Good resource for basic understanding:
http://www.hrblock.ca/resources/donations.asp
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TS
Thanks Mr Scorpio for the link---I dont think there is any way I can get out of this mess. I am now waiting for the final letter from CRA for 2005/2006 reassessment
Quote:
Originally posted by dudewheresmycar
My roommate last year an accountant was mentioning this scheme ... One of his relatives was asking if this is a legit.
The scheme was giving money to charity and getting a 5 times the amount deductable from income for tax purpose. He did some invstigation and said that there were a lot of such agencies that did it..
I laughed when i heard about it ..There is a simple rule of thumb , if something sounds too good to be true then stay away from it. it is a trap..
I think one of the CPA replies echos the same..
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happily holi day!
Quote:
Originally posted by 905Desi
please email me the charity name. if good, i will gladly donate $1000 to them to get a $5000 receipt.
thanks!!!
Quote:
Originally posted by lucky284
Both these years ,I sent the returns by mail for approval (I did not efile) and I thought that in case anything was illegal in those returns,they wud not approve but to my surprise ,they approved both these years and now I have got letters stating that audit is in progress. Anyway the moral of my DUKH BARI DASTA is
"plse do not donate to these kind of companies.Save your money in RRSP"
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Live and Let Live. Together we can make a difference.
DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)
Thanks Mr Jain for your reply. 26000 people have been asked to pay refunds till date and 65000 are waiting to hear from the audit. I think it is delayed because of court cases going on between CRA and these fraud charities.can they reassess my 2005 return in 2009 also ?Thanks in advance
Quote:
Originally posted by rainwalkin
I would like some views on these Charitable donations and the complications involved. I am confused!
In my 2006 tax summary I was required to deposit 2700$ to the RRSP. I consulted a tax consultant, he advised me to put in 2000$ as a charitable donation, I would get a MUCH better return. Since this was my first return, he said its not a problem, I can pay RRSP from the following years. He will give me a receit for the amout that I pay and also he asked me to keep a photocopy of the Check.
Is this a shady deal? Please advise if I am being mis-led.
Thanks
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