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Tax question?

swenard

TRIBE Member
Is there any tricks to save some money on my taxes?

Also, does it make any difference if I say I am common-law or single? I would like to say I am common-law(I am) so that I can do both mine and my girls taxes at the same time.
 
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Adam

TRIBE Member
buy a tax app/ use ufile.ca / etc

they've definitely helped me with some minor things i wouldnt have noticed.
 

crave_e

TRIBE Member
That's a very tough question to answer without knowing your situation.
Depending what type of job you have, your income level (tax bracket), your assets, and liabilities...there's so many factors that play into saving money on taxes.

My recommendation if you have a complex situation, pay the extra money and get a real Accountant with a CA, and also get a CFP who can help you map out your short term and long term goals.
 

swenard

TRIBE Member
Originally posted by Adam
buy a tax app/ use ufile.ca / etc

they've definitely helped me with some minor things i wouldnt have noticed.

I always use some type of tax app. But it doesn't answer these questions.


I was mostly hoping to get the common-law question answered as I cannot even figure out how that affects my taxes!
 

Skipper

TRIBE Member
Have you and your GF filed for common law status?

There's a process; you can't just say you are and get a big tax break.
 
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Casper

TRIBE Member
ok, here's some stuff i've figured out on my own but it might be common knowledge to others, either way it'll help someone got some more cash:
1) EI/CPP overpayment - this form doesn't come in the regular package, you have to download it, i have a feeling this calculation might be done when they asses you, but i'm not certain (found out about this only 3 years ago)
2) moving expenses - basicaly if you've moved more than 40km for work or school you can claim expenses. was able to deduct close to $1000 from my bursary since i moved 2,500km, first year i realized i can do this. if your a student - you can only deduct from scholarships or bursaries, if you work - from your income,
peace
 

LeoGirl

TRIBE Member
Originally posted by Skipper
Have you and your GF filed for common law status?

There's a process; you can't just say you are and get a big tax break.

really?

arent you automatically considered common law after 6 months?

Friend of mine had an issue with this as the gov't saw him as being common law because he had a female "roommate".
 

Boo

TRIBE Member
You can "elect" to be considered common law. I believe its 6 months for income tax purposes - 3 months for social welfare purposes.

It helps you on tax - it doesn't on welfare.

Basically if one person is on a higher tax bracket the lower earner can transfer their unused lower bracket amount to the higher earner so the couple pay less tax overall.

I believe also that you can transfer unused portions of RRSP limits between spouses but I'm not sure if you can for common law relationships. Its been a few years since I took tax.

RRSP's are the most efficient way to save on tax, unless you can open up your own business.
 
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