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digitalfutur
Sees More Than Shown
Premium
join:2000-07-15
BurlingtonON
kudos:2

Got My Tax Refund Today

Netfiled it the evening of Feb 22nd, in the bank the 5th business day after. It was deposited after close of business March 1st, dated for the 4th. Now that' service !
--
Logic requires one to deal with decisions that one's ego will not permit.
All that is necessary for the triumph of evil is that good men do nothing - Edmund Burke.


dirtyjeffer
Anons on ignore, but not due to fear.
Premium
join:2002-02-21
London, ON
i always get my refund about a week later...it's why i netfile every year.


Xstar_Lumini

join:2008-12-14
Canada
kudos:2
Yeah and I bet you guys get enough money to buy just a pair of sandals.

There's a great difference between doing your own taxes on your PC or letting a professional guy that knows tax loopholes do it for you. My co-workers PAY back from $500 to $1,200 each year while I make the same money as them with less expenses and I get almost $5,000 back. This has ocurred in the last 6 years.

For example did you guys know that construction workers can claim all their gas expenditures for the year? Or that the $500 you paid to get your kid in soccer gets returned to you? I also bet that you didn't know that if you put your kids into your spouses expenses she will get an extra $2,000 because she makes less money than you.

I also bet that you didn't know that you can work overtime (time-and-a-half) and not pay a penny in taxes if the company pegs the cheque as "travel money", saving both of you getting hit with taxes.


TLS2000
Crazy Canuck
Premium
join:2004-02-24
Mississauga, ON
Pegging overtime as travel money is tax fraud. Thanks for sharing your tricks! The rest of us would like to keep it legal!
--
Tom


Xstar_Lumini

join:2008-12-14
Canada
kudos:2
It's not tax fraud it's perfectly legal because my company pays me ONLY for the travel and not to work

It's like Steve Jobs that only got paid $1 a year to avoid paying $5 million in taxes, meanwhile his face was getting creamed with stocks worth $20 million every year... is this not tax fraud? or is tax fraud only if a blue collar worker does it?


ekster
Hi there
Premium
join:2010-07-16
Lachine, QC
kudos:3
reply to digitalfutur
I actually did it early this year as I did not want to get caught up doing my taxes at the end while I'm too busy doing everyone else's like I did last year. Should get my refund by next Monday the latest.


TLS2000
Crazy Canuck
Premium
join:2004-02-24
Mississauga, ON
Reviews:
·TekSavvy Cable
·Rogers Hi-Speed
reply to Xstar_Lumini
Steve Jobs was getting stock options which were taxed properly when he sold them.

And if you want to go with them not paying you to work, then they were breaking the law by not paying you. Either way, the law was broken.
--
Tom


corster
Premium
join:2002-02-23
Gatineau, QC
reply to digitalfutur
Submitted both of mine two weeks ago... Netfiled my Federal return and got a refund a week later... dropped my Quebec one off at the Revenu Quebec office and not expecting to hear back anytime soon... I'm sure anglo returns go to the bottom of the pile

MichelR

join:2011-07-03
Ottawa, ON
Reviews:
·Start Communicat..
·voip.ms
·Rogers Hi-Speed
reply to digitalfutur
Only (finally) got my T3 yesterday (about time...) Also this year I have to deal with a T5008 (sold a bunch of funds to use as down payment for my condo). Lots of fun ahead. StudioTax to the rescue.
--
Start Communications Forum


DKS
Damn Kidney Stones
Premium,ExMod 2002
join:2001-03-22
Owen Sound, ON
kudos:2
reply to digitalfutur
Still waiting on one T4...

MichelR

join:2011-07-03
Ottawa, ON
Reviews:
·Start Communicat..
·voip.ms
·Rogers Hi-Speed
reply to Xstar_Lumini
said by Xstar_Lumini:

It's not tax fraud it's perfectly legal because my company pays me ONLY for the travel and not to work

It's like Steve Jobs that only got paid $1 a year to avoid paying $5 million in taxes, meanwhile his face was getting creamed with stocks worth $20 million every year... is this not tax fraud? or is tax fraud only if a blue collar worker does it?

