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filing taxes for the first time?

filing taxes for the first time?

Old Jan 19th 2009, 12:35 am
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Default filing taxes for the first time?

can someone spell out in idiot proof terms what you need to do to file your taxes here.
will be our first year doing so..

what information do i need? just payslips? should i do it myself or go to somewhere to get it done..

will i finally get back the taxes that i was over charged when i did overtime, because on average for the year i must have over paid by quite a lot...

much easier on the PAYE system.. ie, its done for you..
thanks
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Old Jan 19th 2009, 2:29 am
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Default Re: filing taxes for the first time?

Your employer will issue a T4 slip before the end of February that will have all the info you need. Some use their last pay stub from the year but thats not as reliable as the T4 slip.

Its not entirely difficult, you can have it done at HR Block or buy or download tax software and fill in the blanks based on the info on the T4 slip.

This is assuming you have income from just a job, I don't have savings or anything of that sort so my taxes are very simple.

Based on your income and withholding you will either have a refund issued, or you will owe, few people break even.

CRA website has all the info on taxes.
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Old Jan 19th 2009, 2:57 am
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Default Re: filing taxes for the first time?

QuickTaxWeb is one of many sites that are useful.

I have used them for three years. The previous year's info is carried forward so much of the input is overtyping a new figure.

You can print and send or file on line.

It easily handled income from my UK Civil Service Pension and income from a rental property.

There are a few just as good...we experimented in the first year. We chose this one because it was free for an income under something like $25k.
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Old Jan 19th 2009, 3:13 am
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Default Re: filing taxes for the first time?

I don't think you can use the on line service for your 1st tax return,

You need to download all the forms and filling in guides from the web, Fortunately I earned almost nothing in my first tax year so the numbers weren't big (don't ask - Its a painful story!) but the major issue was translating the canadian terms into ones I was familiar with.

Don't forget to dig out receipts for stuff like little johnnys skating lessons and also medical costs

If you feel unsure get an accountant - it's tax deductable
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Old Jan 19th 2009, 3:26 am
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Default Re: filing taxes for the first time?

Originally Posted by snowshoveller View Post
I don't think you can use the on line service for your 1st tax return,

You need to download all the forms and filling in guides from the web,
Don't some of the PC programs available allow you to print out and mail rather than submit online?
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Old Jan 19th 2009, 3:38 am
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Default Re: filing taxes for the first time?

Previous poster correct insofar as not efiling your first return(s). If not comfortable using a software programme you can pick up a set of Tax Filing Forms from a real Post Office, not one in a convenience store.
If your income is derived from employment/savings interest then completion is relatively simple and not to be feared. If you add on dimensions such as rental/investment/foreign income then it becomes more complex.
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Old Jan 19th 2009, 3:57 am
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Default Re: filing taxes for the first time?

Last year was our first tax return and I used Studio Tax software. Its free to download, asks you questions about income etc. then fills in the boxes for you. You then print out the forms and send them in.
http://www.studiotax.com/en/main.htm

It has an area to put foreign income in and to put foreign tax paid so you don't get taxed twice.

This year I will be able to use it to file online (NETFILE) and it brings forward the figures from last year if needed.
You do need to download the software every year as the personal allowances change. Also wait until the CRA approved version is available, don't use the Beta version.
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Old Jan 19th 2009, 3:59 am
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Default Re: filing taxes for the first time?

Originally Posted by snowshoveller View Post
I don't think you can use the on line service for your 1st tax return,
To clarify....using the online forms completion is fine. It's the online submission that can't be done on the first one.

But without downloading or buying anything it can be done online, printed and posted.

Here's another one.

It's easy enough to try...just experiment. It's $12.99 and $5.99 for a partner. Free if under $20k....and part of a year may well be under $20k.
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Old Mar 5th 2009, 5:26 pm
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Default Re: filing taxes for the first time?

Originally Posted by BristolUK View Post
To clarify....using the online forms completion is fine. It's the online submission that can't be done on the first one.

But without downloading or buying anything it can be done online, printed and posted.

Here's another one.

It's easy enough to try...just experiment. It's $12.99 and $5.99 for a partner. Free if under $20k....and part of a year may well be under $20k.
ok, ive got my T4 now.. so need to get it done..

ive got a load of receipts for things i have bought for work, do i need anything other than them to claim back tax on these items?
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Old Mar 5th 2009, 5:42 pm
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Default Re: filing taxes for the first time?

Originally Posted by Kittykerr View Post
ok, ive got my T4 now.. so need to get it done..

ive got a load of receipts for things i have bought for work, do i need anything other than them to claim back tax on these items?
If you want to claim employment expenses you need to get your employer to sign a T2200 form.
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Old Mar 5th 2009, 6:20 pm
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Default Re: filing taxes for the first time?

Hi

Just preparing ahead a little, can anyone give a brief list of the types of receipts we should be keeping from when we arrive. I am aware that are some things for the kids, sport and school books and things and medical stuff, but not really sure

Sorry to hijack thread a little Hoping it may help us this time next year
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Old Mar 5th 2009, 6:24 pm
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Default Re: filing taxes for the first time?

well quicktax was nice and easy... i didnt bother with the claiming of receipts. would of only been a small amount anyway...

and it looks like we are getting $3000 back...

ive printed off the forms. but where do i send them to?
and should i include my T4's?

also we are moving house on the 31st march, should i include a letter showing what our new address will be otherwise our cheques will be sent to the old address...

Last edited by Kittykerr; Mar 5th 2009 at 6:36 pm.
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Old Mar 5th 2009, 6:47 pm
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Default Re: filing taxes for the first time?

Originally Posted by nikki dreaming View Post
Hi

Just preparing ahead a little, can anyone give a brief list of the types of receipts we should be keeping from when we arrive. I am aware that are some things for the kids, sport and school books and things and medical stuff, but not really sure

Sorry to hijack thread a little Hoping it may help us this time next year
The wiki is your friend. http://britishexpats.com/wiki/Taxation-Canada
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Old Mar 5th 2009, 6:50 pm
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Default Re: filing taxes for the first time?

Originally Posted by Kittykerr View Post
well quicktax was nice and easy... i didnt bother with the claiming of receipts. would of only been a small amount anyway...

and it looks like we are getting $3000 back...

ive printed off the forms. but where do i send them to?
and should i include my T4's?
Albertans send their tax returns to:

Canada Revenue Agency
Tax Centre
Post Office Box 14001, Station Main
Winnipeg MB R3C 3M3

Yes, you should fasten 1 copy of each T4 to page 3.

also we are moving house on the 31st march, should i include a letter showing what our new address will be otherwise our cheques will be sent to the old address...
Yes, include a letter. But also make sure that you get your mail forwarded to your new address by the Post Office.
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Old Mar 5th 2009, 6:57 pm
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Default Re: filing taxes for the first time?

For your first return you will not be eligible to netfile. However, I would recommend either using a tax service or software programme (they are very easy to use) such as UFile (my favourite) or QuickTax. Then print your return, and mail it.

You will need your T4, any T5's for interest earned on savings, or RRSPs, etc. You should have received your slips by now, or very soon. Don't forget any income from other country such as UK pension, you have to declare it even if you don't have any tax slips.

Next year you will be given the option of netfiling.

OOPS - just realised you've already done it!!

Last edited by startwin; Mar 5th 2009 at 6:59 pm. Reason: to add last sentence
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