Taxes Help!

[~decepticon~]

I doing my taxes right now and I need to have some stuff to write off against my income so I can get a bigger return.
How can I write off my records and Car without an incorporated business?
If I dont have receipts can I still claim GST credit for the thousands of dollars I spent on vinyl?


PLEASE HELP!!!!

I want to rinse the gov't this year



Matt

 

[patio-d]

Originally posted by ~decepticon~
If I dont have receipts can I still claim GST credit for the thousands of dollars I spent on vinyl?

yes, i think so.... just check the box for GST credit. I never produced any receipts but i've been getting the quarterly $79 GST cheques for 2 years.

 

[smilez]

you should keep the receipts for all your expenses: vinyl, needles, tables, etc. you can claim all of these as expenses but you should be able to produce "proof" of the expenses in the unfortunate case of you being audited.

hope this helps, and good luck
smilez

 

[vench]

Originally posted by ~decepticon~
I doing my taxes right now and I need to have some stuff to write off against my income so I can get a bigger return.
How can I write off my records and Car without an incorporated business?
If I dont have receipts can I still claim GST credit for the thousands of dollars I spent on vinyl?


PLEASE HELP!!!!

I want to rinse the gov't this year



Matt

Matt - you don't need an incorporated business to write stuff off, but it helps if you register a business that offers services, that's what I did. That way, when you send in your receipts, the government will see why you're writing off all your vinyl and gas or whatever. And one of the most important things is to keep all your receipts, how can you claim something if you have no record of purchasing it? If that were the case, I would have a mad return this year (it was still good but......)

email me and I'll give you the info.


vench <-------- Vench Productions

 

[PosTMOd]

Re: Re: Taxes Help!

Originally posted by patio-d
yes, i think so.... just check the box for GST credit. I never produced any receipts but i've been getting the quarterly $79 GST cheques for 2 years.

Different GST credit he's talking about.

See form GST370.

 

[Bumbaclat]

Originally posted by smilez
you can claim all of these as expenses but you should be able to produce "proof" of the expenses in the unfortunate case of you being audited.

.... and if you can't you're in trouble and WILL be audited every year from now until the day you die. Consider carefully before you submit anything. How much more are you going to get back? a few hundred extra? You might want to keep your record clean for much larger tax avoidance when you're older.

Bumbaclat

 

[Skipper]

Tax question from me....

I'm a student, and my Dad paid most of my expenses this year for school. I'm in a ridiculously expensive program, and he shelled out $15k alone for tuition, plus books ($2500) rent and a laptop which was required. I've signed my tuition tax receipt over to him, but from what I understand the max he (or anyone) can claim in educational expenses for any given year is $5000.

Pops asks me to send him all my T4s, which I do, and then later he calls and says he needs information (my notice of assessment/reassessment) from LAST YEAR for his return. He also said that his accountant is "working around the $5k limit" that I mentioned.

So yeah. I say I'm not rooting through all my paperwork to find LAST YEAR's tax information if he doesn't tell me what it's for and how it's being used. I'm concerned he's somehow maximizing his return at, what will turn out to be, the expense of mine. When asked what such information was needed for, he said he didn't know - his accountant just said he needed it. I'm a little sketchy about all of this.

Does anyone know if there are conditions that permit claiming more than the $5k, or why he might be needing all this info from me from last year's return? Does this seem suspicious to anyone else?

 

[PosTMOd]

Originally posted by Skipper
Does this seem suspicious to anyone else?

What seems a little strange is that you are worried about your tax return when your old man paid 15 fucking thousand for your tuition...

Hello? Let him have it for fuck's sake.

 

[Klubmasta Will]

^^^ your dad paid $15,000 towards your schooling and you're afraid he's ripping you off?

 

[Rosey]

Originally posted by PosTMOd


What seems a little strange is that you are worried about your tax return when your old man paid 15 fucking thousand for your tuition...

Hello? Let him have it for fuck's sake.

yeah, exactly.

the statement from last year will just tell him how much tuition he didn't claim last year and before.

 

[Skipper]

Originally posted by PosTMOd


What seems a little strange is that you are worried about your tax return when your old man paid 15 fucking thousand for your tuition...

Hello? Let him have it for fuck's sake.

I need my income tax return to LIVE right now. Without it, I cant pay first and last on my new place and nor can I do a lot of other things...like eat. I can't afford to have it fucked up because he's scamming the government. I also need $200 a hell of a lot more than he does at the moment.

On that note, I don't want to be giving my personal information to my Dad if he's using it to scam the govt in the first place. I don't want to be involved in that.

I dont care that he's claiming my tuition - he paid for it obviously - but I dont want to get implicated if he's cutting corners with his taxes. This is what I'm saying.

 

[Skipper]

Originally posted by Rosey

yeah, exactly.

the statement from last year will just tell him how much tuition he didn't claim last year and before.

He didn't pay anything towards my education before this year whatsoever.

 

[PosTMOd]

Originally posted by Skipper
He didn't pay anything towards my education before this year whatsoever.

Oh my god, what a terrible man. He should be killed.

Hell, I paid my whole way through all by my lonesome... and I still gave my dad my tax credits when I didn't need them to reduce my tax...

Now I just need someone to pay back my $68,000 in loans.

 

[vinder]

skipper. if your dad claims the tax credit on your education then yes you are not going to get it.

but come on, he spent 15000 + 2500 for your tuition and laptop and you're complaining?

he's not cutting corners or scamming the system. you are allowed to claim past year's educational expenses as far back as you want to.

hell, last year i claimed 3 years worth of tuition that i didn't even know i could have.

 

[kuba]

Originally posted by Skipper


I need my income tax return to LIVE right now. Without it, I cant pay first and last on my new place and nor can I do a lot of other things...like eat. I can't afford to have it fucked up because he's scamming the government. I also need $200 a hell of a lot more than he does at the moment.

Ok without getting too personal.. ahh what the fuck.. why dont you try to find a job? A tax refund will help you live but what if you dont get one? then youre stuck right? im not saying you dont need it but i would have to agree with the rest of the peeps because if he didnt pay for it you would have no money to live NOW and no education to live LATER. whats $200 going to get you? two trips to Loblaws?

 

[Sassy]

Originally posted by PosTMOd


Oh my god, what a terrible man. He should be killed.

Hell, I paid my whole way through all by my lonesome... and I still gave my dad my tax credits when I didn't need them to reduce my tax...

Now I just need someone to pay back my $68,000 in loans.

And I need someone to STILL help me with my taxes!

 

[PosTMOd]

Originally posted by Sassy
And I need someone to STILL help me with my taxes!

 

[Sassy]

Don't me, I'm serious Timo - times running out!