It's not because CEOs get away with it that it's not fraud.

I know a couple of people at CRA who'd like to take a second look at your last 7 returns.

I work for the government, so overtime pay is overtime pay. Usually I'd take it as compensatory leave, but this year I have to take the money. Suits me since I have a brand new mortgage, but I'm not looking forward to the 2013 tax return.
--
Start Communications Forum

NCRGuy

join:2008-03-03
Ottawa, ON
Reviews:
·TekSavvy DSL
reply to Xstar_Lumini
said by Xstar_Lumini:

Yeah and I bet you guys get enough money to buy just a pair of sandals.

There's a great difference between doing your own taxes on your PC or letting a professional guy that knows tax loopholes do it for you. My co-workers PAY back from $500 to $1,200 each year while I make the same money as them with less expenses and I get almost $5,000 back. This has ocurred in the last 6 years.

For example did you guys know that construction workers can claim all their gas expenditures for the year? Or that the $500 you paid to get your kid in soccer gets returned to you? I also bet that you didn't know that if you put your kids into your spouses expenses she will get an extra $2,000 because she makes less money than you.

I also bet that you didn't know that you can work overtime (time-and-a-half) and not pay a penny in taxes if the company pegs the cheque as "travel money", saving both of you getting hit with taxes.

If you needed to pay someone to know about and claim those deductions, you aren't as smart as you think. And yes, your employer paying you overtime and calling it travel expenses is fraud.

Gami00

join:2010-03-11
Mississauga, ON
reply to Xstar_Lumini
i'm not sure you understand this, but the money you get isn't extra money. it was yours originally.

I get back or have to pay only about $50 to $100 every year.
This is because I only pay enough or just enough to the government, instead of overpaying taxes.

also, ya, my overtime is overtime, it's not an expense, it just income that gets taxed, and if you have too much and get pushed into the next tax bracket, that's what real overtime is..



LazMan
Premium
join:2003-03-26
canada
reply to dirtyjeffer
said by dirtyjeffer:

i always get my refund about a week later...it's why i netfile every year.

What is this word "refund" - I know what it means, but am not familiar with it in the context you used it...

Seriously, though - I adjust my deductions and RRSP/RESP contributions through the year to try and end up with a neutral balance at the end... Last year was I think a $200 refund, the year before, I messed up a little, and owed about $3k. This year should be pretty close to even; although I'm still waiting for one more form before I can finish and file.

If I overpay, and get a whack back, means I gave the gov't an interest free loan. If I underpay, well, they get their pound of flesh in the end, anyways.

As for Xstar, and his little loophole, well, if it quacks like a duck, and walks like a duck; it's a duck... If it sounds like fraud, and smells like fraud, it's fraud...


Mike2009

join:2009-01-13
Ottawa, ON
kudos:3
I'm a procrastinator so I'll only file when it's due. Last year I was late but I got a small refund so it didn't matter.


ekster
Hi there
Premium
join:2010-07-16
Lachine, QC
kudos:3
Reviews:
·FreePhoneLine
reply to digitalfutur
For what it's worth, I love people who pay several hundreds of dollars or more for a simple return just to make sure that an 'expert' does it for them. Without them, my job would really suck.

They make March and April really worth it for me despite that I have to work about 50-70 hours a week during these months. Easiest money I ever made in my life.

Getting about 2 weeks of extra paid vacation, a huge overtime bonus, and another 3-4k extra on the side that I make by doing some tax returns for friends of friends = one happy summer.


