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Tax Time 2009 Q & A
| Guest post by: Brenda Parker |
Article Overview: Some often asked tax questions and answers for 2009.
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Free Download - Accounting - Beyond the Tax Return By Brenda Parker |
Tax Time 2009 Q & A
It's probably not your favorite time of the year, but the time to file your 2009 tax return is fast approaching. Here are some questions which often come up:
Who should claim the Universal Child Care Benefit which we receive for our child each month- my spouse/common-law partner or myself? The $100 which is received each month for each child under the age of 6 must be reported as income by the spouse or common-law partner with the lower net income.
If I lived and worked in more than one province during the year, which provincial tax rates should I be using to calculate my tax? Provincial taxes are based on the province of residence on December 31.
I am 18 and I have very little income (under the basic exemption). Should I file an income tax return? Besides adding to your RRSP contribution room, filing an income tax return is important since you will be eligible in the quarter following your 19th birthday for the goods and services tax credit.
How do I qualify for the disability amount ? To qualify, you must suffer from a severe and prolonged ailment which is expected to last for a continuous period of at least twelve months. Form T2201 must be signed by a medical practitioner before the claim can be reviewed by CRA.
Can I claim medical expenses which I incurred abroad? As long as you are a Canadian resident, they are claimable. Examples are Blue Cross premiums.
Do I have to claim the income which I made from my yard sale last year? Normally, the odd yard sale here and there is exempt. However, it does become taxable if it starts to take on the characteristics of a business. For example, if you sold a couple of small items on eBay last year, then the few dollars which you receive are yours to keep. However, if you were a regular seller on eBay, then the characteristics of a business are becoming apparent and the income is then taxable.
I incurred eligible moving expenses in 2009 in order to accept a new job. However, the income from this job was not sufficient to offset all the moving expenses. Do I lose my ability to claim the rest of the expense? The expenses may be carried forward and applied against income at the new location in 2010.
I have a child who is 14. Can I make a claim for this dependent? A non-refundable tax credit in the amount of $2,089 can be claim for each child(who is the child of the taxpayer or their spouse/common-law partner) under 18 at the end of the taxation year.
What credits are available for long-haul truckers? Long-haul truck drivers and other employees in the transport business may deduct certain unreimbursed board and lodging expenses. If certain conditions are met, 70% of meals for long-haul truckers are deductible as well.
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Article Tags: disability amount, longhaul truckers, medical expenses, moving expenses, questions and answers, RRSP, tax questions, tax time, Universal Child Care Benefit
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About the Author: Brenda Parker RSS for Brenda's articles - Visit Brenda's website
Brenda Parker operates Scotia Accounting and Tax Services located in Stellarton, NS, Canada. After graduating summa cum laude from St. Mary's University in Halifax with a B Comm in Finance and a BA in Economics, she worked for a national grocery firm in various departments with her last role being assistant manager of Taxation. During this time she attained her Certified General Accountant's designation. Since getting her CGA, she has worked in various management/accounting positions for government ,public accounting firms, and as controller of a regional hotel chain and a new car dealership. She is a Simply Accounting Certified Consultant and Quickbooks partner. In her accounting practice she has served both large and small clients in a wide variety of sectors. From personal taxes to businesses in manufacturing, wholesale, retail and services to charities and not-for-profit organizations. She has clients from Cape Breton Island, NS to Montreal, Quebec to Calgary, Alberta and in many locations in mainland NS. All information in her articles is offered without prejudice and she advises readers to consult a professional accountant in person in regards to their personal situations. Click here to visit Brenda's website   Whats New for 2009 Personal Tax Returns Registered charities perform valuable work in our communities Back to School tax tips 2 Tax Time 2009 Q A Bartering 101 Tax Implications |
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Books that should be written
- [quote:1m0dcpd7]"The Idiots Guide To Sticking With One Thing At A Time and Not Doing Something New All The Time" [/quote:1m0dcpd7]
I myself am a 'constructive' procrastinator... I don't know if I'm alone in this.
I have about six or seven projects I'm working on at any given time. I get one project almost done... then my interest is piqued by another project and I work on that... I get burnt out and move to another...I know I do this so I have it arranged such that once I get bored or burnt out with one project, I can step right back into project 1 - or 2 or 3, and get that a little bit more done before moving on to something else.
As long as you're organized and know where all your reference material/idea sheets are when you're ready to get back to work on each project, it should be fine. I also find that by stepping away from a project - I still work on it in the recesses of my mind so that when I go back to it - it's with some good ideas that I wouldn't have had if I'd continued on with it originally.
Maybe I should write a book on how to Procrastinate Constructively... I've actually thought about doing that...because most people procrastinate, don't they...and very few are ever able to stop.
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