Read e-book online 78 Tax Tips for Canadians for Dummies PDF

By Christie Henderson, Brian Quinlan, Suzanne Schultz

ISBN-10: 0470677686

ISBN-13: 9780470677681

ISBN-10: 0470677694

ISBN-13: 9780470677698

Compiled through knowledgeable crew of accountants, 78 Tax information For Canadians For Dummies bargains sensible tax making plans techniques. those person suggestions provide basic recommendation and perception that may store readers aggravation and cash.

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Extra info for 78 Tax Tips for Canadians for Dummies

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The rules are similar, but not identical, for both. And when it comes time to file your return, you send your whole tax package to the CRA (unless you file in Quebec, in which case your federal return goes to the CRA and your provincial return to the Ministère du Revenu du Québec). Figuring out your federal taxes Canada’s income tax system is a progressive tax rate system, which means that the percentage of your income that goes to fund your tax liability increases as your income increases. Take a look at the four federal tax brackets for 2009 shown in Table 1-1.

Alternative minimum tax (AMT) is designed to prevent taxpayers with significant tax deductions from skipping off without paying some tax — a minimum tax, at least. Minimum tax is not something the average taxpayer will ever have to worry about. But if you have some less than common tax deductions, take a look at form T691. The types of deductions listed on T691 that may lead you to pay minimum tax are not everyday types of deductions but include: ✓ Limited-partnership losses including carrying charges related to the limited partnership units ✓ Resource expenses, depletion allowances, and carrying charges related to resource properties and flow-through shares.

Knowing what to do when the dog really did eat your tax records Your worst nightmare has come to life — you’re being audited! And to top it off, Sparky has eaten some of your tax receipts. Does this mean you’ll lose out on all your legitimate tax deductions? Not necessarily. The CRA does understand that these situations can occur, and will give you the benefit of the doubt (sometimes) when you can show reasonable support for the income, deductions, and credits reported on your return. If the CRA does come calling and you simply don’t have the records you need to support your tax deductions, you can still prove your claims were legitimate.

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78 Tax Tips for Canadians for Dummies by Christie Henderson, Brian Quinlan, Suzanne Schultz

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