Quote:
Originally posted by lucky284
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
I would say YES.
-----------------------------------------------------------------
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)
If this is his first return ...... how does he have room for $2700 RRSP !!!!!!!
Quote:
Originally posted by DP_gta
Quote:
Originally posted by rainwalkin
I would like some views on these Charitable donations and the complications involved. I am confused!
In my 2006 tax summary I was required to deposit 2700$ 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.
Posts: 279
Location: Greater Toronto Arena
Posted on: 05-02-08 12:35:30
Location: Greater Toronto Arena
Posted on: 05-02-08 12:35:30
Quote:
Originally posted by hchheda
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?
yes, please let me know .. although it is too late for me tot take advantage of it for the 2007 tax year.
-----------------------------------------------------------------
happily holi day!
Thx Puttoo, my bad
Quote:
Originally posted by puttoo
If this is his first return ...... how does he have room for $2700 RRSP !!!!!!!
Quote:
Originally posted by DP_gta
Quote:
Originally posted by rainwalkin
I would like some views on these Charitable donations and the complications involved. I am confused!
In my 2006 tax summary I was required to deposit 2700$ 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.
Quote:
Originally posted by puttoo
If this is his first return ...... how does he have room for $2700 RRSP !!!!!!!
Quote:
Originally posted by DP_gta
Quote:
Originally posted by rainwalkin
I would like some views on these Charitable donations and the complications involved. I am confused!
In my 2006 tax summary I was required to deposit 2700$ 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.
I think though Rainwalkin mentioned 1st return, it is also mentioned that in the 2006 tax summary his rrsp contribution room was mentioned - So probably 2006 was the first tax return and in 2007 RRSP could have been contributed.
1. It is important to note that RRSP and Charity donation are not substitues and neither can be required by CRA - both are optional for the tax payer.
2. RRSP genarates tax savings at the personal marginal tax rate (higher the tax bracket higher would be the savings), in the form of tax- deferral (postponing the payment of tax till the time money is withdrawan from RRSP). Even the investments grow tax sheltered (meaning that the interest earned by the rrsp investments is not immediately taxed)
3. Charitable donation generates a flat rate tax reduction based on the amount of donation or the article of donation and is eligible only when made to the Registered Charities. Any one can check if the organization they want to donate is registered or not on Canada Revenue Agencies website at
http://www.cra-arc.gc.ca/tax/charities/online_listings/canreg_interim-e.html
3. With RRSP the money remains in the ownership of the contributor (or the spouse of the contributor, in case of spousal RRSP) and can be used by the contributor the way they want after paying tax.
4. RRSP room is carried forward indefinetly.
In a way RRSP is way of saving for retirement with an incentive in current tax reduction. While Charitable donation is more like giving money for the cause you favour with some tax advantage to you.
regards
