Author Topic: Tax question for fellow Canadians (Read 2860 times)

kingjon · « **on:** January 26, 2011, 13:02 »

This applies to Canadians only.

I've been filing my taxes on paper for the past 3 or 4 years despite using Quicktax. Quicktax has an error in it that prevents me from filing electronically. It's a bit of a pain because I also have to include a letter to Revenue Canada explaining why I have to override a field in the software. I discussed the issue with people at Quicktax the past two years but they just tell me their software is compliant with Canadian legislation (and this after I sent them the correct information from Revenue Canada's website). Is someone able to netfile using other software?

The issue is related to the T5 we get from IS. Revenue Canada allows you to include the income on a different line if you have associated expenses but Quicktax doesn't (which means you can't have any tax deductions if you use the software). I have to override the software. I would like to avoid this seeing that the software is costing me close to 100$.

PeterChigmaroff · « **Reply #1 on:** January 26, 2011, 13:44 »

Rather than complain about what you can or cannot do in Quicktax I suggest just toss it if it doesn't do what you need it to do. Drop a short, terse note to Quicktax that despite their "compliance" the software does not perform. Then move onto something that does. Life is too short to deal with such irritants. My other suggestion is to get a decent CA to deal with your account. I cut my grass, my own hair, I change the oil in my car, I cook, I clean my house, I shoot/process/keyword/upload all my images myself, I do almost everything except my own taxes.

Pixart · « **Reply #2 on:** January 26, 2011, 13:54 »

If you keep your records in a spreadsheet and present everything well organized to an accountant, it won't cost you much more than that to file an uncomplicated return and they may actually find ways to save more money. (Please, not H&R Block though). Remember, if they have to sit and enter lunch expenses and gas receipts etc, they bill by the hour. Our neighbors were in a tough way and my husband did all of their journal entries and it knocked $400 off their accountant's fee.

kingjon · « **Reply #3 on:** January 26, 2011, 19:52 »

Thanks for the advice - I am trying to find another software solution that works - was hoping someone else could recommend something. I've been doing my own taxes for over 25 years. My taxes aren't very complicated to do, I just need the right tool.

melking · « **Reply #4 on:** January 27, 2011, 07:52 »

I agree, go get your taxes done at a CA. As I just found out I had to pay HST on all my istock income. they had to go back 3 years and fix all my taxes

I got my own accountant now and it may cost a bit more, but you can always claim that on the next years taxes anyways. Worth the money!

PeterChigmaroff · « **Reply #5 on:** January 27, 2011, 11:04 »

Quote from: kingjon on January 26, 2011, 19:52

. I've been doing my own taxes for over 25 years.

Making a mistake 25 times in a row doesn't correct an issue. If you are on the road to making money at stock then you need to add some legitimacy to the enterprise WRT to the CRA. There are lots of deductions you can take. I never travel anywhere without taking a few pictures and getting tons of receipts.

Elenathewise · « **Reply #6 on:** January 27, 2011, 13:42 »

My accountant tells me it's better to send paperwork, not electronic submission. Plus, as mentioned, there is an HST issue (if your income from stock is big enough). If you don't do that they'll eventually get you and make you pay a fine.

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Author Topic: Tax question for fellow Canadians (Read 2860 times)

kingjon

PeterChigmaroff

Pixart

kingjon

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PeterChigmaroff

Elenathewise

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