Income tax
Sep 25th 2008, 12:10 pm
#1
Forum Regular
Thread Starter
Joined: Sep 2008
Location: Kuwait
Posts: 57
Income tax
Hi everyone,
How difficult it is do deal with the taxation issue and should I look for a professional help for the first time declaring my income (if I'll find a job) in the first year.
Cheers,
How difficult it is do deal with the taxation issue and should I look for a professional help for the first time declaring my income (if I'll find a job) in the first year.
Cheers,
Sep 25th 2008, 1:44 pm
#2
BE Forum Addict
Joined: Sep 2004
Location: Flat Oxfordshire
Posts: 1,709
Re: Income tax
It really depends upon how complex your situation is, but I would say that it is probably a good idea for the first year. Try and find an expat accountant who has moved to Canada and retrained that we they will understand both systems. As an example, Canda accounts (as well have revenue Canada) doen't have a clue about UK endowment policies. I see that you are in Kuwait, but the concept still applies.
It's also a good idea, so that they accurately record all yoy investment values on the date that you arrive, so that in the unfortuante event that you are unable to stay here you avoid being stung by departure taexes.
It's also a good idea, so that they accurately record all yoy investment values on the date that you arrive, so that in the unfortuante event that you are unable to stay here you avoid being stung by departure taexes.
Sep 25th 2008, 1:44 pm
#3
Forum Regular
Joined: May 2006
Location: Newfoundland
Posts: 217
Re: Income tax
Although you probably could deal with it yourself.
Your always best to go with a professional on taxation matters.
Your always best to go with a professional on taxation matters.
Sep 25th 2008, 2:13 pm
#4
BE Enthusiast
Joined: Jan 2006
Location: Port Alberni, BC
Posts: 364
Income Tax Returns
Hi,
We've used a tax consultant each time we've submitted our income tax returns. We arrived in 2005.
The first return you do has to be submitted on paper, so Canada Revenue can set you up in the system. I'm assuming this rule hasn't changed since 2005.
I've always received an income tax refund (because my partner isn't earning). The first refund took ages to be processed, but the subsequent ones have come through within 2-4 weeks of submitting.
As previous posters have said, if you have investments outside of Canada (we don't) then get some specific tax advice. Even if it's a simple return like ours, it's nice having someone who's familiar with them doing it!
Sarah
We've used a tax consultant each time we've submitted our income tax returns. We arrived in 2005.
The first return you do has to be submitted on paper, so Canada Revenue can set you up in the system. I'm assuming this rule hasn't changed since 2005.
I've always received an income tax refund (because my partner isn't earning). The first refund took ages to be processed, but the subsequent ones have come through within 2-4 weeks of submitting.
As previous posters have said, if you have investments outside of Canada (we don't) then get some specific tax advice. Even if it's a simple return like ours, it's nice having someone who's familiar with them doing it!
Sarah
Sep 25th 2008, 2:55 pm
#5
Oscar nominated
Joined: Jan 2008
Location: Moncton, NB, CANADA
Posts: 50,767
Re: Income tax
I have a UK civil service pension and we own a duplex, receiving rent from the apartments.
I have my spread sheet for the Rental income/expenses and we file tax returns ourselves using 'QuickTax' and it's dead easy.
It's free if income is under something like $20k or $25k but it's not much to pay if you don't qualify.
There are others too. Try some out using theoretical incomes and scenarios and see if it suits you. You can go through to the end without having to commit financially.
I have my spread sheet for the Rental income/expenses and we file tax returns ourselves using 'QuickTax' and it's dead easy.
It's free if income is under something like $20k or $25k but it's not much to pay if you don't qualify.
There are others too. Try some out using theoretical incomes and scenarios and see if it suits you. You can go through to the end without having to commit financially.
Sep 26th 2008, 9:33 pm
#6
Forum Regular
Joined: Mar 2007
Location: Sechelt, Sunshine Coast. BC
Posts: 134
Re: Income Tax Returns
Hi,
We've used a tax consultant each time we've submitted our income tax returns. We arrived in 2005.
The first return you do has to be submitted on paper, so Canada Revenue can set you up in the system. I'm assuming this rule hasn't changed since 2005.
I've always received an income tax refund (because my partner isn't earning). The first refund took ages to be processed, but the subsequent ones have come through within 2-4 weeks of submitting.
As previous posters have said, if you have investments outside of Canada (we don't) then get some specific tax advice. Even if it's a simple return like ours, it's nice having someone who's familiar with them doing it!
Sarah
We've used a tax consultant each time we've submitted our income tax returns. We arrived in 2005.
The first return you do has to be submitted on paper, so Canada Revenue can set you up in the system. I'm assuming this rule hasn't changed since 2005.
I've always received an income tax refund (because my partner isn't earning). The first refund took ages to be processed, but the subsequent ones have come through within 2-4 weeks of submitting.
As previous posters have said, if you have investments outside of Canada (we don't) then get some specific tax advice. Even if it's a simple return like ours, it's nice having someone who's familiar with them doing it!
Sarah
Oct 2nd 2008, 3:33 pm
#7
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Income Tax Returns
Different firms have different price structures. I would charge $75 for a simple individual return up to $150 for more complex and/or self-employed case.
