So, Thanatos seems to be the man for the 2008 US Tax Thread, but what about us Northerners? Who will be
our Thanatos?
I'd like if we could have a thread like the US one for Canadians, but I'm not sure if there's the knowledge-base here... hopefully I'll be proved wrong.
Generally, tips for filing electronically and doing your taxes on your own, and any hints for deductions, products to look for, or tricky situations would be appreciated. Basically, just like the other thread but for us!
Thanks for your help. I'll update this OP with appropriate information as it's posted.
Posts
I just generally use quick tax and file online. even with 2 jobs, a moderate RRSP investment, and a couple other small things it usually takes me about an hour.
I *will* file as early as I can this year though. Going on a trip in april that my return will help pay for.
Is the online filing free? How much did you (and should I) pay for Quicktax?
Basically, I'm going to file myself this year because I'm not cool with paying $99 to have my folks' accountant tell me I owe money to the Gov't. (I had some crazy part-time jobs and other crap the last two years and they didn't actually deduct enough, if at all--which I sort of didn't realise.)
I know I usually don't get my T4s until the end of February (curse those procrastinating employers!) but the US thread has me thinking about taxes and since I'll be doing my own this year, I've been anxious for the sort of advice in the American thread.
If you ever need to talk to someone, feel free to message me. Yes, that includes you.
All you have to pay for is the tax software, submission is free.
I like ufile online personally. Using it for last several years. Free if you make under $20,000 or are a post-seconday student (you input a code from the canadian federation of students). If you aren't one of those it's $15.95 + tax. Also, you can do your whole tax return and it will give you a summary of what you get/owe. You only pay to get the file you have to submit to the gov't of canada
Deductions to look for are Donations (Child's Play ), RRSP's, transit passes, tuition credits, student loan interest.
shit, I totally didn't even think about claiming Child's Play last year. Will definitely do that this year.
You'll need to go buy it again. That's how they make their money. You have to buy the new software every year. Or pay for a patch to get this years returns.
Here's a wikipedia comparison as to what's out there (30+ programs). Windows, Mac and web.
Edit: Forgot link: http://en.wikipedia.org/wiki/Comparison_of_Canadian_tax_software
For my first few years filing, I used to just fill out the paper return, since I kind of liked to be able to see how the deductions and everything worked. But I find it a bit too much work now, although I still reference it now and again.
Which brings me to my next question, how do any of you manage to get any actual deductions out of charitable donations? Or do you just donate a lot? Because if I remember correctly, only 15% of the donation actually gets applied as a tax credit. Which I guess in combination with lots of other things adds up, but still. Most of the time I just don't even bother putting it down.
Even if you donate $20, it's $3 back. Every little bit helps. Overall it doesn't really make a big impact but wouldn't you rather have the $3.
Also another reason I like uFile is that it will carryover everything over from the last year. Not having to re-enter stuff is so nice.
Yea, I mean, I donated $100US to childsplay this year, when the dollar was at about .75. so i spent about $125. That means I'll get roughly 18.75 back, which isn't a ton, but hey, it can make a difference. Plus, it's not like it takes a lot of effort to claim it.
some people sponsor children at $40 a month = $480 a year.
then add in sponsoring amnesty international at $40 a month = +$480 a year.
some people give a ton of money to religious organizations, ~10-15% of salary say which could be $5000 to $10000 a year pretty easily.
Or maybe they heavily sponsor a breast cancer foundation....
and so on and so forth.
Sure, I end up paying an extra $40 or something, but the peace of mind that it's going to be done and dealt with on the spot is nice, and it gives me someone to ask questions about various things right then and there, rather than having to go hunting for answers.
I applaud anyone that successfully does the online thing. I'm told it's not a big deal, but I've decided in my old age that I'm willing to pay a bit more for convenience and a reliable second opinion.
Well, yeah, I meant I'll probably go buy this years version from costco again.
I felt the value I got last year was good, for the money.
for me, it didn't seem to be worth the money
Isn't that only the tax on three dollars that you save or "get back", not three actual dollars?
One question I have which is pretty simple (arguable stupid) though; what is the time period for which we have to file? Is it jan 08-Dec08, or does it overlap into 2009 at all?
This matters to me cause I stopped working at my last tax claimable job in May of last year, I'm wondering how much of that I can claim.
That's kind of how I thought it worked too, though I never really looked at the math to confirm. Although I did just read that you get back somewhere closer to 30% of your charitable donations above $200, so it adds up faster if you donate a lot.
It's 2008, the full year. January 1st 2008 through to December 31 2008.
That's just a pet peeve of mine when tax breaks and deductions and things like that are talked about... friend says he's getting $100 back because he can claim up to that much for having his taxes done/doing them, when I'm pretty sure it's just the tax on $100.