Personal Income tax

[Darell_n]

Originally posted by suntan
Well because you guys keep thinking that there's some way to pay NO taxes, and still make money.

If you declare bankruptcy, and still have a viable business, well, guess what the first thing they will take is?

You seem to think that it's possible to run a business that is profitable and somehow have the shareholders declare zero personal taxable income.

Any good farmer can do it. Any profit is shown as being re-invested back into the business. Showing profit as a farmer is silly.

[Sugarphreak]

...

[suntan]

Originally posted by Darell_n


Any good farmer can do it. Any profit is shown as being re-invested back into the business. Showing profit as a farmer is silly.

Only way to "reinvest" in your business is to actually buy stuff or services. It's harder as a farming business actually because they have to use cash accounting, so you can't just plop some expense onto your AP.

[OPGForce]

You can do your Personnel Income Tax on your own. The latest software offerings make it pretty straight forward.

I recommend UFile. You can get it at The Source for $20!

[A790]

Originally posted by CompletelyNumb
I've had a few calls, no lawsuit yet. Sent them full financial disclosure and bank statements, showed them I had no feasible way of paying or making payments right now. They said they'd consider everything and get back to me. "If" oil bounces back and I go back to my normal job, paying them back wouldn't be difficult at all. If it doesn't, I may be in a world of shit.

Sorry I should clarify, it wasn't the CRA who sued me.

As Sugarphreak has said, if you work with them on a payment plan they'll be alright. They sound mean, but they just want to get paid. So long as you work with them and show your intention to repay, they'll be reasonable.

[schmooot]

I tried ufile this year after using turbotax the last few. I was not impressed at all. It is not user friendly, the questions are worded in such a way that you have to be an actual accountant to understand them, and when you click the help button because you don't understand a certain box all it does is reiterate the title of the box. Also it doesn't calculate your final return until you reached the end and didn't miss a single box. Furthermore they pop up warnings that you forgot to fill a box before you've even reached the box at the bottom of the page. Don't do it. I can think of a much better way to waste $20 than on that ridiculous software. I'm debating asking for my money back. At least turbo tax has an actual help file that explains the box in detail and has a user forum which is a great help.

That is all

[Cos]

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[eblend]

Originally posted by schmooot
I tried ufile this year after using turbotax the last few. I was not impressed at all. It is not user friendly, the questions are worded in such a way that you have to be an actual accountant to understand them, and when you click the help button because you don't understand a certain box all it does is reiterate the title of the box. Also it doesn't calculate your final return until you reached the end and didn't miss a single box. Furthermore they pop up warnings that you forgot to fill a box before you've even reached the box at the bottom of the page. Don't do it. I can think of a much better way to waste $20 than on that ridiculous software. I'm debating asking for my money back. At least turbo tax has an actual help file that explains the box in detail and has a user forum which is a great help.

That is all

I found this to be the case with a few other software as well, but I haven't tried em again in the last 5 years. TurboTax is so damn easy. I think it was StudioTax that I used a few years back and it just was a bit confusing and isn't as straight forward. Things have probably changed but TurboTax hasn't failed me yet, so I continue to use it.

[schmooot]

I'm having a hard time with the cost of turbotax. I need the higher version to do rental income and self employed. I just can't justify paying over $120 just to waste 3 days of my life so I can find out how much more money I have to pay to the greedy government bastards

[Khyron]

Originally posted by schmooot
I'm having a hard time with the cost of turbotax. I need the higher version to do rental income and self employed. I just can't justify paying over $120 just to waste 3 days of my life so I can find out how much more money I have to pay to the greedy government bastards

We use this - 7-13 dollars per year:

http://www.mytaxexpress.com/index15.html