The Federal Tax Credits Blog

Posts Tagged ‘canada’

Question: question about canadian T1 income tax and benefit return?

currently i am unemployed and this is my first time doing the T1 since i was 18 last year, on the second page it said i have to report my income from all sources, which i dont have income because im unemployed what do i do on those fields. I am only applying for Goods and services tax/harmonized sales tax credits. What do i write in for income is my main concern?

Answer: If you had no employment income, no bank interest, etc.. you write “0″ in each line.

Debt crisis 2.0: Facing default, Greece must ditch the euro and rethink its welfare state

Just a year after wealthier European governments rescued Athens from default with $157 billion in loans, Greece is slipping into crisis again.

Live Ep 25 Part 1 Harmonized Sales Tax.mp4

Reportlinker Adds Solar PV Inverters – Global Market Size, Price Analysis, Regulations and Competitive Analysis to 2020

Reportlinker.com announces that a new market research report is available in its catalogue:

Bioenergy Company’s Expansion Brings More Jobs, Clean Energy to Northern BC

Question: Too Young for an Investment Property?

Hello,

I am a college student in Reno, NV who inherited money and was thinking that I should buy property to not only cash in on the first time home buyer tax credit but also to rent out while I am in school and sell when I graduate. There is an upscale condominium a mile from campus which has a lien on it and has therefore gone from $200k to $90k; which I could pay cash for. It has four bedrooms, four baths (so really set up to be split), and a heated pool and rec room. I believe it is currently renting out for $400 a room– or $1600 for the unit. I feel I could make money both in the long and short run but I know nothing about realty and was wondering if any of you had advice on being a twenty something landlord/property owner.

Thank you so much!

Answer: I have been a landlord for over 30 years, its a headache and takes alot of your time and some guts to put people on the street when they do not pay. you will not make money unless you pay off the property fast, then you don’t have costs but still get a write off from Uncle Sam. and the first time home buyer is for a home you live in, not a non-homestead property. Also, the taxes are based on homestead or non homestead, the non-homestead pays 1/3 more taxes. but you should be able to clear $2000 a year clear money. if you watch who you rent to. No slobs allowed. Good luck.

Fitch Downgrades Washoe County School District, NV GOs to ‘AA-’; Outlook Revised to Stable

SAN FRANCISCO–(BUSINESS WIRE)–Fitch Ratings takes the following rating action on Washoe County School District, Nevada (the district) as part of its continuous surveillance effort: –$458.635 million outstanding general obligation (GO) limited tax bonds downgraded to ‘AA-’ from ‘AA’. The Rating Outlook is revised to Stable from Negative. RATING RATIONALE: –The downgrade reflects Fitch’s …

J.K. Lasser’s Your Income Tax 2011: For Preparing Your 2010 Tax Return $19.95 America’s number one bestselling and most trusted tax guide offers the best balance of thoroughness, organization, and usability. For over half a century, more than 39 million Americans have turned to J.K. Lasser for easy-to-follow, expert advice and guidance on planning and filing their taxes. Written by a team of tax specialists, J.K. Lasser’s Your Income Tax 2011 includes all the outstanding f…

Learn The ABC’s of Education Tax Credits with CPA in Reno NV

Question: child tax credits and child benefit?

My sister claimed child benefit for my son temporarily for 2 months, she then cancelled the claim because he came back to live with me. I hadn’t got round to putting the his child benefit back in my name and now i have had a letter off child tax credits saying they are stopping my money (in four days) for connor because my sister is still responsible for him even though she isn’t and none of us have been receiving the child benefit for him. Is this right?

Answer: child benefit must be paid, so either you or yr sis should have been recieveing it, if you havent then they have to back date her for when he was with her and you likewise when he was living with you.

the child tax credits however may be a little more tricky…if you hadnt put a correct claim in you could loose the back pay, however, if you put a claim in now you can most likely get it paid back to when he returned with you if its within 3months?

make an appointment with yr local office and go get it sorted asap so u dontloose any more money.

Take advantage of tax break for kids’ activities

If your children are enrolled in hockey, dance classes or art lessons, as of Jan. 1, you’ll get a new tax break. The Ontario government has passed a new Children’s Activity Tax Credit that will provide up to $50 for each child under 16.

Legal Solutions – Tax and Benefits

Question: when does the child tax credit get deposited into someones bank account in on. Canada?

Answer: We get ours on the 20th. Check with the Revenue agency and/or your bank.

Conviction in child molestation case

A man was taken to a cell Wednesday after a western Newfoundland jury convicted him of offences against children, including sexual interference.

New Year’s Resolution – How not to start a fitness program