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Author Topic: Tax Questions?
Sine Ziegler
rabble-rouser
Babbler # 225

posted 07 February 2003 01:36 AM      Profile for Sine Ziegler     Send New Private Message      Edit/Delete Post  Reply With Quote 
Ok I love tax questions. Fire away. I will try to add advice if anyone wants any help with PERSONAL INCOME tax. ( No small businesses please... no self empoyment income either )
From: Calgary | Registered: Apr 2001  |  IP: Logged
ReeferMadness
rabble-rouser
Babbler # 2743

posted 10 February 2003 03:34 AM      Profile for ReeferMadness     Send New Private Message      Edit/Delete Post  Reply With Quote 
OK.

I have a capital loss for 2002 for, say, $200. If I reported a capital gain in 2001 of $100 and a capital gain in 2000 for $500, can I carry the capital loss backwards? Or can it only be carried forwards?

TIA.


From: Way out there | Registered: Jun 2002  |  IP: Logged
Sine Ziegler
rabble-rouser
Babbler # 225

posted 10 February 2003 10:56 PM      Profile for Sine Ziegler     Send New Private Message      Edit/Delete Post  Reply With Quote 
Only forward, as you probably suspected. For income tax purposes, income in any form is always tax year specific or carried forward.
From: Calgary | Registered: Apr 2001  |  IP: Logged
Kindred
rabble-rouser
Babbler # 3285

posted 12 February 2003 03:12 PM      Profile for Kindred     Send New Private Message      Edit/Delete Post  Reply With Quote 
Okay explain this one to me -
I filed my 2001 return and claimed moving expenses of 4000.00 which they initially allowed and sent me a return of say 3000.00. THEN they audited the return and said I couldnt claim the moving expense and created an alleged debt for me of 1300.00. Sent me a notice that I owed Revenue Canada this 1300.00. I then sent in all my recipts and information and realized at that point I could also claim commission on the sale of my house - so moving expense claim now became 9600.00.

They then reviewed the file, allowed the moving expense the full 9600.00 and informed me that they now owed me an additional 2600.00 On top of the previous return of approx 3000.00

So Revenue Canada now owes me 5600.00; 3000.00 of which they have already refunded to me -

They then turn around and apply the additional 2600.00 towards the alleged debt, which never existed in the first place and they send me the rest - only it somehow in the process of their figuring is only 1064.00.

So they have used part of my return to pay off an alleged debt that never existed in the first place, and was only there because they had disallowed moving expenses, which they now say are legit

I want someone to tell me how the hell this makes ANY sense?? In the meantime they have with held all my GST cheques saying I owed them this debt, which I never did - and now they say they used these GST cheques to reduce the debt that never existed in the first place except on their computer and in their minds -- And I am out the money and spending hours and hours talking to idiots who can only babble on about what they computer tells them


From: British Columbia | Registered: Nov 2002  |  IP: Logged
Sine Ziegler
rabble-rouser
Babbler # 225

posted 07 March 2003 08:48 PM      Profile for Sine Ziegler     Send New Private Message      Edit/Delete Post  Reply With Quote 
Hey Kindred.

I would suggest you give CCRA a call on that one. They would have to look into your file and check out your statement of accounts because of the multiple events relating to your moving costs and housing situation. Someone can explain the debits and credits to you.

The amounts owing always have to do with the timing of the re-assessments. As long as you provide CCRA with all the information they ask for, so you can back up any tax claims you are entititle to, you shouldn't have any problems.

The shitty part is that they do hold GST cheques from you if there is a pending amount owing, but once the re-assessments have cleared up, they will refund your GST back to you if it wasn't warranted as a take away in the first place.

Call them, but be nice to them


From: Calgary | Registered: Apr 2001  |  IP: Logged
the grey
rabble-rouser
Babbler # 3604

posted 07 March 2003 11:38 PM      Profile for the grey     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
They then reviewed the file, allowed the moving expense the full 9600.00 and informed me that they now owed me an additional 2600.00 On top of the previous return of approx 3000.00

It seems possible that the additional $2600 may be on top of their revised return of $1700 ($3000 - $1300 = $1700 (you owe them $1300). $1700 + $2600 = $4300 (they owe you $1300).) In either case, $1000 doesn't seem to make sense (especially if your GST amount has been taken to pay the "debt"), and you should contact CCRA to clarify the matter. (It is possible that the changes impact on provincial tax credits, that there is something else that they've changed, or that CCRA has made a mistake -- in any case, check it out.)

Alternatively, you could contact your MP for assistance. (You don't live in Windsor West, do you?)

* If a travel expense of $4000 has a value of $1300, it seems more likely that a travel expense of $9600 would have a value of $2600, than that it would have a value of $3600. (As a reduction in net income increases, the value per dollar of the increased amount actually decreases because lower amounts of income are taxed less heavily.) So, if the $4000 expense is worth $1300, it would be very strange if the extra $5600 expense was worth $2600.


From: London, Ontario | Registered: Jan 2003  |  IP: Logged

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