INCOMETAX FILING FOR NEW IMMIGRANTS
| Poll:INCOMETAX FILING FOR NEW IMMIGRANTS | |||
| Choice | Stats | ||
| I know about Taxes | 77% (10) |    |
|
| I dont want to know | 0% (0) | |
|
| Income tax is comlicated | 23% (3) | |
|
| Who cares will see when I need | 0% (0) | |
|
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| Poll:INCOMETAX FILING FOR NEW IMMIGRANTS | |||
| Choice | Stats | ||
| I know about Taxes | 77% (10) | |
|
| I dont want to know | 0% (0) | |
|
| Income tax is comlicated | 23% (3) | |
|
| Who cares will see when I need | 0% (0) | |
|
Posted on: 17-03-05 18:04:41
Quote:
Orginally posted by dfwrp
Most of the accountants also use one of the listed softwares.. but they may give some advice on getting better returns through experience.. its good to visit them atleast for the first return..
then onwards you can use the softwares.
Good Advice.
Any one can use tax software as these are generally very user friendly. However, a professional may know and can give you advice on certain other things which the software may not ask and eventually you can miss out on certain benefits as the software only does the calculations based on your inputs and offers you certain tips but would not walk you through with all the all
Just to reiterate my point, I was filling out a mortgage application at my clients place who is a Tax Auditor with Revenue Canada and audits accounts of corporations. And yes, he does his own personal taxes on 'Revenue Canada's' own internal software. I casually asked him about a deduction which he should have been claiming butto my surprise he never claimed as the Software never asked that question. So now he is richer by more than $5000 as he is claiming the same since 1998 by filing T1adj. for all these years.
The moral is that by using a software yourselves you could be saving some dollars but might be loosing out of certain benefits. Hence, my advice to all persons who want to do their tax return themselves, please read complete 'General Income Tax and benefit guide 2004' from CRA's website and take advantage of the help menu in the software being used to maximize your refund.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Orginally posted by Pramod Chopra
Quote:
Orginally posted by dfwrp
Most of the accountants also use one of the listed softwares.. but they may give some advice on getting better returns through experience.. its good to visit them atleast for the first return..
then onwards you can use the softwares.
Good Advice.
Any one can use tax software as these are generally very user friendly. However, a professional may know and can give you advice on certain other things which the software may not ask and eventually you can miss out on certain benefits as the software only does the calculations based on your inputs and offers you certain tips but would not walk you through with all the benefits and deductions which may be available to you.
Just to reiterate my point, I was filling out a mortgage application at my clients place who is a Tax Auditor with Revenue Canada and audits accounts of corporations. And yes, he does his own personal taxes on 'Revenue Canada's' own internal software. I casually asked him about a deduction which he should have been claiming but to my surprise he never claimed as the Software never asked that question. So now he is richer by more than $5000 as he is claiming the same since 1998 by filing T1adj. for all these years.
The moral is that by using a software yourselves you could be saving some dollars but might be loosing out of certain benefits. Hence, my advice to all persons who want to do their tax return themselves, please read complete 'General Income Tax and benefit guide 2004' from CRA's website and take advantage of the help menu in the software being used to maximize your refund.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Orginally posted by Margo
Hi Pramod,
Which Tax Software would you recommend, that is effective and user friendly and from where it is easily available.
Regards
Margo
Quote:
Low income families might get some deduction in Ontario Tax for the rent paid or property tax paid. Your tax software would do these calculations automatically.
Hi Margo,
Jellymen has posted a link which answers your question.
You can download Taxtron for free the website http://www.taxtron.ca" rel="nofollow">LINK and can do returns up to $30,000 income for free. Even UFILE also can be downloaded from http://www.ufile.ca" rel="nofollow">LINK and returns up to $30,000 are free by using that software also. Both these can do NETFILE in order to get you a quick refund but I believe you would not be able to do NETFILE as you came here in 2004 and this is your first return.
Should you have any questions regarding tax return, you can email or call me.
Thanks.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
What part of Housing mortgage can be deducted in income tax
Quote:
Orginally posted by samosa_syndrome
What part of Housing mortgage can be deducted in income tax
It depends upon what type of income you earn. As a general rule employed persons can not deduct mortgage interest but self employed people who use part of home as office can deduct prorated amount of mortgage interest. Please read the Benefit booklet for specific situations for this deduction.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Hi. Is it true that new immigrants cannot submit there first tax return electronically? They are supposed to do a paper-filing in the first return. Thereafter, from the next year they can do a Electronic filing using one of the softwares/online services.
If that is not true, is there a special password they need to file online?
Please elaborate.
- Aseem
Quote:
Orginally posted by aseem_mal
Hi. Is it true that new immigrants cannot submit there first tax return electronically? They are supposed to do a paper-filing in the first return. Thereafter, from the next year they can do a Electronic filing using one of the softwares/online services.
If that is not true, is there a special password they need to file online?
Please elaborate.
- Aseem
Yes, the first return has to be a paper return.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
