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Re: Tax 2012
Originally Posted by agr
(Post 10005944)
So you can split a UK military pension then? In past years I have not tried that with mine because the CRA guidance (http://www.cra-arc.gc.ca/tx/ndvdls/t.../qlfy-eng.html) uses the term "pension fund or plan", and military pensions are not paid from a fund. Have I been seeing myself off?
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Re: Tax 2012
If the foreign pension is taxable in Canada (and virtually all British military pensions are), it is reported on line 115 and you can claim the pension credit on line 314 then you should be able to elect to split the pension income.
http://www.cra-arc.gc.ca/tx/ndvdls/t...14/q4-eng.html is a link to the guide to whether or not you can claim the pension credit. See the last box. I split foreign pensions for many clients - several ex-military UK. I simply report it as foreign pension income It has not been questioned by the CRA |
Re: Tax 2012
For 2011, I was a TWP, with a temporary SIN. Should I use the temp SIN for 2011 tax return, as opposed to the permanent SIN I got as PR Feb 2012 ?
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Re: Tax 2012
Originally Posted by Hawkmoon77
(Post 10006873)
For 2011, I was a TWP, with a temporary SIN. Should I use the temp SIN for 2011 tax return, as opposed to the permanent SIN I got as PR Feb 2012 ?
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Re: Tax 2012
Originally Posted by JonboyE
(Post 10006875)
The permanent SIN you got as PR Feb 2012
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Re: Tax 2012
Originally Posted by JonboyE
(Post 10006857)
If the foreign pension is taxable in Canada (and virtually all British military pensions are), it is reported on line 115 and you can claim the pension credit on line 314 then you should be able to elect to split the pension income.
http://www.cra-arc.gc.ca/tx/ndvdls/t...14/q4-eng.html is a link to the guide to whether or not you can claim the pension credit. See the last box. I split foreign pensions for many clients - several ex-military UK. I simply report it as foreign pension income It has not been questioned by the CRA |
Re: Tax 2012
I've really firmly come to the conclusion tax prep software for a T1 in Alberta is pretty pointless, and the reason I came to that conclusion was helping one of my relatives in the US with their 1040 and State return recently.
By the time you've figured out the software you could have done a T1. Read the general guide obviously but I just don't find it that hard to do on paper. Even with tax prep software you still need an understanding of the tax system. The only reason I could see to use software for a T1 here would be if you have self-employment income and you need to do T2125 which can be a bit intimidating. Or if you have to claim a foreign tax credit from somewhere obscure. I can't see how tax software would help you say with a foreign military pension, you're still going to be scrabbling about for information which is when you start to think about using an accountant. |
Re: Tax 2012
Originally Posted by Auld Yin
(Post 9919527)
This suggests to me that your attempt with TurboTax wasn't done properly or that H&R did something wrong.
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Re: Tax 2012
Originally Posted by BristolUK
(Post 9920364)
Nobody mentioned the Turbotax netfiling issue yet?
A few days ago MrsBristolUK did her mum's return expecting to be able to netfile it (having mailed it last year) but it was impossible to save in the way required for netfiling to work. Apparently the Turbotax help forums are full of reports of problems and several promised fixes yet to materialise. Or has someone found a way around it? Other than mailing them? |
Re: Tax 2012
Originally Posted by Steve_
(Post 10008736)
I've really firmly come to the conclusion tax prep software for a T1 in Alberta is pretty pointless, and the reason I came to that conclusion was helping one of my relatives in the US with their 1040 and State return recently.
By the time you've figured out the software you could have done a T1. Read the general guide obviously but I just don't find it that hard to do on paper. Even with tax prep software you still need an understanding of the tax system. The only reason I could see to use software for a T1 here would be if you have self-employment income and you need to do T2125 which can be a bit intimidating. Or if you have to claim a foreign tax credit from somewhere obscure. I can't see how tax software would help you say with a foreign military pension, you're still going to be scrabbling about for information which is when you start to think about using an accountant. You can also use the software do do taxes for all your friends and neighbours. |
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