daisymoll

Now I know this might be straightforward but I am hearing various different Tips and thought it might be quite good for the newbies, (myself included) to get some tips on how to maximise your tax rebate.

Do you get any rebate for contributing to an RESP?

What about the RRSP?

Any benefits for Kids?

Moving Allowances?

Any other easy tips?

Any advice anyone could give would be greatly received and appreciated.

PS I searched for previous threads but didn't really see one like this!!!!

iaink

no its not, max out the RRSP, you get your top tax rate (30 to-40%?) back for that and the government only adds 20% to the RESP yes no, but you are eligable for canada child tax benefit some if you move far enough for a job Apart from start a business from home? Dont forget charitable donations and professional fees, and try HR Block? I started one a while ago, but basically your tax return is based too much on personal circumstances for people to help in a detailed way.

daisymoll

Is it worth using H & R block then. We have always just done ufile before. Do h & R Block charge alot?

iaink

Never used them either, but I think I might get them to do the free review of last years return to see if I'm missing anything.

Forgot to mention medical expenses are deductable, so anything not fully covered by the work plan could potentially be deducted...keep all those receipts

daisymoll

Good idea, I Think we might do that next year.

If you do that and they find something, can you still calim more tax back retrospectively?

AnyaT

Honestly, I would stay away from H&R Block. They hire a lot of inexpeienced and untrained people during tax season to deal with the increased business, who don't really know what they are doing. I went to them to do my taxes after I moved back from the UK and they royally screwed them up, saying I owed the government a couple thousand! I then spoke to a real accountant who gave me sound advice and I ended up getting a refund. H&R Block may be ok if you have a simple, strightforward return, but in that case it is just as easy to do it yourself with Ufile for a cheaper rate.

You can claim moving expenses if you move more than 40 km for work. You can also claim dependants, which includes children under 18 and non-working spouses.

iaink

Please explain how, did I miss something?
There is no allowance for children that I can see, although some child care expenses are deductable.

Non working spouse is just a spouse, so covered by the spousal alowance, but kids are not tax deductable, only covered next year through the baby bonus.(Child Tax Benefit)

hot wasabi peas

Could not agree more with Anya. They're ok for basic returns but if your tax situation is anything beyond that... I'd be ascared.

My taxes are on the complicated side and I pay about $300 to have them done up -- it might sound like a lot compared to H&R, but it is money well spent. He (my tax guy) has saved me thousands (a lot of thousands) by offering me guidance and strategies to minimize my taxes.

AnyaT

Whoops, my mistake, I thought you could claim children as dependants. I checked and it is through the Child Tax Benefit. You can see I have no children yet!

The Canada Revenue Agency has some more details on its website, and I have found their call centre unusually helpful when I've needed more information. www.cra.gc.ca

Glaswegian

The best thing to do is ask people you know for recommendations ... I've known accountants to screw up royally too ... when you went to H&R did you check out the qualifications of the person doing the return? ... they certainly employ CA's in Calgary.

Glaswegian

There is a deduction for children but you have to have very specific circumstances. I know enough about you Iain to know you are not eligible. Neither are we!

Mrs G

Iginla

A quick question.

We have income from renting out a property in France and are paying taxes annually to the French government.

Should we say anything?

iaink

Quick Answer. Yes.

May not be taxed on it, but have to report worldwide income.

JAJ

Correct. If you have been taxed in another country there may be credit or other double tax relief.


Jeremy

Biiiiink

Wow, mine is nothing more than straightforward non-resident rental income, all the stuff already being nicely documented and done by the management company and I'm paying CAD 700 to have them done... They must have seen me coming!!!