Mrs. C8j came up with this one, an interesting question too (actually a group of questions):
For those of us who have kids who are active (and that activity costs us money, that is an important thing to remember) the government created theChildren’s Fitness Tax Credit.
So is this only for children who are playing sports and such? Pretty much, it is a Physical Activity that is being credited, and the rules of what is covered are closely watched, so don’t think that since your child does Tuba Lessons this is covered by this credit (it might be covered elsewhere, I am not sure).
I read that one on the Alan Baggett news site, and scratched my head but it is actually how the tax system is set up currently. If I divorce my wife and pay her Alimony (not child support, remember that case a while back, where that is taxed in the payers hands) I can effectively split my income.
So my friends at TurboTax (who I still owe a review of TurboTax (which I did use to compile and submit my tax return)), have sent me some interesting information they have collected about how (and more importantly when) we Canadians submit our Tax returns.
Let me be a little more exact, if you OWE money to the government today (May 1) you are now officially late! You don’t actually have to send in your tax return until June 15th (midnight), however, if you owed money, you had better have sent them some money by now, or you are now in arrears.
An easy post for today, if you haven’t paid your taxes PAY YOUR TAXES!!!
Not sure if we need to say much more today except maybe PAY YOUR TAXES!!!
I am assuming that you will be receiving a tax refund this year (if you are not keep reading maybe you can get some ideas for next year). I have been reading a bunch of posts from various financial bloggers about what are the worst things to do with your tax refunds, and I must admit I have been berating folks about mis-spending money lately as well ,so let me first preface this post the only serious misgivings I would have with your Tax Refund would be:
As RRSP season comes to a frenzied end, we must remember that this means that Income Tax season is now upon us, and we must all start thinking about submitting our returns to the CRA.  Many folks have opinions about the value of getting a rebate (as opposed to making sure that on “Tax Day” you don’t owe anything nor are owed anything), I like the feel of getting a rebate, however, not too large a rebate (I don’t like loaning the government large sums of money over the year).
For me, tax season begins when I get the Tax software (this year I started fiddling around about 2 weeks ago, using some estimates), but it really starts when I get my T4 form.
For folks like me who are working stiffs the T4 is the tax form that describes your income and taxes paid, etc., which your employer has done for you to pay for the previous tax year. Once I get this form, my Tax preparation becomes much more concrete and tangible, because this form gives me the real numbers that cover 85% of my tax information (effectively).
