Before you know it, the April 30th deadline will be upon us! If you have not started your taxes yet you still have lots of time.
Did you know that you can file your taxes online using TurboTax (Formerly QuickTax)? By using the TurboTax on-line version, you can do your taxes anywhere you have access to a computer. With the TurboTax online edition, you’ll find how easy it can be to do your taxes:
- You may uncover deductions you might have missed,
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Give the TurboTax on-line edition a try today.
Filing Tips For 2009
- Capital Losses- Remember capital losses can only be claimed against capital gains. Any excess can be applied back to 2008, 2007, or 2006 or carried forward indefinitely. If you have excess losses in 2009, file form T1A to carry back your losses and recover the related tax from those years.
- Pension Splitting – If you have eligible pension income in 2009 up to 1/2 half may be allocated to your spouse.
- Charitable Donations- Combine your charitable donations with your spouse and claim them on one return. This will provide your biggest bang for the buck.
- Medical Expenses - The amount you can claim is based on your income. Combine your medical receipts with your spouse and have the lower income spouse claim them.
- Credits – Remember to claim all of your credits. These include:
- The child tax credit
- Child fitness amount
- Public transit pass credit
- Adoption expense credit
- Tuition and eduction amounts transferred from a child
The TurboTax optimizer tools will capture most of these deductions and credits.
Related Articles
- The Countdown To The Tax Deadline
- Don’t Delay – April 30th Is Looming
- Get Ready to File Your Tax Return
- The Tax Filing Deadline Is Here
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All right here it goes. to deal with this T5008….Schedule 3 part 3.—(1)2009.(2)230…(3)207…(4)3….column 2 minus columns 3 and 4….=(5)20. so line 131 has 23 and line 132 has 20….add in line 176 …2 ….total for line 191 is 22….do the 50% and we have 11 on line 199.enter on line 127 of T1…..so tax guy hows that look
Help:
The T5008 shows you the cost base of the transactions through the broker. You are responsible for calculating and reporting the adjusted cost base using the information in Box 20 and the reporting the ACB in column 3 of schedule 3.
The amount in box 21 is the proceeds of the sale and is reported in column 2.
I wish i had a form with number boxes…here’s the info i have start money give to broker “207k” , info on t5008/rl-18 cap. gain 23k and fees of 3k….now working with these numbers i’m trying to be a good guy and pay my taxes on my Cap. gain an not have CRA on me for reporting this wrong …..i’m going to google Ajusted cost base. an see if i can fig. this out.
Wow this ACB is a moving target….so tax guy lets say i just put in the number From the t5008/rl-18 23k Cap. gains….do you think the CRA will come back an bite me for lack of info i don’t have
Ok, just got off the phone with the CRA….the girl said put the 23k in column 2, put the 3k in column 4 , minus 3 from 23k an put that in column 5(20k)…..she said “your broker has E filed the t5008″ now that was simple …..Thanks Tax Guy for your help
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