2015 tax returns (2016 tax-filing season)

[wimbly11]

Thanks Ciel, I was hoping perhaps I could as I will get hit this tax season because I was on mat leave last year

[barbis9]

For low income individuals and couples - you can get your income tax done for free and transmitted by a volunteer from your local MP office (federal government). Contact them for more info.

[Ciel]

Colleges or schools that have business administration programs also run low-cost clinics but they fill up quickly by appt.

[Ciel]

Thanks Ciel, I was hoping perhaps I could as I will get hit this tax season because I was on mat leave last year

Unless there is someway to connect the computer to any business you might have had last year, then it cannot be claimed as an expense.

[wimbly11]

Unless there is someway to connect the computer to any business you might have had last year, then it cannot be claimed as an expense.

Hmm...my husband has a business....

[banana03]

I asked this in a seperate post, but maybe someone can answer here. Any one have a network marketing business and file by themselves or have any recommendations for me ? We have usually done turbo tax this year and not sure if I should or not this tax year

[theexxx]

Hi guys. I am a tax preparer, have been for many years. I work with a "large national chain" preparing taxes professionally (I call them the Wal Mart of tax preparers). I would certainly be happy to help any of my fellow couponers with questions / advice when I get on to answer. Send me a PM if you want a quicker response. My only disclaimer is that I do taxes in Alberta so not completely familiar with all the other provinces provincial tax credits, etc.

I've never paid for tax software. There are many free software programs online, many are free. Some depend on your income. Some of my favorites are:

Ufile.ca
Studio Tax (FREE but even a $5 donation makes a difference. Donate if you like the software!)
H&R Block.ca

Kelly

[theexxx]

Hello Banana,

A Network Marketing business is considered a Home Based business and you are entitled to claim Home Office expenses, vehicle expenses (keep a vehicle log or CRA will probably deny your claim without it), portion of utilities, portion of mortgage interest or rent, and write off things like inventory costs, shipping / postage costs. Those are just a few write offs off the top of my head. Did you have a more specific question?

Kelly

I asked this in a seperate post, but maybe someone can answer here. Any one have a network marketing business and file by themselves or have any recommendations for me ? We have usually done turbo tax this year and not sure if I should or not this tax year

[tjthemanto]

Does anyone know anything about taxes and being a student? I work full time but am enrolled in a fulltime online program. My tuition was paid for by a third party so I won't be claiming that...however, can you claim an expense such as a laptop bought for school purposes?

They send a T2202A Form /Slip . So if your name/SIN is on it, maybe you can still claim the tuition expenses , even if someone else paid for it ( not sure ), could be illegal though .

Probably the third party is already claiming it on their behalf and using that as a business expense or write off, lot of employers/companies do that, when they pay for their employees tuition.

some good info here, regarding what you can claim as expenses if you are a student :

http://www.getsmarteraboutmoney.ca/e...x#.VqjWf688KrW

[tjthemanto]

Hello Banana,

A Network Marketing business is considered a Home Based business and you are entitled to claim Home Office expenses, vehicle expenses (keep a vehicle log or CRA will probably deny your claim without it), portion of utilities, portion of mortgage interest or rent, and write off things like inventory costs, shipping / postage costs. Those are just a few write offs off the top of my head. Did you have a more specific question?

Kelly

Do you file it just as an Individual return or do you file it as a company ( Incorporated ) or sole proprietorship or something like that.

I know someone who has a small home based business, its a one man show , no other people involved.
He files 2 returns each year , one just as an individual and one as a company. I always found that strange, as he has no income as an individual except from his home based business. So don't really know, why he files 2 separate returns.

He always brags about how he can always declare a business bankruptcy and not a personal bankruptcy and no one can touch him or his personal assets, if something goes wrong with his business. I think he is just pulling of some gimmicks for tax purposes

[theexxx]

Your friend sounds like he has Incorporated his company. A corporation is it's own separate entity and must file it's own separate tax return. Your friend might want to double check his liability if his share of the corp is more than 40% though as I have heard of rulings making the sole director / co-owner spouse libel for the Corporations debts recently but I have not seen this with my own eyes or ears. Just something I heard through the grapevine. He should also be aware that if his Corporation minutes are not kept up to date or if the judge "pierces the corporate veil" and determines that his corp is not properly functioning he will definitely be libel for the debts and obligations of the Corporation. But onto taxes....

