Hi Guys,
For the first time im gonna be making around 50k a year..
in a single guy so they cut so much taxes out of my pay check...wondering wat i can claim this year for tax return..
my expenses are alot as below..
$1500 mortgage..
$250 car insurance
$50 home insurance
about $400 utility bills
and $2500 a year property tax
these are just the house expenses..i believe i can claim mortgage, home insurance, utility bills and property tax...
can we claim flight tickets? went to india in feb for 3 weeks..
i bought a HDTV for about 1700..can we claim that?
is there anythink else we can claim ?
thanx for ur time and and advice u can share..
Location: God's own country
Posted on: 02-11-08 00:30:54
If you are on payroll, you can deduct only property taxes (Other CD's to confirm). Other than that you canot claim anything (what you have asked for0
May be while on payroll, you can use the smith manuvoure (a mortgage company offers mortgage through this system- please google for details). In this way it is possible to write off your mortgage as a tax deduction.
Another way is to ask your employer to make you a contractor. You will have to incorporate a company and part of your expenses (like Gas, Mortgage, property taxes, Laptop for work etc..) can be deducted off. Please search in charcha for more details.
Hope this helpls.
Peace by TK
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I am a Gents and not a Ladies.
Quote:These are not tax deductible if you are a full time, salaried employee.
Originally posted by DesiGuy1981
$1500 mortgage..
$250 car insurance
$50 home insurance
about $400 utility bills
Quote:You can claim it as a deduction in provincial taxes, but I doubt you will get any cash refund for it.
and $2500 a year property tax
Quote:No
these are just the house expenses..i believe i can claim mortgage, home insurance, utility bills and property tax...
Quote:No - are you kidding?
can we claim flight tickets? went to india in feb for 3 weeks..
i bought a HDTV for about 1700..can we claim that?
Quote:For your situation, the two biggest claims can be RRSP contributions and interest on loans used for investment.
is there anythink else we can claim ?
thanx for ur time and and advice u can share..
It is the latter deduction that is leveraged in a smith manoevre for mortgage.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
Originally posted by tamilkuravan
If you are on payroll, you can deduct only property taxes (Other CD's to confirm). Other than that you canot claim anything (what you have asked for0
May be while on payroll, you can use the smith manuvoure (a mortgage company offers mortgage through this system- please google for details). In this way it is possible to write off your mortgage as a tax deduction.
Another way is to ask your employer to make you a contractor. You will have to incorporate a company and part of your expenses (like Gas, Mortgage, property taxes, Laptop for work etc..) can be deducted off. Please search in charcha for more details.
Hope this helpls.
Peace by TK
How do you claim property tax? What you claim is part which goes to school dist. Am I right?
ok guys plz go easy on me...but this is the first year where im making more than 30k a year...and im single so loose so much tax out of a pay check...so was trying to see if theres anything i can do save some tax...
thanx very much everyone for ur replied...really appreciated.
I would say consult some professional accountant, preferably a CGA or CA. You may also find many many 'so called accountants' who may tell you all those tricks and tactics to fool the taxman.
At the end of the day,
the choice is yours!!
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Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)
Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto
Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK
Quote:
Originally posted by DesiGuy1981
..and im single so loose so much tax out of a pay check...so was trying to see if theres anything i can do save some tax...
Welcome to real Canada
But on serious note, all these tax dollars are spent (or atleast a part of it hopefully) in keeping the roads that you drive on, paved. It helps to pay for Fire/Police/Ambulance which gives you peace of mind knowing that help is always a 911 away whenever you are in trouble. It goes toward to maintain the free healthcare system. And God forbid you get laid off, you will be atleast getting some EI so that you won't have to go bed with an empty stomach.
My only beef is portion of my tax money spent on social services such as free housing, social security and other programmes for poor and single mothers. Motherhood is something that can be avoided or planned until you are able to stand on your own and provide all the basic necessities to your child. We taxpayers have to pay for few moments of teenage passion
