swap tax presentation 2011a
DESCRIPTION
TRANSCRIPT
SWAP TAX WORK SHOPA GUIDE TO HELP YOU FILE YOUR TAXES
THE BASICS
THE TAX YEAR IS THE SAME AS THE CALENDAR YEAR
“TAX SEASON” RUNS FROM JANUARY UNTIL THE END OF APRIL
THE DEADLINE TO FILE IS APRIL 30
RESIDENCY STATUS
RESIDENTS
Have lived in Canada for 6 months or more
AND / OR
Have residential ties including: renting/owning a home, having a Canadian credit card or bank account, owning property (furniture/car), social ties
NON-RESIDENTS
Normally live outside of Canada
You don’t have residential ties to Canada and you have lived in Canada for less than 6 months
SELF-DETERMINED
COLLECT DOCUMENTS
2011 T4 SLIPS FROM ALL EMPLOYERS
2011 MONTHLY BUS PASSES
CHARITABLE DONATION RECEIPTS
3,621.31
3621.31
64.47
176.83
143.16
3621.31
COLLECT FORMS/GUIDES
RESIDENTS
T1 General 2011
Schedule 1 – Federal Tax
Provincial 428 forms (you select the province that you lived/worked in the longest)
NON-RESIDENTS
T1 General 2011
Schedule 1 – Federal Tax
Provincial 428 forms (you select the province that you lived/worked in the longest)
Schedules A and B
T1, Schedule 1 & Provincial 428: http://www.cra-arc.gc.ca/formspubs/t1gnrl/bc-eng.html Schedule A & B available: http://www.cra-arc.gc.ca/formspubs/t1gnrl/nnrsdnts-eng.html
ORGANIZE YOUR FORMS
RESIDENTS
1. T1 General pages 1-3
2. Schedule 1 – Federal Tax
3. Provincial 428 forms
4. T1 General page 4
NON-RESIDENTS
1. T1 General pages 1-3
2. Schedules A and B
3. Schedule 1 – Federal Tax
4. Provincial 428 forms
5. T1 General page 4
T1 GENERAL – PAGE 1
FILL IN YOUR MAILING ADDRESS WHERE YOU’D LIKE TO RECEIVE YOUR STATEMENT
YOU ARE NOT ELIGIBLE TO VOTE
YOU ARE ALLOWED TO APPLY FOR THE GST/HST CREDIT
x
T1 GENERAL – PAGE 2
THIS DOCUMENT HELPS ESTABLISH YOUR TOTAL INCOME FOR 2011
THE DETAILS FOR LINES 1031AND 102 ARE FOUND ON YOUR T4 SLIP.
IF YOU HAVE MORE THAN ONE T4, ADD THE AMOUNTS
IF YOU MADE TIPS AT WORK YOU MUST REPORT THE AMOUNT ON LINE 104
IF YOU ARE FILING AS A RESIDENT REPORT YOUR FOREIGN INCOME ON LINE 130
THE OTHER LINES WILL NOT APPLY TO SWAPPERS, BUT REVIEW IN CASE
3621.31
7895Foreign income
1156.31
T1 GENERAL – PAGE 3
ENTER YOUR NET INCOME ON LINE 150
IF YOU ARE FILING AS A RESIDENT DEDUCT YOUR FOREIGHN INCOME ON LINE 256
LINE 260 IS YOUR TOTAL INCOME FOR 2011
1156.31
1156.31
Foreign income 7895 78953621.31
T1 GENERAL – PAGE 2 NON-RESIDENTS
THIS DOCUMENT HELPS ESTABLISH YOUR TOTAL INCOME FOR 2011
THE DETAILS FOR LINES 1031AND 102 ARE FOUND ON YOUR T4 SLIP.
IF YOU HAVE MORE THAN ONE T4, ADD THE AMOUNTS
IF YOU MADE TIPS AT WORK YOU MUST REPORT THE AMOUNT ON LINE 104
NON-RESIDENTS DON’T REPORT FOREIGN INCOME ON LINE 130
THE OTHER LINES WILL NOT APPLY TO SWAPPERS, BUT REVIEW IN CASE
3621.31
3621.31
T1 GENERAL – PAGE 3 NON-RESIDENTS
ENTER YOUR NET INCOME ON LINE 150
IF YOU ARE FILING AS A RESIDENT DEDUCT YOUR FOREIGHN INCOME ON LINE 256
NON-RESIDENTS DO NOT NEED TO REPORT ANY FOREIGN INCOME ON THIS DOCUMENT
LINE 260 IS YOUR TOTAL INCOME FOR 2011
3621.31
3621.31
3621.31
NON-RESIDENT FORMS
These forms explain your status in Canada
They also determine whether or not you are eligible for any tax credits
To complete these forms you need to include how much you earned outside of Canada
SCHEDULE A
You must include all sources of income from 2011 including income sources from outside of Canada 3621.31
3621.31
7895
789511516.31
11516.310
SCHEDULE B
DIVIDE THE AMOUNT FROM LINE 236 OF T1 GENERAL BY THE AMOUNT FROM LINE 14 OF SCHEDULE A
MULTIPLY BY 100
IF THE PERCENTAGE IS LESS THAN 90 YOU DO NOT QUALIFY FOR THE BASIC PERSONAL AMOUNT CREDIT.
