tag:blogger.com,1999:blog-4402283548766807872.post1603728208530102307..comments2024-03-20T02:26:06.500-04:00Comments on The Blunt Bean Counter: 20 Things I Don’t Understand About Income TaxThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-4402283548766807872.post-92118010823153125132011-10-13T05:28:50.287-04:002011-10-13T05:28:50.287-04:00"Why did the CRA request a copy of my T2202A?..."Why did the CRA request a copy of my T2202A? The university only provides a PDF, and surely they sent the same electronic form to the CRA. Does the CRA not have a printer?"<br /><br /><br />Because the uni does not send the T2202A info to CRA. If CRA wants to verify, they ask to see the student's slip first. If there are any inconsistancies, then they will check with the uni and compare.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-58917427991349319432011-10-01T21:23:42.693-04:002011-10-01T21:23:42.693-04:00Anon, no need to get snarky with your answer. Reme...Anon, no need to get snarky with your answer. Remember I am the Blunt Bean Counter and I could come back that I now have $25k in my TFSA since I use it to trade and not invest in GIC’s. So your points are valid if you invest in GIC’s, but personally, I like the tax free capital gain component and I trade in this account.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-72047427254769627332011-10-01T10:29:29.607-04:002011-10-01T10:29:29.607-04:00Question 15 answer:
Because people actually resear...Question 15 answer:<br />Because people actually research the topic!<br />Interest rates on most TFSA's are lower than regular saving or GIC accounts, plus money withdrawal from TFSA results in a hefty surcharge - from $50 to $150, efficiently bringing interest earned-to-date down to nothing.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-3901332145033336452011-09-26T21:37:32.651-04:002011-09-26T21:37:32.651-04:00Why does Ontario have these narrow tax brackets wh...Why does Ontario have these narrow tax brackets where the marginal tax rate jumps by 25%, then goes back down? ("Ontario Health Premium")<br /><br />Why did the CRA request a copy of my T2202A? The university only provides a PDF, and surely they sent the same electronic form to the CRA. Does the CRA not have a printer?<br /><br />Will Harper and Hudak actually keep their promise to do away with question 1?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-18877083131749196412011-09-26T08:16:18.371-04:002011-09-26T08:16:18.371-04:00Further point on #4 - the $7,000 limit on daycare ...Further point on #4 - the $7,000 limit on daycare costs is ridiculous. In Toronto daycare for <3 year old is $1,825 per month. For a country that complains about a low birth rate this sure is a funny way of raising it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-88003775422440503222011-09-21T17:14:10.522-04:002011-09-21T17:14:10.522-04:00Boy, it feels like I write this blog for the Hillb...Boy, it feels like I write this blog for the Hillbilly Mountain Daily or something, everyone is named Anonymous. <br /><br />Some great points. You mean to tell me you don’t claim CCA on your musical instrument:) the only other CCA deduction for employees. To add to your point about home office, it gets worse, only commission employees can deduct property taxes and insurance.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-11667196680395687282011-09-21T16:55:33.760-04:002011-09-21T16:55:33.760-04:00A couple to add to your list. Why can self-employe...A couple to add to your list. Why can self-employed claim mortgage interest of their office in home but employees can't.<br />Why can employees claim depreciation only on autos and not on computers and other equipment.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-1111618826410011492011-09-20T06:55:31.296-04:002011-09-20T06:55:31.296-04:00Anon, I hate to break the news to you, but the hol...Anon, I hate to break the news to you, but the holding period may not end your misery. Many LSIF's cannot even be sold at that point. I only bought these once, but I still can only sell a small portion each year even after the holding period ended, as there is not enough liquidity to redeem all the shares.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-45373413554454063672011-09-19T21:54:07.908-04:002011-09-19T21:54:07.908-04:00Along the lines of Carrick's millionaires are ...Along the lines of Carrick's millionaires are the ones writing the books... it's the millionaires running the LSIF's too. <br /><br />Got schooled once and my "mandatory" holding period ends next March. sigh.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-56481147638843638292011-09-19T21:41:37.494-04:002011-09-19T21:41:37.494-04:00Anon, I do know how much you agree with #4, it is ...Anon, I do know how much you agree with #4, it is one of my client's largest complaints every tax season. In some cases the tax savings would be as high as $5-9k more if the higher earning spouse could claim the child care costs.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-19332766634027441802011-09-19T19:50:31.825-04:002011-09-19T19:50:31.825-04:00Wow, you dont know how much I agree with #4. My wi...Wow, you dont know how much I agree with #4. My wife went back to work part time and our child care costs are hardly deductible and if i got to claim them, we would get 40% back. The lower income spouse rule for child care is so unfair.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-70867786671528421092011-09-19T16:59:59.956-04:002011-09-19T16:59:59.956-04:00Hey Michael, I never even considered that scenario...Hey Michael, I never even considered that scenario, sort of a dark scenario. But unfortunately, in such a situation as you describe, the wife would probably be forced to hand over any money she has anyways. If we look at most couples who have joint accounts it is sort of ridculous a cheque goes out to pay tax and then CRA issues one for the refund.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-21293222161127767212011-09-19T15:34:06.288-04:002011-09-19T15:34:06.288-04:00Interesting list. For item 6, I can see some conc...Interesting list. For item 6, I can see some concerns about getting money to a mother to benefit children. If an abusive husband can coerce his wife to transfer her refund to him it could take food out of the children's mouths. Beyond this questionable justification, I can't see any other reason.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.com