Pay: Statements, Backpay, Benefits, Deductions (Taxes, T4), Deployed ect... [MERGED]

[Sundborg]

I just picked up my tax forms like 30 min ago from the post office.  I'm looking forward to getting them done and over with.

 

[jc5778]

Anyone know how, if possible, to transfer part of your salary to your spouce for tax purposes? 

I heard you can do that.  Helpful for a guy like me, who's wife makes far less then myself.  Puts you in lower tax bracket. i.e. BIGGER return.

 

[Scratch_043]

I am STILL waiting for my T4 slips from two employers (not in the CF) [yet]

is it usual for a company to take so long to get around to it? I would really like to get that refund, so that I can buy myself some new toys > Yeoman knows what I'm talking about.

Nic

 

[big_johnson1]

I just picked up my tax forms like 30 min ago from the post office.   I'm looking forward to getting them done and over with.

I've heard the same thing but since I'm not in that boat yet I didn't really pay much attention. My father goes to an accountant every year because he finds that they know more than the average joe working at HR Block. He then claims the cost of the accountant on the next tax year.

 

[Inch]

Anyone know how, if possible, to transfer part of your salary to your spouce for tax purposes?  

I heard you can do that.   Helpful for a guy like me, who's wife makes far less then myself.   Puts you in lower tax bracket. i.e. BIGGER return.

I'm not married but I highly doubt there's anyway to transfer part of your salary over to her. You made that money, not her. What you can do though, is claim her RRSP contributions or at least a portion of them. You'll get more back than she would since you're in the higher tax bracket.


Torn, all T4s (and other tax receipts for that matter) must be in the mail NLT the 28th of Feb. Slips for RRSP contributions made during the first 60 days of year are mailed out as they're ready, but all should be out by the end of Mar. So I'd recommend not filing your taxes until close to the end of Mar just to make sure you get all relevant tax forms. I got my T4s from the CF a week ago but I'm still waiting for the one from Royal Lepage for my posting allowance.

 

[x-zipperhead]

7-10 Days,

I think I know what you are referring to.   If your wife didn't earn any income, or very little income,   you can claim what would have been her base amount that you can earn tax free.   It's called the Equivalent to Spouse claim.   That is, you earn your first $7500 (approx)   tax free. That is your Personal Claim.   If she didn't earn anything you can claim hers as well.    I believe if you are claiming Equivalent to Spouse it's around $6800.   So, instead of earning your first $7500 tax free, you now will not pay any tax on your $7500 plus what she didn't claim - $6800 or so - for a total of 14k -15k tax free.   This combined with the advice from Inch wrt RRSP contributions can make for some considerable tax savings.

I know this isn't exactly what you described - you are not "transferring" any of your income to her.   This is the closest thing I could think of to what you described.   If I missed the mark on what you were asking, sorry.   Maybe this info will help anyway if you weren't already aware of it.  

Your best advice would be to seek professional tax advice through SISIP, HR Block, or a CPA.   You'd be surprised how much they might save you.   Often it is worth the fee.   Sometimes it isn't.

I hate tax time  

Cheers

 

[jc5778]

thx for the info, I heard this in passing from a guy that had attended a SCAN seminar.  Perhaps he was "right out-of-er" I was a little skeptical as well.  Would be a nice idea though ;D  For the record I usually do my own taxes with Quicktax on my own computer.  Easy to use and a lot cheaper then H & R Block.  Lus H & R block are out-to-lunch.  I always get my return in my bank within 10 days with using the at home program.  Any other tips out there??

 

[Bomber]

A caution on the Spousal RRSP, if you figure your wife might eventually out earn you, it will come back to bite you when you go to take the money out of the plan.  A buddy has been claiming his haircuts every 7-10 days all year long for the last five years, his accountant has been doing his taxes for him, and it has never bit him.  He also claims mess dues.  I think these are all things under "cost of business" things we are forced to pay.  Also do something school related, the CF re-imbursed a bunch of the school stuff, and the taxes are lessend because you are a part time student.  Or, just work as a pizza delivery guy or something.  Under the table stuff.