IF IT IS 90 PERCENT OR MORE YOU DO QUALIFY FOR THE BASIC PERSONAL AMOUNT, PUBLIC TRANSIT AMOUNT, OR CANADA EMPLOYMENT AMOUNT
3621.3111516.31
30
SCHEDULE 1 – FEDERAL TAX RESIDENTS
THE BASIC PERSONAL AMOUNT FOR 2011 IS 10,527 AND IS PRO-RATED
TO FIND YOUR BASIC PERSONAL AMOUNT DIVIDE THE NUMBER OF DAYS YOU WERE IN CANADA BY 365 AND MULTIPLY IT BY 10,527
194÷ 365 X 10,527 = 5595.17
ONCE YOU’VE CALCULATED YOUR PERSONAL AMOUNT DOCTOR YOUR FORMS TO REFLECT YOUR PRO-RATED AMOUNT
YOU MAY CLAIM THE CANADIAN EMPLOYMENT AMOUNT ON LINE 363 AND THE COST OF MONTHLY TRANSIT PASSES ON LINE 364
5595.17
143.16
64.47
1065 Claim 363 if you worked in 2011
324
7191.801078.771078.77
SCHEDULE 1 – FEDERAL TAX RESIDENTS PAGE 2
FOLLOW THE EQUATION TO THE BOTTOM OF THE FORM
THE AMOUNT ON LIKE 420 IS THE NET FEDERAL TAX FOR 2011
3621.31
3621.313621.31543.19543.19
543.19 543.1
91078.77
1078.770
00
000
0
SCHEDULE 1 – FEDERAL TAX NON-RESIDENTS
IF YOU ARE FILING AS A NON-RESIDENT WITH LESS THAN 90% ON “LINE A” OF SCHEDULE B YOU DO NOT QUALIFY FOR THE BASIC PERSONAL AMOUNT. YOU MUS PUT ZERO ON LINE 300
ONLY INCLUDE THE AMOUNT THAT YOU PAID INTO CPP AND EI ON LINES 308 AND 312
143.16
64.47
207.6331.14
31.14
SCHEDULE 1 – FEDERAL TAX NON-RESIDENTS PAGE 2
FOLLOW THE EQUATION TO THE BOTTOM OF THE FORM
THE AMOUNT ON LIKE 420 IS THE NET FEDERAL TAX FOR 2011
3621.31
3621.313621.31543.19
543.19
543.19543.1931.14
31.14512.05
00
000
512.05
PROVINCIAL FORMSPAGE 1 RESIDENTS
THE BASIC PERSONAL AMOUNT FOR 2011 IS 11,088 AND IS PRO-RATED
TO FIND YOUR BASIC PERSONAL AMOUNT DIVIDE THE NUMBER OF DAYS YOU WERE IN CANADA BY 365 AND MULTIPLY IT BY 11,088
194 ÷ 365 X 11,088 = 5893.34
ONCE YOU’VE CALCULATED YOUR PERSONAL AMOUNT DOCTOR YOUR FORMS TO REFLECT YOUR PRO-RATED AMOUNT
NON-RESIDENTS WITH LESS THAN 90% ARE NOT ELIBIBLE FOR THE BASIC PERSONAL AMOUNT
143.16
5893.34
64.47
6100.97 6100.97915.14
915.14
PROVINCIAL FORMSPAGE 2 RESIDENTS
3621.31
3621.313621.31183.23
183.23
183.23
183.23915.14
915.14 915.14
39411516.31 0
0 0000
394394
FOLLOW THE EQUATION TO THE END OF PAGE 3
THE AMOUNT ON LIKE 420 IS THE NET PROVINCIAL TAX FOR 2011
PROVINCIAL FORMSPAGE 3 RESIDENTS
0
0
PROVINCIAL FORMSPAGE 1 NON-RESIDENTS
THE BASIC PERSONAL AMOUNT FOR 2011 IS 11,088 AND IS PRO-RATED
TO FIND YOUR BASIC PERSONAL AMOUNT DIVIDE THE NUMBER OF DAYS YOU WERE IN CANADA BY 365 AND MULTIPLY IT BY 11,088
194 ÷ 365 X 11,088 = 5893.34
ONCE YOU’VE CALCULATED YOUR PERSONAL AMOUNT DOCTOR YOUR FORMS TO REFLECT YOUR PRO-RATED AMOUNT
NON-RESIDENTS WITH LESS THAN 90% ARE NOT ELIBIBLE FOR THE BASIC PERSONAL AMOUNT
143.16
0
64.47
207.63 207.6310.50
10.50
PROVINCIAL FORMSPAGE 2 NON-RESIDENTS
3621.31
