Comments on: Year End Tax Tips: 2008 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm Building Wealth through Saving and Investing Sat, 21 Nov 2009 03:00:37 -0500 http://wordpress.org/?v=abc hourly 1 By: FrugalTrader http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-77343 FrugalTrader Sun, 12 Apr 2009 17:11:19 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-77343 Madusha, I think you can file for 2007 along with 2008. I would check with the online tax filing sites like <a href="http://www.milliondollarjourney.com/go/QuickTax" rel="nofollow">quicktax</a> and <a href="http://ufile.ca" rel="nofollow">ufile</a>. Check out more about the <a href="http://www.milliondollarjourney.com/federal-budget-2009-personal-opinion-and-highlights.htm" rel="nofollow">home renovation tax credit here</a>. Madusha, I think you can file for 2007 along with 2008. I would check with the online tax filing sites like quicktax and ufile.

Check out more about the home renovation tax credit here.

]]> By: Madusha http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-77338 Madusha Sun, 12 Apr 2009 16:26:25 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-77338 hey, I have a couple of questions... - My brother didn't get to file his taxes for 2007 and we are wondering whether we can file it this year with 2008. How do we go about doing it? - I bought a house this year and I keep hearing about this new Home renovation tax credit. Can someone explain what this is about... hey, I have a couple of questions…
- My brother didn’t get to file his taxes for 2007 and we are wondering whether we can file it this year with 2008. How do we go about doing it?

- I bought a house this year and I keep hearing about this new Home renovation tax credit. Can someone explain what this is about…

]]> By: Squint http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-66145 Squint Sun, 04 Jan 2009 16:51:51 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-66145 Further to your comments of 17Dec.08 to "The Reverend", can you repurchase within 30 days the same company shares that you sold and reinvest the cash proceeds into a TFSA without invoking the Superficial Loss Rule? Further to your comments of 17Dec.08 to “The Reverend”, can you repurchase within 30 days the same company shares that you sold and reinvest the cash proceeds into a TFSA without invoking the Superficial Loss Rule?

]]> By: Pay Your Property Taxes and Sales Taxes Prior to Year End | Prime Time Money http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-65671 Pay Your Property Taxes and Sales Taxes Prior to Year End | Prime Time Money Mon, 29 Dec 2008 18:26:22 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-65671 [...] Year End Tax Savings Tips @ Free From Broke Year End Tax Moves @ Cash Money Life Year-End Tax Tips: 2008 @ Million Dollar Journey 17 Tips for End of Year Tax Planning @ My Dollar Plan Year End Income Tax [...]

[...] Year End Tax Savings Tips @ Free From Broke Year End Tax Moves @ Cash Money Life Year-End Tax Tips: 2008 @ Million Dollar Journey 17 Tips for End of Year Tax Planning @ My Dollar Plan Year End Income Tax [...]

]]> By: Dividend Growth Investor http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64826 Dividend Growth Investor Thu, 18 Dec 2008 16:29:57 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64826 A good idea might be to pick up stocks which were oversold due to tax loss harvesting.. A good idea might be to pick up stocks which were oversold due to tax loss harvesting..

]]> By: Kathryn http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64771 Kathryn Thu, 18 Dec 2008 03:15:06 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64771 Rocket Spanish, If you live in Canada, you can save up your charitable donation deductions for up to 5 years. The first $200 is at a lower rater. After $200, the rate is higher. It's best to save them up for a few years if your yearly donations tend to be lower than $200. In your case, just claim it on for 2008 or save it up for a few years if you plan to donate more and claim it in 2009 or 2010. Rocket Spanish,

If you live in Canada, you can save up your charitable donation deductions for up to 5 years. The first $200 is at a lower rater. After $200, the rate is higher. It’s best to save them up for a few years if your yearly donations tend to be lower than $200. In your case, just claim it on for 2008 or save it up for a few years if you plan to donate more and claim it in 2009 or 2010.

]]> By: Rocket Spanish http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64769 Rocket Spanish Thu, 18 Dec 2008 02:52:43 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64769 Thanks Ft for your answer, another good way to reduce your tax bill is to donate to a political party you like. The political tax credit is quite sizeable and if you are someone who is interested in politics like I am it is almost like you are getting paid to support your political party. Thanks Ft for your answer, another good way to reduce your tax bill is to donate to a political party you like. The political tax credit is quite sizeable and if you are someone who is interested in politics like I am it is almost like you are getting paid to support your political party.

]]> By: Epson Workforce 600 Printer Holiday Giveaway! http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64753 Epson Workforce 600 Printer Holiday Giveaway! Wed, 17 Dec 2008 23:46:36 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64753 [...] Million Dollar Journey: Year End Tax Tips:2008 [...]

[...] Million Dollar Journey: Year End Tax Tips:2008 [...]

]]> By: FrugalTrader http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64745 FrugalTrader Wed, 17 Dec 2008 22:09:26 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64745 rocket spanish, I'm not sure what you would do in that case. It would be best to consult a tax pro. georumble, if you sold it this year, then you can simply include it in your return. If you sold it in a previous year, did you report the loss on your tax return? If not, you may need to ask an accountant how to report a loss from previous years. rocket spanish, I’m not sure what you would do in that case. It would be best to consult a tax pro.

georumble, if you sold it this year, then you can simply include it in your return. If you sold it in a previous year, did you report the loss on your tax return? If not, you may need to ask an accountant how to report a loss from previous years.

]]> By: georumble.com http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64741 georumble.com Wed, 17 Dec 2008 21:19:53 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64741 FT, I have already sold the stock. How do I report this loss to CRA? Thanks, G. FT, I have already sold the stock.

