Personal Deduction amounts for New resident


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cdn_001   
Member since: Mar 10
Posts: 32
Location:

Post ID: #PID Posted on: 26-03-10 10:42:12

Hi guys

I understand that for new residents the basic personal deduction amount should be

(10320/365) x (No of days present in canada).

Question:
1.Should this formula be followed for Ontario basic personal deduction also?
2.Should this formula be followed for dependent children for both federal and state ?


Thanks in advance.



ftfl   
Member since: Jul 06
Posts: 2335
Location:

Post ID: #PID Posted on: 26-03-10 14:02:22



1) YES.
2) YES.
Yes it is for you and the whole family.

If I were you, I would use the FREE TAX software(s) made available on the webs. The minute you enter the date of entry (Immigration) it should pro-rate the deductions etc., automatically.

Freddie.



cdn_001   
Member since: Mar 10
Posts: 32
Location:

Post ID: #PID Posted on: 26-03-10 22:20:01

Thank you.



amarakbaranthony   
Member since: Jul 07
Posts: 88
Location:

Post ID: #PID Posted on: 26-03-10 23:17:55

Hi CD's,

Just wondering what would be the definition of Gross Household Income?

Does it include Children benefits?


Thanks in advance,

AAA



ftfl   
Member since: Jul 06
Posts: 2335
Location:

Post ID: #PID Posted on: 28-03-10 14:24:36

Quote:
Originally posted by amarakbaranthony

Hi CD's,

Just wondering what would be the definition of Gross Household Income?

Does it include Children benefits?


Thanks in advance,

AAA



_________________________________________________________

Different people have different income streams and a few have multiple income streams and hence.....

On Page 2 of your T1 General, they have listed a whole page full, dedicating it to the Income. You will have to go through each line to see if you have one to fill. In your case, and to answer your question.... You go to line 117 Universal Child Care Benefit or UCCB and fill in the amount that was received and fill it on that particular line. When you add up all of the lines on Page 2, that should tell you how much was your total income. That total income is reflected on line 150 at the bottom of that page.

Also, some of us have child care expenses too, like baby sitting charges (with proper receipts) and other locations where we drop babies and pay for their care etc., can also be deducted too.

When we are filling in the return, we also should look into the Benefit Guide too. They give the proper explanations in that book and for EACH line with numbers. And if you don't understand it, then you can call and ask them for an explanation and any other queries that you might have too.

Freddie.



amarakbaranthony   
Member since: Jul 07
Posts: 88
Location:

Post ID: #PID Posted on: 28-03-10 22:25:25

Thanks Freddie for your reply. I will check as advised.


Regards,
AAA





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