Personal Income tax

[topsecret]

Originally posted by adamc
On the same tack, anyone have a recommendation in town for a corporate year end / financial statements / tax return?

I have been speaking to one small firm via email, but they're very, very expensive.

All depends how your books have been maintained throughout the year, the new guy I am using is very reasonable they also offer book keeping services if you don't do it yourself. PM me if you want to discuss it further!

[tenth]

Originally posted by spike98
Its my understanding that you are less likely to be audited when the return is efiled be an accountant.

It is also my understanding that returns with relocation expenses are typically more scrutinized than a normal return.

I don't have anything to hide but getting audited is a pain so for me, the peace of mind its done correctly is worth the few hundred.

I'm an accountant and I don't think that first statement is true at all.

For relocation expenses, checkout the following website for guidance. The rules on what can and can't be claimed are generally straight forward. Any of the "for dummies" tax software (which I personally use for myself) should cover it off for you.
http://www.cra-arc.gc.ca/tx/ndvdls/t.../menu-eng.html

You'd need a lot of complications before I'd recommend any friends or family to pay hundreds to have their returns prepared. Prepare at home tax software has come a long long way.

EDIT: Anything beyond a typical slip that is also filed with the CRA (medical expenses, moving expenses, etc) will be at a higher risk of being reviewed or audited by the CRA. More often then not, they'll only look at the 1 item in question. However, all they're looking for is the support for the claim. Make sure you have the support, and backing it up is super easy.

[The_Penguin]

I used to use Cantax (back when they were a small Calgary company, and I did Netware support for them) then Turbotax, now I use Genutax. I have access to full blown professional tax software (Taprep, Profile) but it's way more complicated than it needs to be for a basic return, so Genutax it is.

[CompletelyNumb]

Originally posted by adamc
On the same tack, anyone have a recommendation in town for a corporate year end / financial statements / tax return?

I have been speaking to one small firm via email, but they're very, very expensive.

I saw a recommendation on here a couple years ago for an accountant that was reasonably priced, had good service and would mail out self addressed stamped manila envelopes every month for you to put your receipts in to mail back.

If you happen to be reading this, remake this recommendation please.

[DJ_NAV]

I am a CA myself and can answer any small questions you may have. My firm can provide personal and corporation tax related services at reasonable rates. PM me for more information.

(Mods, let me know if I am in violation of any rules)

[Canucks3322]

Any you accountants know if donation slips are on record with CRA as well? I'm filing for a huge donation credit and prefer not have it audited and then have to wait longer for my refund. ..

[DJ_NAV]

^ Donation slips are not reported to CRA. If you have a large donation amount, you should be prepared for a review from CRA. If you do get reviewed and would like to speed up the process I would recommend to send the receipt via internet on CRA's "My Account". If you don't have this account setup I would recommend you set it up now so it is ready to use when the review happens.

[adamc]

Dj_Nav, can you PM me your firm's name, and some examples of past fees for your small corporate clients?

I'm a one man oilfield contractor, I'm going to shop around for a good combination of low price and good service. Some boutique firms have quoted me the same price as they charge companies that are $1mm+/year in revenue.

[DJ_NAV]

^PM'd

[ga16i]

I've been doing the ol' pen and paper since I started working. I know I completely messed up filling them out the first year or two. e.g., Not claiming the basic personal amount.

In the end, after I sent it in, they always corrected the mistakes on the notice of assessment. Didn't claim basic personal amount, they fixed it. Didn't add properly, they fixed that too. I do wonder sometimes why I don't just send in a blank form with a T4 haha.

[nj2Type-S]

Originally posted by eblend
Been using turbotax forever. My buddy is married with 3 kids and wife lost a job, and that was the first year he tried tubotax after me telling him how easy it is, and now he does his taxes all the time himself. It's a wizzard, you answer yes or no as things apply to you, it's pretty hard to screw up, and if you do, the government will fix it for you anyways.

i'm curious as to when they "fix" it for you. for example, if, when i filed my income tax and i end up owing money, would the CRA bother looking into it since i'm owing already? now, if my return says that i get a refund, will the CRA then only check my return's accuracy?

haha maybe a stupid question, but i know the CRA always want my money! lol

[Weapon_R]

Does anyone here do their own corporate tax returns? What software do you recommend?

[Sugarphreak]

...

[nzwasp]

If simpletax, genutax, and studiotax are free how do they make money?

I see simpletax has an app - not sure if that costs money though, I just used simpletax web app to do my taxes and it was great. Definetly not buying turbo tax this year.

[nj2Type-S]

tax season is upon us again. I'd like to get my taxes done before the month ends, so I can contribute to my RRSP in case I end up owing money.

my taxes have been pretty straight forward in the past few years, because all I had my T4 and my RRSP slip. I now have to declare my rental property as part of my tax return. the question is, for all of you who have rental properties, have you been using tax software (studiotax, turbo tax, etc) or is it "safer" to hire an accountant?

will the tax software typically cover all eligible deductions, same as hiring an accountant? I've searched around, and accountants are asking quite a bit of money to do my taxes.

thanks!

[spike98]

Originally posted by nj2Type-S
tax season is upon us again. I'd like to get my taxes done before the month ends, so I can contribute to my RRSP in case I end up owing money.

my taxes have been pretty straight forward in the past few years, because all I had my T4 and my RRSP slip. I now have to declare my rental property as part of my tax return. the question is, for all of you who have rental properties, have you been using tax software (studiotax, turbo tax, etc) or is it "safer" to hire an accountant?

will the tax software typically cover all eligible deductions, same as hiring an accountant? I've searched around, and accountants are asking quite a bit of money to do my taxes.

thanks!

Have rental and even did a move with moving expenses last year and simpletax was easy.

The only advantage to using an accountant is that you save yourself some time.

[nzwasp]

I feel like companies are being super slow with getting the T4's out this year. Still waiting on my old company to send me mine and wife's company hasn't given hers yet either.

[lasimmon]

I think I got my T4 on the last day of Feb last year.

I think I will be gettign 4 T4's this year due to name changes my company went through this past year..

[pheoxs]

Got my T4 today which was the last bit I was waiting on, getting a whopping 75$ refund this year. On one hand it kind of sucks not getting much, on the other hand I didn't waste money during the year overpaying taxes I suppose.

[DJ_NAV]

From strictly a finance point of view, it is good to owe!