How do I report this loss to CRA?

Thanks,

G.

]]> By: Rocket Spanish http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64736 Rocket Spanish Wed, 17 Dec 2008 21:04:46 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64736 Hi Ft, If i contributed $50 to a charity in 2007 and I did not claim it then. Can I add it to my donations for 2008 and declare it together or do I have to go back and edit my 2007 return. Thanks Hi Ft,

If i contributed $50 to a charity in 2007 and I did not claim it then. Can I add it to my donations for 2008 and declare it together or do I have to go back and edit my 2007 return.

Thanks

]]> By: FrugalTrader http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64718 FrugalTrader Wed, 17 Dec 2008 17:39:22 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64718 G, providing that you sold the stock already and reported it to CRA, you can carry forward your losses indefinitely. G, providing that you sold the stock already and reported it to CRA, you can carry forward your losses indefinitely.

]]> By: georumble.com http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64717 georumble.com Wed, 17 Dec 2008 17:36:07 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64717 Hi, I have a question related to capital losses, so far no one has answered this question, lets see if this fourm is able to. Back in 2000 when IT bubble burst, I lost about 12K in the stock markets. Since this was about 7 years ago, how do I report this to the CCRA so that any future capital gains can be used against those losses. Thank you G. Hi,

I have a question related to capital losses, so far no one has answered this question, lets see if this fourm is able to.

Back in 2000 when IT bubble burst, I lost about 12K in the stock markets.

Since this was about 7 years ago, how do I report this to the CCRA so that any future capital gains can be used against those losses.

Thank you

G.

]]> By: FrugalTrader http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64704 FrugalTrader Wed, 17 Dec 2008 15:14:39 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64704 Acorn, I haven't heard that rule, but you'd need to have a mega loan to have $30k as a tax refund. In order to accumulate $60k in interest, you'd need a $1.5 million loan @ 4%. Acorn, I haven’t heard that rule, but you’d need to have a mega loan to have $30k as a tax refund. In order to accumulate $60k in interest, you’d need a $1.5 million loan @ 4%.

]]> By: Chuck http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64701 Chuck Wed, 17 Dec 2008 14:58:18 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64701 I always make a point with my small business of going out and buying a whack load of office supplies in december so I get the writeoff on my december year-end and use of the supplies well into the next year. My wife's employer also gives her the option of receiving her bonus Dec 15 or Jan 15 which gives us a little more latitude for tax planning as well. I always make a point with my small business of going out and buying a whack load of office supplies in december so I get the writeoff on my december year-end and use of the supplies well into the next year.

My wife’s employer also gives her the option of receiving her bonus Dec 15 or Jan 15 which gives us a little more latitude for tax planning as well.

]]> By: Acorn http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64698 Acorn Wed, 17 Dec 2008 13:51:39 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64698 Slightly different topic… If you have a large investment loan and paying a high interest, is there a maximum of the tax deduction you can claim? I’ve heard that no matter how match of interest you are paying, you can’t get more than $30K as a tax refund after claiming the tax deductable interest. Slightly different topic… If you have a large investment loan and paying a high interest, is there a maximum of the tax deduction you can claim? I’ve heard that no matter how match of interest you are paying, you can’t get more than $30K as a tax refund after claiming the tax deductable interest.

]]> By: The Reverend http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64694 The Reverend Wed, 17 Dec 2008 13:41:59 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64694 Thanks FT. You're a wealth of knowledge (and incredibly prompt). Thanks FT. You’re a wealth of knowledge (and incredibly prompt).

]]> By: FrugalTrader http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64692 FrugalTrader Wed, 17 Dec 2008 13:37:14 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64692 Reverend, if you transfer stock to an RRSP, you have to pay capital gains tax if there are gains. However, you cannot claim capital losses when transferring stock to an RRSP. Best thing to do in that case is sell the stock, claim the loss, and transfer the cash to your RRSP. Reverend, if you transfer stock to an RRSP, you have to pay capital gains tax if there are gains. However, you cannot claim capital losses when transferring stock to an RRSP.

Best thing to do in that case is sell the stock, claim the loss, and transfer the cash to your RRSP.

]]> By: Aman http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64690 Aman Wed, 17 Dec 2008 13:34:02 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64690 I agree with Kathtyn, keep organized!! If you are not already doing so, the best thing is to get a bunch of folders for each person in your house and compile receipts and documents that you will need. This will help once you get to your accountant. Also, when it come to tax time, I always speak with my accountant who I have probably had since the age of 16 (and my parents used before that), this way I have built a relationship and can get latest tax advice and money saving tips that I might not have thought of myself. I agree with Kathtyn, keep organized!!

If you are not already doing so, the best thing is to get a bunch of folders for each person in your house and compile receipts and documents that you will need. This will help once you get to your accountant.

Also, when it come to tax time, I always speak with my accountant who I have probably had since the age of 16 (and my parents used before that), this way I have built a relationship and can get latest tax advice and money saving tips that I might not have thought of myself.

]]> By: The Reverend http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm/comment-page-1#comment-64689 The Reverend Wed, 17 Dec 2008 13:33:42 +0000 http://www.milliondollarjourney.com/year-end-tax-tips-2007.htm#comment-64689 Question: Its my understanding that if I transfer stock into an RRSP (or next year a TFSA) there is a deemed disposition. Does this mean that I can get credit for a tax loss without selling? I could very likely be out to lunch here. Just looking for others thoughts. Question:

Its my understanding that if I transfer stock into an RRSP (or next year a TFSA) there is a deemed disposition. Does this mean that I can get credit for a tax loss without selling?

I could very likely be out to lunch here. Just looking for others thoughts.

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