A sole proprietor is simply someone who is self employed but not a registered corporation. A lemon-aid stand is a very good example of this. You decide you want to sell lemon-aid. You work for yourself in your little stand selling lemon-aid. You have no employees, you are simply self-employed (self-employed contractors fall into this category as well). Your inventory, expenses, etc are write offs against your profits and your profits are allocated as income to you on your own personal tax return. I suggest keeping ALL of your receipts as the CRA likes to disallow things if you can't come up with proper documentation. Your personal tax return (T1 General) has a section asking for Gross Business Earnings and Net Business Earnings on Pg.2. You will also have to fill out a T2125 Statement of Business Activities which breaks down the expenses you're claiming. I tell my clients for ease of simplicity as soon as you make more than $30,00 in any consecutive 12 months you must file for a GST # and start collecting it. That should keep you busy for a while

Kelly

[tjthemanto]

Your friend sounds like he has Incorporated his company. A corporation is it's own separate entity and must file it's own separate tax return. Your friend might want to double check his liability if his share of the corp is more than 40% though as I have heard of rulings making the sole director / co-owner spouse libel for the Corporations debts recently but I have not seen this with my own eyes or ears. Just something I heard through the grapevine. He should also be aware that if his Corporation minutes are not kept up to date or if the judge "pierces the corporate veil" and determines that his corp is not properly functioning he will definitely be libel for the debts and obligations of the Corporation. But onto taxes....

A sole proprietor is simply someone who is self employed but not a registered corporation. A lemon-aid stand is a very good example of this. You decide you want to sell lemon-aid. You work for yourself in your little stand selling lemon-aid. You have no employees, you are simply self-employed (self-employed contractors fall into this category as well). Your inventory, expenses, etc are write offs against your profits and your profits are allocated as income to you on your own personal tax return. I suggest keeping ALL of your receipts as the CRA likes to disallow things if you can't come up with proper documentation. Your personal tax return (T1 General) has a section asking for Gross Business Earnings and Net Business Earnings on Pg.2. You will also have to fill out a T2125 Statement of Business Activities which breaks down the expenses you're claiming. I tell my clients for ease of simplicity as soon as you make more than $30,00 in any consecutive 12 months you must file for a GST # and start collecting it. That should keep you busy for a while

Kelly

yeah the whole thing is complicated individual, sole proprietor, incorporated - but if you know what you are doing , lot of loopholes can fe found to avoid taxes and for accounting and taxation gimmicks.

[Ciel]

Picked up my paper guide/forms/envelope at the postal counter at Shoppers this morning! Tempted to get a Year of the Monkey stamp to put on the envelope.

[jasperandchar]

Hi guys. I am a tax preparer, have been for many years. I work with a "large national chain" preparing taxes professionally (I call them the Wal Mart of tax preparers). I would certainly be happy to help any of my fellow couponers with questions / advice when I get on to answer. Send me a PM if you want a quicker response. My only disclaimer is that I do taxes in Alberta so not completely familiar with all the other provinces provincial tax credits, etc.

I've never paid for tax software. There are many free software programs online, many are free. Some depend on your income. Some of my favorites are:

Ufile.ca
Studio Tax (FREE but even a $5 donation makes a difference. Donate if you like the software!)
H&R Block.ca

Kelly

Since the liberals are now in power does that mean that the 2015 taxation year will be eliminating the income slipping (we are not seniors) or will they be starting that in 2016's tax year.

Thanks @theexxx

[tjthemanto]

Picked up my paper guide/forms/envelope at the postal counter at Shoppers this morning! Tempted to get a Year of the Monkey stamp to put on the envelope.

Or just drop it in one of the CRA tax centres or locations, if there is one close by & if you are going that side any ways, you can save some postage & usually its faster & reaches them sooner.