Income tax returns

Income tax returns

Postby CielOnTap on Mon Feb 04, 2013 12:22 pm

Canada:
Personal income tax returns have a filing deadline date of April 30, 2013. Other filing dates depend on what business entities have as their year end; estate tax returns have to be filed within six months of the passing of a taxpayer.

A change this year is that individual taxpayers will have to call CRA to have a tax package mailed to them or go to a postal outlet or Service Canada site that offers the tax guides and tax packages to the public (available as of February 4). Letters went out to known paper tax return filers about the changes-even the mailing labels are no longer provided. As well, the Telefile option-telephone filing for simple tax returns-is discontinued.
http://www.cra-arc.gc.ca/menu-eng.html

United States:
Personal income tax returns have a filing deadline date of April 15, 2013. http://www.irs.gov/uac/Newsroom/IRS-Kicks-Off-2013-Tax-Season

In both countries, filers have to report their worldwide income. If anyone gets a pension from another country, check to see if your home country has a tax agreement with the other country on how the pension money is reported. You may or may not get credit for any income taxes deducted by the other country from your pension money.
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Re: Income tax returns

Postby fishandchips on Mon Feb 04, 2013 1:49 pm

Oh, the wait on the mail for slips routine is now in session! Some charity slips come out now but some are issued when donations are sent in. Check twice and don't miss one.

Then there is the RRSP sales push at the banks too-not a penny for one now. The penny will be no more.
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Re: Income tax returns

Postby CielOnTap on Tue Feb 05, 2013 6:39 pm

Did my paper return and put it into the mail stream. If last year was a guideline, return processing starts in earnest next week on the CRA end when the seasonal tax staff join the call centres and processing centres.

Should you be considering buying a software program to do multiple tax returns, look for the CRA approved mark on the package to make sure it will be accepted by Canada's tax authority. If your store has a loyalty points program and offers tax return preparation services, check to see if there is a way to use your points towards the payment of the service. Apparently there are some offers that allow points to be used in this way.

There will be community tax clinics that offer free tax return services by trained volunteers for low-income individuals. Your local college or university could also have some business students running a fee-based tax service clinic, to provide residents with local service and to provide students with practical tax return experience.

Check to see that your information slips have your correct name, address and if applicable your social insurance number. Notify slip issuers in writing of any errors promptly, as you may be able to get new and revised slips. Place your tax return slips in one location using a box, file folder, accordion folder or dedicated and labelled drawer or shelf. You might wish to compare slips against any information you recorded in your calendar or planners to verify amounts you have given or were expecting to receive.
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Re: Income tax returns

Postby deja vu on Fri Apr 12, 2013 7:10 pm

The clock is ticking for the US to file their income tax. April 15th is the deadline, while Canadians have until the end of the
month. If the claim below is true, then they have a huge mess on their hands and it should be left up to the courts to settle this one.

http://www.foxnews.com/politics/2013/04 ... s-without/

With less than three days to go before federal taxes are due, the Internal Revenue Service is denying claims that it wants to snoop on taxpayers by reading their emails and monitoring other forms of electronic communication without a warrant.

“Respecting taxpayer rights and taxpayer privacy are cornerstone principles for the IRS,” the agency said in a statement. “Our job is to administer the nation’s tax laws, and we do so in a way that follows the law and treats taxpayers with respect.”
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Re: Income tax returns

Postby CielOnTap on Fri Apr 15, 2016 4:01 pm

Due to April 15 being Emancipation Day in the United States, US residents at home and abroad have until Monday, April 18 to file their personal tax returns.
(for example, Friday, April 15, 2016, is Emancipation Day, so tax year 2015 returns are due Monday, April 18, 2016. Taxpayers in Maine and Massachusetts observe Patriots' Day on April 18, 2016, so they will have until Tuesday, April 19, 2016 to file). Your return is considered filed timely if the envelope is properly addressed and postmarked by the due date.

https://www.irs.gov/taxtopics/tc301.html

Some Canadians might wish to ensure that any US property or asset that requires income taxes to be paid gets handled in the next 72h so as not to miss the filing date.
https://www.irs.gov/Individuals/International-Taxpayers
https://www.irs.gov/Individuals/International-Taxpayers/International-Taxpayers-Press-Releases
In addition, certain taxpayers may also have to complete and attach to their return Form 8938, Statement of Foreign Financial Assets. Generally, U.S. citizens, resident aliens and certain nonresident aliens must report specified foreign financial assets on this form if the aggregate value of those assets exceeds certain thresholds. See the instructions for this form for details.

IRS Simplifies Reporting for Canadian Retirement Accounts

The IRS has eliminated a special annual reporting requirement that has long applied to taxpayers who hold interests in either of two popular Canadian retirement plans. This is part of an IRS change announced in October making it easier for taxpayers with these plans to get favorable U.S. tax treatment. As a result, many Americans and Canadians with registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs) no longer need to file Form 8891 each year reporting details on these plans. This change does not affect any other reporting requirements that may apply, such as FinCEN Form 114 and Form 8938.
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Re: Income tax returns

Postby fishandchips on Sun Feb 19, 2017 1:57 pm

If you owe the Canadian Revenue Agency money, file before April 30. Any payments due must be received prior to May 1 or the interest clock starts May 1 on your balance owing.

Paper forms and guides can be found at most postal outlets but don't procrastinate-some locations run out of them quickly. Envelopes are on the side of the
cardboard displays. Ask staff at counter for them if the slot is empty of envelopes.

Using a tax software package at home? Make sure the box is CRA approved before you buy or use the program.

Some credits have changed. There's a refundable tax credit (on page 4 of the personal tax return or T1 form for teachers who buy school supplies-conditions apply as to what's eligible, who can claim and even getting one's principal to acknowledge the eligible expenses should CRA check up on the claim for the credit.
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Re: Income tax returns

Postby deja vu on Sun Feb 19, 2017 2:37 pm

fishandchips on Sun Feb 19, 2017 11:57 am


Using a tax software package at home? Make sure the box is CRA approved before you buy or use the program.


I know Turbo Tax is connected directly to CRA, not sure about the other programs out there.
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