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First Tax Return in BC, Canada, Please help

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First Tax Return in BC, Canada, Please help

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Old Mar 8th 2012 | 11:05 am
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Default First Tax Return in BC, Canada, Please help

Hi i will be doing my first tax return in Canada,
Which site do you recommend and how hard to do it.
Can i claim mine moving expensive as well,
Which other things should i be aware of doing it first time,
Any suggestions...
 
Old Mar 8th 2012 | 11:10 am
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Default Re: First Tax Return in BC, Canada, Please help

Originally Posted by sarah.h
Hi i will be doing my first tax return in Canada,
Which site do you recommend and how hard to do it.
Can i claim mine moving expensive as well,
Which other things should i be aware of doing it first time,
Any suggestions...
Ufile and Turbotax are the two market leaders. It is not that difficult if you just have a T4 and a few receipts.

You cannot claim your moving expenses.

Don't forget to put in the date you moved to Canada and prorate the personal amount.

If you have residual income from the UK, such as renting a UK home or interest, this must be declared on your Canadian tax return.
 
Old Mar 8th 2012 | 1:30 pm
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Default Re: First Tax Return in BC, Canada, Please help

You can also download and use Studio Tax which is free - it's on the list of Canada Revenue approved software. It is simple to use and has lots of help files too.

http://www.studiotax.com/en/main.htm
 
Old Mar 9th 2012 | 1:28 am
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Default Re: First Tax Return in BC, Canada, Please help

You will also see places like H & R Block and other places that will prepare your return for a fee and volunteer organizations offering their services.
Be aware though that whoever or however you do the return you are ultimately responsible if CRA audit your return and there are mistakes.
There have been plenty of horror stories of people having tax returns done for them and instead of getting the couple of thousand dollars as a refund have ended up paying CRA thousands of dollars.
 
Old Mar 9th 2012 | 10:23 pm
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Default Re: First Tax Return in BC, Canada, Please help

Another first year consideration is that you cannot use NETFILE to file your first tax return, you have to mail in a paper copy.

(or if you hire a professional to do it, they can efile it for you apparently, but you can't efile it yourself)

Last edited by Deficient; Mar 9th 2012 at 10:26 pm. Reason: pros allowed to efile
 
Old Mar 10th 2012 | 3:12 am
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Default Re: First Tax Return in BC, Canada, Please help

Originally Posted by Deficient
Another first year consideration is that you cannot use NETFILE to file your first tax return, you have to mail in a paper copy.

(or if you hire a professional to do it, they can efile it for you apparently, but you can't efile it yourself)
Even a professional tax preparer cannot e-file a first return. The CRA's computer will only accept e-filed returns if it can verify certain details in the submission with the information it has on file. E.g. name, DOB, SIN, certain brought forward tax balances etc.
 

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