报税讲座

时间:2010年3月27日
地点:图书馆会议室 60 Worsley St Barrie, Ontario Canada L4M 1L6
主讲人:JENNY ZHENG 郑朝晖女士,资深注册会计师。提供09年个人报税的注意事项,提供咨询,并注意解答在个人报税时大家遇到的具体问题。

Q & A*

Questions
1. How to report rental income? What kind of expense I can write off?
(T776)
The item listed there. The only thing need to pay attention is about CCA, should report this? Because it you claim CCA , it will require CCA recap when the time you do the disposal. Make the calculation even more completed, so we don’t recommend do that.
Tips. The interest of borrowing. If you have mortgage for your home, you can repay your mortgage first, and borrow the money back to buy the rental property
Link for how to report rental income.
http://www.cra-arc.gc.ca/ebci/cjcm/srch/bscSrch?lang=en&prevBscSrch=T1M&bscSrch=T776


2. My parents live with me, they are not in this Country long, should I fill return for them.( do senior get GST credit?
( the day is 183 days. The good thing is they will get GST credit. And if they are born before 1944, you can claim care giver credit for each person, net income is 18534 or lower, Max amount 4198) GST credit depend on your income and if you have any kids.

3. Should I report my foreign property? What is the consequence if I do and I don’t
Form no . (T1135)
Foreign property doesn’t include: the property you used or held exclusively in the course of carrying on your active business, or your personal used property.
So if you have a previous residence outside county, and you don’t use it for income earning purpose, you don’t have to report it.
Even you have the foreign property under both you and your spouse name, split into 2 part, under 100,00 you don’t need to fill it neither.
If you either alone or with related personal held 10% or more of the shares of a non-resident corporation, you may have to file an additional return.

4. Should I save all the medical expense for tax return
( 3 % of you net income or 2011 which is lower)
You can claim medical expense paid in any 12 month period ending in 2009.
Both or you and your spouse can claim medical expense, but normal, you can put the total medical expense for you and your spouse under lower income person

5. What program is qualify for Ontario Fitness credit
(receipt is not required even paper return)
Child has to be under 16 years old or under 18 years of age if eligible for the disability amount at the beginning of the year.
Be ongoing
Be supervised
Be suitable for children
Require significant physical activities.

6. How can I qualify for first home buyer credit? If I do, how much credit I can get
For time home buyer can get 5000 x 15%, max 750 credit.
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $25,000 (after January 27, 2009), from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability .. qualifying home is the home located in Canada. Repay within 15 years.

7. If my kids (under 18) have income, should I fill return for them?
Yes. For the GST credit. If by 04/01 2010 he/she turn to 19, should fill the return for them, also build up more room for RRSP contribution

8. Can I claim moving expense?
( as full time student, or relocate to work), the dependent expense can be transferred to parents

9. How much I can get for tax credit for donations
For the first 200 is 17% , > 200 is 29%. The donation can carry up to 5 years. So we recommend you save the receipts and fill them together.

10. Do I need to pay tax if I sell my house or my rental property?
You only can declare one principal resident at one time, if you have two property, sell one, the formula is total year you declare as principal / year of ownership X capital gain from the house.
For capital gain, it is 50% taxable and the tax rate is 20%

11. What should I pay attention for this year Home reconvention tax credit?
Valid date : after Jan 27 2009 to Feb. 1 2010
Eligible expense is over 1000, max 10000
Eligible dwelling: in Canada
Rental property is not eligible
Expense is not eligible:
Furniture and appliance, tool, carpet cleaning, maintain contract, financing cost, for new house “upgrades”

12. Should I maximum my RRSP every yea?
About tax bracket. 3 level 40727(31.2%) 81453(43.4%) 126265(46.34%)
We need to use the RRSP to maximum the tax deduction. For example, if your income for this year is 90000, you contribute 15000 to RRSP, $8547 out of 15000, will save you (8547 X43.4%)=3709, the rest $ 6453 will save you($6453 x 31.2%) $2013, if you know you next year income will be higher for example 100,000, you can leave the$ 6453 to next year, which will save the (6453x43.4%)=2800, which is 787 more than this year.


13. What is the difference between incorporated from sole proprietorship?
Sole proprietor fill tax return T1. Fill T2125. Incorporation company fill T2. Total separate from personal

14. Who should claim GST tax credit when I do my return?
The credit is based on you and your spouse minus universal child benefit and Register disability saving plan income, if you are married , no matter who claim it, it will be the same. For single, no child 41000 phase out, married 43000 phase out. Married 1 child 45000 phase out.

15. What I should be careful if I have T3, T5 return.
These return are easy to bed missed, the first time miss return they will tell you to amend it, the second time may cost to 20% penalty or 250 a year up to 2500

16. What I need if I want to deduct the expenses from my commission.
If you have commission income, or you are require to use your car or your home as the condition of your employment, you can ask for the T2200(called condition of employment) from employer in order to qualify for expense deduction.

17. Tuition how long defer.
T2202
Can be forever, also can transfer to family member. Children to parent or to spouse
Student loan interest can be carry for 5 years.

18. What income is none taxable?
Lottery winnings
Most gift and inheritances
Most of amount received from a life insurance policy following someone’s death.

*Information here is to the best of the speaker's knowledge. No Guarantee of Correctness - No Legal Advice.

以上内容只是提供一些信息,不可作为官方或法律建议。协会和协会成员不保证各种讲座内容的正确性和完整性。

 

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