BigSensFan
Premium
join:2003-07-16
Whitby, ON
kudos:1
reply to digitalfutur
I do my own taxes and I never owe and I get a significant return each year

My wife ends up owing a little because she is "self employed" and we have to pay CPP, UI and Tax on her income... but my return more than covers hers and allows for a nice chunk to go into the bank
--
"The hardest thing about any political campaign is how to win without proving that you are unworthy of winning." ~ Adlai E. Stevenson


Gone
Premium
join:2011-01-24
Fort Erie, ON
kudos:4
reply to Xstar_Lumini
said by [Xstar_Lumini :

]There's a great difference between doing your own taxes on your PC or letting a professional guy that knows tax loopholes do it for you. My co-workers PAY back from $500 to $1,200 each year while I make the same money as them with less expenses and I get almost $5,000 back. This has ocurred in the last 6 years.

I've talked with our corporate accountant regarding my own return on several occasions and there's nothing more he can do than I already do myself.


donoreo
Premium
join:2002-05-30
North York, ON
said by Gone:

said by [Xstar_Lumini :

]There's a great difference between doing your own taxes on your PC or letting a professional guy that knows tax loopholes do it for you. My co-workers PAY back from $500 to $1,200 each year while I make the same money as them with less expenses and I get almost $5,000 back. This has ocurred in the last 6 years.

I've talked with our corporate accountant regarding my own return on several occasions and there's nothing more he can do than I already do myself.

Same here. I have an accountant do our taxes and not much we can do. He has it all balanced out. This year will be different thought, my wife did not make more than me for the first time ever.
--
The irony of common sense, it is not that common.
I cannot deny anything I did not say.
A kitten dies every time someone uses "then" and "than" incorrectly.
I mock people who give their children odd spelling of names.


joeblow3

join:2000-12-27
London, ON
reply to BigSensFan
If self employed you don't pay UI/EI. You pay employee and the employer portion of CPP.

Also i most people's tax return is not complicated and can be done themselves using tax software. If you situation is more difficult (IE: self employed or contractor) then an accountant would benefit IF you don't know the ins and outs.

As to the person who is being paid "Travel" expenses in lieu of wages, that is illegal and the employer could be fined. Unless you are defined as a salary/management employee but it sounds like that is not the situation.


nitzguy
Premium
join:2002-07-11
Sudbury, ON
reply to digitalfutur
said by digitalfutur:

Netfiled it the evening of Feb 22nd, in the bank the 5th business day after. It was deposited after close of business March 1st, dated for the 4th. Now that' service !

Damnit, I filed the previous day the 21st and got my money the same time you did...I could have saved myself a whole day lol.

Ah well, it worked out...$470...after having to pay for the past couple of years it was nice to get a little back, although I'm not sure what did it, but I made more money this past year than I ever had in my life on an annual basis...so its a little confusing...

NCRGuy

join:2008-03-03
Ottawa, ON
Reviews:
·TekSavvy DSL
reply to joeblow3
said by joeblow3:

If self employed you don't pay UI/EI. You pay employee and the employer portion of CPP.

If they opt in to EI, then yes they do pay it.


J E F F
Whatta Ya Think About Dat?
Premium
join:2004-04-01
Kitchener, ON
kudos:1
Reviews:
·Rogers Portable ..
reply to Xstar_Lumini
said by Xstar_Lumini:

Yeah and I bet you guys get enough money to buy just a pair of sandals.

There's a great difference between doing your own taxes on your PC or letting a professional guy that knows tax loopholes do it for you. My co-workers PAY back from $500 to $1,200 each year while I make the same money as them with less expenses and I get almost $5,000 back. This has ocurred in the last 6 years.

For example did you guys know that construction workers can claim all their gas expenditures for the year? Really? Or that the $500 you paid to get your kid in soccer gets returned to you? Everyone know that... I also bet that you didn't know that if you put your kids into your spouses expenses she will get an extra $2,000 because she makes less money than you.It's a tax credit, everyone with a kid gets it

I also bet that you didn't know that you can work overtime (time-and-a-half) and not pay a penny in taxes if the company pegs the cheque as "travel money", saving both of you getting hit with taxes.

There is a lot of fraud in the construction industry and the CRA is just getting to it now. And yes, what you're doing is fraud. (except with the kids expense thing) The employer does it to avoid paying payroll tax and needing to submit that paperwork, and "employees" are all too happy to keep that illegal money.