 

[big_johnson1]

Well as an ROTP student I know that I am not allowed to claim either the tuition (since I'm not paying it), or the 400$ a month I get for being a full time student (I'm getting money to go to school so that doesn't count either).. I am lucky though because I was getting MCpl pay for 8 months of the year and then OCdt pay for the rest, so I really overpayed on my taxes.. Unfortunately I don't think there is much I can claim. Kinda sucks but oh well. I didn't realize that I got a tax receipt from Royal Lepage though. How does this affect moving claims? Can I claim moving expenses or not?

 

[Inch]

I don't think you can since moving claims are full reimbursement. The same as per diem when you're on TD, you can't claim meals since you're reimbursed tax free.

 

[csura2]

I just got an e-mail saying that ROTP can now claim their tuition or something like this.  The rules have changed this year, but I'm still not exactly sure how.  I'll be talking to someone about it tomorrow.  But if anyone knows how the new changes work, feel free to spread the word.

 

[Gunner]

For those of you who deployed overseas in 2004, you may wish to defer claiming certain deductions until the 2005 tax year vice the 2004 year.  For example, in 2004 my taxable income was $43000. While I made a large RRSP contribution this year, I only used enough to reduce my taxable income to 36000.  I will carry the rest of the contribution over to 2005 and take advantage of the deduction when my taxable income is much higher.

 

[Big Foot]

EMEGirl, just go to your campus registrars office and request a T2202 and fill it out with the information they give you. Thats how it works here at RMC.

 

[big_johnson1]

I just got an e-mail saying that ROTP can now claim their tuition or something like this.   The rules have changed this year, but I'm still not exactly sure how.   I'll be talking to someone about it tomorrow.   But if anyone knows how the new changes work, feel free to spread the word.

Please, if you can confirm this, let us know. Me especially

 

[Inch]

Please, if you can confirm this, let us know. Me especially

I highly doubt the Crown will let you claim tuition that they paid for. You may however be able to claim the $400/month for being a full time student.

 

[big_johnson1]

I've been reading up on it recently and you are right Inch, there is no way to claim tuition because it's not coming out of the mbrs pocket. The 400$ a month though is a little more ambiguous.. There isn't anything that I've found that says you can or cannot claim the full-time student deduction, although I know people who have done it. God help them if Revenue Canada ever finds out though.

 

[Big Foot]

In accordance with Canada Customs and Revenue Agency policy, any full-time, subsidized student (ROTP, UTPNCM) may now submit a T2202 form with his/her income tax return.

That comes from an official email sent out by RMC today. I think that clarifies the situation a bit.

 

[camochick]

Ok, so alot of you have moved between provinces and I was wondering, if i lived part of the year in NB and the other in AB do i still have to do NB provincial tax forms or AB forms. I am so confused. :-\

 

[mo-litia]

Ok, so alot of you have moved between provinces and I was wondering, if i lived part of the year in NB and the other in AB do i still have to do NB provincial tax forms or AB forms. I am so confused. :-\

You only file taxes in your province of residence at the end of the year.  I seem to recall an area on the Alberta tax form - 1st page (?) - where you indicate where you lived at the end of the year.  Hope this helps.

To all students out there - HR Block is offering $25 same-day refuunds to all students at a post-secondary school.  I don't think that price can be beaten.

 

[Gunner]

To all students out there - HR Block is offering $25 same-day refuunds to all students at a post-secondary school.  I don't think that price can be beaten.

This is an option but I would urge you to look into netfile services provided by Quicktax and Taxwiz.  It takes about 10 days to receive your refund from the government but you are not paying H&R Block any money and you also get in the habit of doing your own taxes.  I started doing this years ago and it helps you understand the tax system and your deductions.

Mo-litia - Does H&R Block only charge $25 for your tax return?  Or do they take a percentage of your refund in order to provide the same day refund services? 

Cheers,