SISIP/RETRO/TAX/SLIPS

Does anyone know when purchasing a residence if we can claim land transfer taxes....thanks everyone.

Hi everyone, so in doing our paperwork for tomorrows Tax Day appointment, I noted that the tax program I was working with as a pre-emptive strike says we can claim medical expenses from 2012 if not used in 2012 tax return. As it was, we were not able to use them in 2012 so I have gone to both ww w .sunlife.ca/pshcp and ww w. sunlife.ca/pdsp and printed the claims under summary. Note  that the Sunlife history of claims only go as far back as March 9, 2012 so a couple of months are missing. Hoping the cumulative expenses or 2012-2013 eases the 2013 taxes somewhat.
Also, please don't forget your property taxes as an expense. Take care.

Howdy rucksak, fingers crossed hope it works out in your favour, just to get some kind of idea of the outcome i wish i could find a tax return program that goes pack more than 10 years, the max i could find is 10 year (studio tax) and then of course the program does not calculate the notional tax either needs to be addaed but that's not a problem i figured how to calculate that manually. I guess the best bet is just fill out all the forms....send to tax man...... and wait..

Thanks for keeping us informed Rucksack. Glad you are done. Hope CRA is quick on the calculations of the t1198.
Sap

Thanks for the info Rucksack hope it all works out for you

great info rucksack it sounds like you picked the right crew good job. they are right a good accountant can give you an idea if the 1198 because they know the actual calculations. sounds to me like you are switched on and without any doubt have maximized any and all of the legislation to the benefit of you and yours.

great post great job

ps. you might want to throw in a request for tax payer relief form not much a chance there as the legislation stands today but things change be prepared.

propat

Rucksack, thanks for sharing your experience in completing and filling your 2013 tax return, as always, great informative post.

Hey there hope the nest is all done, I forgot to mention upon reviewing my notes from the Accountants and soley on my numbers and the use of the t1198 in there view I have paid to much in taxes, so fingers crossed.

Thank you Rucksack.

Trooper, propat, ltd4me, riflemen and others, sorry this is late but just got up. First I would like to say its great to see Vets helping one another. Next my 2013 taxes are in fact completed by four different Accountants through my middle son and then passed on to his friends at a rather large firm that deals with large amounts of tax issues IE. fraud, tax evasion, ect and yes some are ex CRA. So my taxes are complete sorry I dont like to give out any numbers, but yes I do owe, so with 100% ALL Accountants that reviewed my taxes made it quite clear to submit and attach my t1198 as it may help reduce my payable tax, or it will stay the same, just so there is no grey area there is no hidden agenda by submitting the t1198. I asked what if i choose not too and the answer to me was simple, that I would be giving up the chance of having my taxes lowerd, simple nothing more or nothing less. they also pointed out if I read the attached papers from the law firm on the taxes, so they pointed out the memorandum from McInnes@Cooper and it clearly states in under sub Taxes para 3 you must file your T1198 form. So mine are on there way WithOUT PAYMENT up front, now the Accountants explained its my choice but also explained that I do risk that chance of my taxes not being completed prior to the end of APR 2014 and that IF NOT I would be subject to intrest on the balance, So like life no risk no reward. I also like Trooper said got a voucher, plus they attached a simple note explaining who prepared my taxes and there cert # and that I have given them permission to act on my behalf until the t1198 is complete and final tax assessment for 2013 is complete. And Sparrow if you have un used tuition from your children personaly I would use it you are allowed TO TRANSFER UP TO 5000 each for you and your spouse each if its there, unless your children are making a fare bit to really offest there income, so for us I made more of a return over the years by claiming this, and what i did what ever the diffrence was with it i gave to them. I just read ref entering the t1198 on your tax programs some do some dont but then end result it will not give you an adjustment which i think most were hopeing for, only CRA, but on that note a good Accountant can give you an idea if or if not it will help, but not an exact number. Hope this helps, my son said dam you ex military leave no stone unturned, boy that felt good to here that, superb job to all.

Propat that is what I am hoping for until then they can wait just like I waited to get my money

Sparrow, yes that is correct, and you are most welcome.

Thanks Trooper, so if I understand correctly, when we have our taxes done on Monday we can submit to CRA even though we owe them taxes. Meanwhile, CRA could potentially process our T1198s and receive an amended amount by end April. However, if not, I must pay the tax bill by the end of April or interest starts accumulating. Thanks. BTW, I put the T5 on the correct form and it brings my debt to CRA down to just over 8K. Someone mentioned that it would be wise to use our childrens college tuition credits. Anyone know more about this and whether it is a good idea or not in case the kids need it in the future.

We have until the last day of April to Pay what we owe.
Most accountants will issue you a voucher with the amount owed, if you ask them to.
However, this is the thing, it serves no purpose in paying the amount owed if it is a large amount, before the end of April. If you have filled your taxes early enough, and decide to submit your T1198, the CRA will issue you their own voucher to you, and you will likely receive it before the End of April.
Now if the T1198 turns out not to benefit you, they will issue you a voucher for the same amount given to you from your accountant.
Now if the T1198 turns out to benefit you, and you have not paid your taxes yet, they will issue you a voucher for less than what was given to you from your accountant.
Now if the T1198 turns out to benefit you, and you have already made your payment, and they received your payment, they will issue you a refund for the difference.

NOTE: It would be in your best interest to ask your accountant for a voucher, if for some reason you do not receive your bill from the CRA before the end of April, and you have not paid what you owe, by the end of April, interest will start on the balanced owed, this will start after the end of April.
Also there's more options available to you, to pay the CRA what you owe, besides the voucher.

NOTE: Also I am taken into account that your taxes were filled with no errors.
          It is obvious that if the CRA finds errors in your taxes, they will act upon it.

NOTE: It is not guaranteed that the CRA will do the T1198 calculations at the same time that they receive our taxes, it is likely, but not guaranteed.
          I was told that they will, but I have no way of confirming it.

Was wondering when the tax bill has to be paid by. Does it have to be sent in by April 31st when the deadline for tax returns are or does CRA send you an invoice of the amount owing? Thanks