Location: Toronto (416-7305795)
Posted on: 02-02-08 10:31:51
Good resource for basic understanding:
http://www.hrblock.ca/resources/donations.asp
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TS
Thanks Mr Scorpio for the link---I dont think there is any way I can get out of this mess. I am now waiting for the final letter from CRA for 2005/2006 reassessment
Location: Greater Toronto Arena
Posted on: 02-02-08 14:57:37
Quote:
Originally posted by dudewheresmycar
My roommate last year an accountant was mentioning this scheme ... One of his relatives was asking if this is a legit.
The scheme was giving money to charity and getting a 5 times the amount deductable from income for tax purpose. He did some invstigation and said that there were a lot of such agencies that did it..
I laughed when i heard about it ..There is a simple rule of thumb , if something sounds too good to be true then stay away from it. it is a trap..
I think one of the CPA replies echos the same..
please email me the charity name. if good, i will gladly donate $1000 to them to get a $5000 receipt.
thanks!!!
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happily holi day!
Quote:
Originally posted by 905Desi
please email me the charity name. if good, i will gladly donate $1000 to them to get a $5000 receipt.
thanks!!!
R u serious?
Quote:
Originally posted by lucky284
Both these years ,I sent the returns by mail for approval (I did not efile) and I thought that in case anything was illegal in those returns,they wud not approve but to my surprise ,they approved both these years and now I have got letters stating that audit is in progress. Anyway the moral of my DUKH BARI DASTA is
"plse do not donate to these kind of companies.Save your money in RRSP"
Most of the tax prepares who are part of these schemes seldom e-file the return just to avoid their identity or do not print their name and contact info on page 4 of the T1 rather they ask the tax payer to mail out the return.
Secondly, being the self assessment tax system most of the time CRA issues the refund or accept the return as it is filed except numerical errors or prima-facie errors evident on the face of the return that is why you got refund in both the years.
BTW, good luck to you.
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Live and Let Live. Together we can make a difference.
DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)
Thanks Mr Jain for your reply. 26000 people have been asked to pay refunds till date and 65000 are waiting to hear from the audit. I think it is delayed because of court cases going on between CRA and these fraud charities.can they reassess my 2005 return in 2009 also ?Thanks in advance
Quote:
Originally posted by rainwalkin
I would like some views on these Charitable donations and the complications involved. I am confused!
In my 2006 tax summary I was required to deposit 2700$ to the RRSP. I consulted a tax consultant, he advised me to put in 2000$ as a charitable donation, I would get a MUCH better return. Since this was my first return, he said its not a problem, I can pay RRSP from the following years. He will give me a receit for the amout that I pay and also he asked me to keep a photocopy of the Check.
Is this a shady deal? Please advise if I am being mis-led.
Thanks
This the most ludicrous suggestion ever. Do us a favour, pls let us know who is great tax consultant so that we don't accidentally go him. Hey don't feel bad. Look at what the pros have to say here and they are right. You cannot loose with RRSP.
Remember when it comes to tax the rule is simple and your financial planner will work your cash flow this way for you The CRA exceptions would fall under
a) its is convert expenses into tax deductibles
b) Avoid paying taxes, not evade or misrepresent your way through
c) Defer paying taxes, tell what is better paying $1000 now or paying$1000 20 years later. RRSP is that tool.
A finacial planner working in tandem with your tax guy will be able to sort things out. Beware some financial planner charge a fees but many I know do not.
