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) | |
|
Jump to Page:
< Previous [ 1 ] [ 2 ] [ 3 ] [ 4 ] [ 5 ] [ 6 ] Next >
| 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: 24-01-06 17:24:22
Quote:
Orginally posted by NorthYorkDesi
Hi Pramod ,
You mentioned "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."
Could you let us know what the deduction was? Is it on a personal or corporate return?
He had his old retired parents ( both over 70) living with him for over 8 years and he did not claim the 'Caregiver amount' for his parents.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks Pramod!
This particular credit was suggested by Ufile but only after you enter your dependant information. Most people will not consider parents as their 'Dependants' 
Hi,
Mods ~ Can we make this sticky ?
Other Finance / non Finance CDs ,
Kindly share your knowledge on the following wrt First Tax Filing of a new immigrant :
1. Has the 1st return files to be on paper ?
2. Can we do it ourselves ?
3. For a person who had landed 3 years back (but didnt maintain ties with Canada) and has re landed finally last year ... since when should he start reporting his world income ?
4 Kindly enumerate the points a first time return filer should consider. I know for one is that you have to mention all your worldwide assests in the first return and no later , if you have them at that time . Corrections solicited .
-----------------------------------------------------------------
Fido.
Quote:
Originally posted by Fido
Hi,
Mods ~ Can we make this sticky ?
Good Idea.
Quote:
Originally posted by Fido
Other Finance / non Finance CDs ,
Kindly share your knowledge on the following wrt First Tax Filing of a new immigrant :
1. Has the 1st return files to be on paper ?
In most cases the first return has to be paper filed as the CRA might not accept Efile returns if they do not have full information about the tax payer in their records.
However, if you have applied for child tax benefits before filing the tax return, then CRA may accept Efile return as they would have your information with them.
Quote:
Originally posted by Fido
2. Can we do it ourselves ?
Why not. The software here are user friendly and you can use them to file your own tax return.
Quote:
Originally posted by Fido
3. For a person who had landed 3 years back (but didnt maintain ties with Canada) and has re landed finally last year ... since when should he start reporting his world income ?
If the person did not have 'residential ties' for tax purposes, then he/she has to file tax return from the time he/she becomes 'resident for tax purposes'.
Quote:
Originally posted by Fido
4 Kindly enumerate the points a first time return filer should consider. I know for one is that you have to mention all your worldwide assets in the first return and no later , if you have them at that time . Corrections solicited .
These points are same for every one;
Have all your T-slips (T3, T4, T5, RRSP etc.) ready before starting the return.
Have details of your rent and or property tax amount paid during the tax year.
Child Care Expenses details, if paid during the year. This has to be claimed by the lower income spouse. The software would take care of this.
Tuition fee expense details.
Medical expenses paid. Should be claimed by the lower income spouse. The software would optimize this for you.
Charitable donations etc. These can be carried forward up to 4 years and can be claimed by the higher income spouse to get maximum benefit.
The list is not very long but the software being user friendly would prompt you for the same. However for a first timer, you also have to put the date you become resident for tax purposes so that your personal amounts can be pro rated by the software.
Good Luck
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by Fido
Hi,
Mods ~ Can we make this sticky ?
Other Finance / non Finance CDs ,
Kindly share your knowledge on the following wrt First Tax Filing of a new immigrant :
1. Has the 1st return files to be on paper ?
2. Can we do it ourselves ?
3. For a person who had landed 3 years back (but didnt maintain ties with Canada) and has re landed finally last year ... since when should he start reporting his world income ?
4 Kindly enumerate the points a first time return filer should consider. I know for one is that you have to mention all your worldwide assests in the first return and no later , if you have them at that time . Corrections solicited .
Yes, For new immigrants first tax return has to be apaper return.
No problem, One can do it but read the other posts. A professional is always better as he knows what others so not know.
Residential ties - a complicated view. In case no ties at all, one can start filing returns when did he re-landed. But, correct answer will depend upon individual situation and facts.
Mention the date of landing, check mark the box if some one had assets over $100000.00 out of Canada. Should report all worldwide income after becoming Canadian Resident. Advisable, do not claim CTB and GST credit for kids and spouse if not here in Canada. Though most of persons do claim it.
-----------------------------------------------------------------
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 a lot Pramod & DP Jain .
I will come back to ask for more once I am closing in on the filing .
-----------------------------------------------------------------
Fido.
Hi,
I just got to know that if a new immigrant applies for GST, the tax department in Canada requires a proof of income in India.
I did look into the website of the Canada Revenue Agency but couldn't find an answer to the following:
1) Does the Tax department in Canada ask for "proof of tax paid in India" too?
2) Is the "proof of income in India" required from
---the same financial year that we apply for the GST credit? or
---from the previous year ? or
---from every year that we have been working in India?
3) I haven't been working in India since November 2008 ---So what constitutes as a proof of "no income in India since November 2008"?
4) What constitutes as an acceptable proof of income for the period before that?
Thanks for any light on this matter!
Diamond
