Canada

2007-03-13 23:09:07 · 5 answers · asked by Anonymous

I was travelling through Asia during 2005 and failed to file my Tax Return with Revenue Canada. I had no income for 2005. In 2006 I came home and started working, so now I am looking to file my 2006 Tax return. Will I be Penalized for not filling my 2005 Taxes even though I had no income? If so, what penalties should I expect? Do I need to do a Voluntary Disclosure? I am very concerned about this, please respond.

2007-03-13 05:26:45 · 8 answers · asked by Andrew L 1

Also, What might people think if the Canadian government says the taxation be abolished?What is the benefit(s) ?

2007-03-13 02:56:35 · 1 answers · asked by Anonymous

Specifically, I've been in the US for the past 2 years on a valid work visa and have earned US income. I returned to canada in mid-July and now have dual residency status and dual income sources (US and Canada). What are the critial issues/ elements/ steps pertaining to proper declaration of income and corresponding tax credits?

2007-03-12 15:53:21 · 1 answers · asked by Bryan H 1

2007-03-12 06:22:17 · 5 answers · asked by Daron D 1

It's been down now for a week. I haven't seen or heard any news about this. Have you heard?

2007-03-11 18:54:07 · 3 answers · asked by penbuddy 2

I've been offered a job in the US by a US company. I'm Canadian and will need to fill out both a US and Canadian tax return. Its a 6 month to a year contract. The job offers to split my salary between a rate of $28/hr and $153/day (7 day) per diem. I know each state allows so much per day in per diem tax free and I'll fall well within that limit. I'll be keeping my house in Canada and will rent in the States while I'm working there. I'm alittle worried about the per diem getting taxed in Canada. It won't show up on my W2 because its tax free in the US. Should I worry about this and save some cash for taxes just in case. I know in Canada its really grey area stuff. What should I do?

2007-03-11 14:16:34 · 3 answers · asked by dgiles1122 1

2007-03-11 11:27:09 · 3 answers · asked by John M 1

2007-03-11 09:23:33 · 4 answers · asked by cheryl h 1

i live in canada ontario. i live in co ownership bulding for 30 years. our board of director is paying themself out of our money illegaly and all the contractors so called are being paid cash no t4 no contract all cash. i reported them to canada revenue office but nobody is doing investigation or audit of this establishment. i even wrote to prime minister of canada and my concern was forwarded to somebody else.
how can i get the governamet to listen. we need to get rid these people. i have been trying this for the pas 3 years and my complaint or report is bouncing all over the governament without any results.

2007-03-11 08:57:12 · 3 answers · asked by Anonymous

hi can some one let me know if there is an animal out there called a banchee

2007-03-10 13:56:50 · 2 answers · asked by Anonymous

I mailed mine in on February 19th, how long does it take to get it back using automatic bank deposit.?

2007-03-10 11:34:59 · 3 answers · asked by glencairngirls 2

Or do I just claim her earnnings in the part where I claim her as a dependent. She made about $1200 last year.

2007-03-10 08:26:47 · 3 answers · asked by Dellajoy 6

I have some rental properties and I have Net Income Loss after depreication.

My question is, can I use net loss from rental properties to write off my other income. So I can reduce my taxable income?

2007-03-10 08:04:17 · 2 answers · asked by jordan g 1

If we comsumers rallied together and boycotted these gas stations on a rotating schedule. As an example hit Shell stations on Mondays, Petro Can on Tuesdays and so on. Do you think these oil companies would get the message that we consumers have reached our limit of patience with the ever rising fuel prices and lame excuses.

2007-03-10 07:05:29 · 10 answers · asked by pumper 2

I have a Canadian investment account. If I purchase a US stock do I pay taxes under US tax guidelines or Canadian tax guidelines?

Also I was wondering...In Canada you pay taxes on 50% of net capital gains from equities. Doesn't this mean if you buy and hold a stock for 10 years it will be tax free for those 10 years making it the same as if it were in an RRSP?

2007-03-09 15:53:04 · 1 answers · asked by peter_007_peter 1

Chemstar Financial sent me a check and said it was to cover administrative and processing fees for my winnings. Is this a scam? They want me to send them the money from the original check first and insure it at Walmart and mail it to someone in Canada and then they will send me a $250K check. Anyone heard of this?

2007-03-08 13:26:06 · 11 answers · asked by Grandma sheila45 1

Say "jim" was together with "sally" for 5 years and they were common law, and sally had a child. Jim took care of the child but was not the biological father and unfortunately they split up. On Jim's taxes, should he declare the child as a dependant? He is not supporting them anymore.

2007-03-08 12:41:10 · 11 answers · asked by Anonymous

I might take a management position, which will cut my untaxed income by about 50% I don't want to get stuck with a $2000 quarterly payment

2007-03-08 11:27:16 · 3 answers · asked by Anonymous

These claims will be prescription, dental and eye glasses.

2007-03-08 06:29:02 · 2 answers · asked by CT 1

Do I need to claim what support payments I have received on my Tax return?

2007-03-07 08:57:57 · 7 answers · asked by Anonymous

In 2006 I did parttime studies, and moved into fulltime studies in 2007. I realize that not all tax programs and accountants are equal. What would you recommend that I do for my taxes? Will I get everything back if I am a student (i.e. expenses for a computer, textbooks, tuition in US dollars)?

2007-03-06 06:17:24 · 1 answers · asked by Felicia C 2

2007-03-05 23:56:55 · 1 answers · asked by Anonymous

Can an income tax accountant give me an estimate on how much return ($) I would get by looking at the numbers on my T4 slip????

2007-03-05 23:56:13 · 2 answers · asked by Anonymous

I'm 17 years old and as far as tax returns and the such go, I have no idea how to go about it. I was given my first T4 form a week or so ago, but I don't know what to do with it. It seems that th boxes applicable to me have been filled by my employer, so now what?

2007-03-05 17:39:10 · 3 answers · asked by seed 2

I'm trying to do my T4 and on it says that my tax deducted on my T4 is $338. isn't that what i get refunded? When it's all done my refund is less, about 221. Why is that?

2007-03-05 16:18:16 · 7 answers · asked by Anonymous

I am in Canada and I have some rental properties.
I want to ask if principal in mortgage payment should be counted as net-income or taxable income?

I always think the principal part of mortgage payment is tax free income. I should only pay tax if I have positive cash flow.

But my accountant told me that even my property break even with 0 cash-flow after mortgage payment. I still have principal as income, because only Interest is expense. So my principal become net-income and it is taxable. I can only claim depreciation to defer the tax.

Is it true? It is against my knowledge that equity & principal is tax free income. Please clarify. Thanks

Jordan

2007-03-05 15:56:21 · 2 answers · asked by jordan g 1

Anyone out there know of a website where I could get an estimate of how much money I will get back from my income tax return providing information from my T4 slip I got from work? I just want an estimate of how much I'll get back.

2007-03-05 13:55:24 · 2 answers · asked by Anonymous

2007-03-05 12:03:20 · 2 answers · asked by jclafontaine 1

Hello,
I would like to know the proper length of time that a outstanding student loan is held against me regarding tax refunds, I have had my outstanding loan since 1991 and still get calls and letters pertaining that the government will not be issuing me a tax refund.

2007-03-05 09:54:39 · 0 answers · asked by trippy71_2000 1