Cool , good to know that.

Those packages they mail out are a huge Identity Theft issue as they have your name , address and SIN on it. Its easy for someone to just get them out of your mail box
They usually send me the wrong one anyways and I end up picking mine at Canada Post i.e the right forms and package anyways

[Natalka]

CRA is no longer mailing personalized tax packages, nor will you need an access code to file through NETFILE (TELEFILE is gone). You can get a copy of the 2012 tax return online to print as of today or can order one through their website as of Jan 15th (though it won't be mailed until Feb 4th, when they will also be available at Canada Post & Service Canada locations). T4 slips have to be provided by the last day in February, though I think a lot of employers provide them earlier than that.

Ah, that's interesting. I knew it was odd because we usually get ours with the Christmas cards, lol!

[Shwa Girl]

CRA is no longer mailing personalized tax packages, nor will you need an access code to file through NETFILE (TELEFILE is gone). You can get a copy of the 2012 tax return online to print as of today or can order one through their website as of Jan 15th (though it won't be mailed until Feb 4th, when they will also be available at Canada Post & Service Canada locations). T4 slips have to be provided by the last day in February, though I think a lot of employers provide them earlier than that.

Thank you. This is very helpful.

[tjthemanto]

CRA is no longer mailing personalized tax packages, nor will you need an access code to file through NETFILE (TELEFILE is gone). You can get a copy of the 2012 tax return online to print as of today or can order one through their website as of Jan 15th (though it won't be mailed until Feb 4th, when they will also be available at Canada Post & Service Canada locations). T4 slips have to be provided by the last day in February, though I think a lot of employers provide them earlier than that.

Looks like they are following the US now. The US tax guys ( IRS ) stopped the automatic mailing of them a fewyrs back in 2010 ( I think )