3621.313621.31183.23
183.23
183.23183.23
10.50
10.5010.50
3943621.3100 0
000
394394
FOLLOW THE EQUATION TO THE END OF PAGE 3
THE AMOUNT ON LIKE 420 IS THE NET PROVINCIAL TAX FOR 2011
172.73
PROVINCIAL FORMSPAGE 3 NON-RESIDENTS
0
0
T1 GENERAL RESIDENTS
LINE 420 – ENTER THE AMOUNT FROM LINE 52, ON PAGE 3 OF YOUR FEDERAL SCHEDULE 1
LINE 428 – ENTER THE AMOUNT FROM LAST LINE OF YOUR 428 FORM (PROVINCIAL FORM)
LINE 437 - ADD TOGETHER THE TOTAL AMOUNT OF INCOME TAX YOU PAID FROM ALL EMPLOYERS FOUND ON ALL T4 SLIPS
IF LINE 437 MINUS LINE 482 IS A NEGATIVE YOU GET A REFUND. IF IT’S A POSITIVE YOU HAVE A BALANCE OWING
0
00
176.83
176.83 176.83-176.83
176.83
T1 GENERAL NON-RESIDENTS
LINE 420 – ENTER THE AMOUNT FROM LINE 52, ON PAGE 3 OF YOUR FEDERAL SCHEDULE 1
LINE 428 – ENTER THE AMOUNT FROM LAST LINE OF YOUR 428 FORM (PROVINCIAL FORM)
LINE 437 - ADD TOGETHER THE TOTAL AMOUNT OF INCOME TAX YOU PAID FROM ALL EMPLOYERS FOUND ON ALL T4 SLIPS
IF LINE 437 MINUS LINE 482 IS A NEGATIVE YOU GET A REFUND. IF IT’S A POSITIVE YOU HAVE A BALANCE OWING
512.05
0512.05
176.83
176.83
176.83337.22
337.22
337.22
GST/HST CREDIT
IF YOU FILED AS A RESIDENT YOU ARE ELIGIBLE FOR TO APPLY FOR A GST/HST CREDIT
GST/HST CREDITSARE BASED ON INCOME AND CHEQUES ARE ISSUED FOUR TIMES A YEAR
IF THIS IS YOUR FIST TIME FILING TAXES YOU HAVE TO COMPLETE A GST/HST CREDIT APPLICATION (R151)
MAKE COPIES
All of your t4 slips
All of the tax forms
Any receipts you are including (like bus passes)
SEND YOUR RETURN
RESIDENTS
Canadian Revenue Agency
Tax Centre 9755 King George AveSurrey, BC V3T 5E6
NON-RESIDENTS
International Tax Services Office
102A 2204 Walkley RdOttawa, ONK1A 1A8Canada
REMEMBER
Make sure your forms are in order
First time filers must submit their paper forms. If it’s your second time, you may be eligible to submit online through Netfile. Check with the CRA to be sure.
It takes around 2 months for first time resident returns and up to 6 months for non-resident returns
Will you be home before you get your return? Include a note requesting your refund be issued in one of the following currencies: USD, EUR, GBP. Remember to include your home address on your forms.
ADDITIONAL SUPPORT
For international tax questions call the CRA’s International Tax office: 1-855-284-5942 (1-613-952-3741 from outside of Canada)
You can use a company like taxback.com or find an accountant to complete your return (they charge a fee)
You can take advantage of the CRA’s Community Volunteer Income Tax Program (http://www.cra-arc.gc.ca/tx/ndvdls/vlntr/nd-eng.html)
Check out the CRA’s website: www.cra-arc.gc.ca
Use online tax software like u-file or turbo tax for a small fee