Working overtime and getting it paid as "travel time" doesn't make you look clever. You're a thief.

This is no different that waiters/waitresses who only claim 15% of their tip money. You have to claim 100% of tips. And some around here are already being busted.

You're not finding legal loopholes, you're exaggerating tax credits illegally.
--
If you can't explain it simply, you don't understand it well enough. - Albert Einstein


Gone
Premium
join:2011-01-24
Fort Erie, ON
kudos:4
said by J E F F:

There is a lot of fraud in the construction industry and the CRA is just getting to it now.

They started dealing with construction fraud about a decade ago. The penalties for failing to submit a T5018 are enough to bankrupt a company.


J E F F
Whatta Ya Think About Dat?
Premium
join:2004-04-01
Kitchener, ON
kudos:1
Reviews:
·Rogers Portable ..
said by Gone:

said by J E F F:

There is a lot of fraud in the construction industry and the CRA is just getting to it now.

They started dealing with construction fraud about a decade ago. The penalties for failing to submit a T5018 are enough to bankrupt a company.

But they are starting to go after the employee's too, now. Can't believe the OP would think it's okay to post his illegal activity. Just crazy. I'm self employed and can write down some stuff, but since I "own" my car now, it doesn't add to a hell of a lot of money. CCA on a car that I bought out (from the lease) after a couple years is only about $1,500 or so. Even at that, I can't/don't write off the entire amount since I still use it for personal shit. I had a buddy that wrote off 100% of his car, even though he drove the vehicle 90% "pleasure". He was a graphic detailer (he'd put designs on cars as well as hood protectors (3M stuff) and felt his car was a driving advertisement for the product, even though there were no contact info on car) and got away with it while he was at it.
--
If you can't explain it simply, you don't understand it well enough. - Albert Einstein


ekster
Hi there
Premium
join:2010-07-16
Lachine, QC
kudos:3
Reviews:
·FreePhoneLine
reply to Gone
They're concentrating random audits on construction more than anything now though.

The last few years it was restaurants. We must've had at least 20% of our restaurant clients randomly audited in the last few years. This year, our clients in construction have begun receiving letters about audits.

peterboro
Avatars are for posers
Premium
join:2006-11-03
Peterborough, ON
reply to digitalfutur
I did a fun one this year for family. She was due to get $4400.00 back then put in her EI and poof! lost 3k of it.

Another one was due money back and then a letter from CRA and poof! a traffic ticket and a bunch of admin fees not paid in Alberta was deducted.


J E F F
Whatta Ya Think About Dat?
Premium
join:2004-04-01
Kitchener, ON
kudos:1
Reviews:
·Rogers Portable ..
reply to joeblow3
I'm self employed and do my own taxes, have done so for 15 years or so. It's pretty straight forward as long as you're honest. I have limited expense, mostly vehicle, supplies and communications related.

This OP talking about his taxes, he should be getting the same paperwork as the other dude he works with. Except with child expenses, they should not be paying much different in taxes. There are limited tax breaks, and some accountants can find them, but getting paid tax free "travel expense" for working overtime is begging for a CRA audit. My guess is that his co-worker is honest and doesn't ask for illegal income.
--
If you can't explain it simply, you don't understand it well enough. - Albert Einstein


J E F F
Whatta Ya Think About Dat?
Premium
join:2004-04-01
Kitchener, ON
kudos:1
Reviews:
·Rogers Portable ..
reply to NCRGuy
said by NCRGuy:

said by joeblow3:

If self employed you don't pay UI/EI. You pay employee and the employer portion of CPP.

If they opt in to EI, then yes they do pay it.

Would have been nice to have that 12 years ago when our first kid was born...
--
If you can't explain it simply, you don't understand it well enough. - Albert Einstein


joeblow3

join:2000-12-27
London, ON
Ah ya I forgot that was available to a certain number of people, mainly women. Sounds fair to me.