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does anyone know???
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| dallastar |
well, it is getting to the end of the year, which means for most of us tax payers to start on the good'ol tax time!~!
anyways I made x amount of dollars this year... not any more then 25,000 :(:(:(:(:(:(:( but I invested in stocks with some extra cashola...- does anyone know if I would have to claim this as income?? and/or pay tax on it??
if anyone know's about this THAT would be wonderbar!
M
;)
thanks sunshines |
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| dallastar |
people????????????????
we have to have some accounting people on TA!!!!!~
:confused: |
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| StereoPrincess |
| if you made money on stocks, you have to claim it. even if you made money on GIC and stuff you have to claim it. wherever you bought the stocks will give you the forms you need. |
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| dallastar |
| quote: | Originally posted by StereoPrincess
if you made money on stocks, you have to claim it. even if you made money on GIC and stuff you have to claim it. wherever you bought the stocks will give you the forms you need. |
so i would only have to claim the money i have MADE on the stock - or all the money i invested AND the money I made - mind u on one of the stocks I lost BIG TIME:(:rolleyes: thanks for your reply hunni bunni!:disbelief |
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| Jem_hadar |
| quote: | Originally posted by StereoPrincess
if you made money on stocks, you have to claim it. even if you made money on GIC and stuff you have to claim it. wherever you bought the stocks will give you the forms you need. |
SP is correct... likely in feb. (maybe march) ull be mailed the appropiate forms re: ur investments (T3s, etc.)
Any income earned in 2004 (no matter the source) must be claimed as income |
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| dallastar |
| quote: | Originally posted by Jem_hadar
SP is correct... likely in feb. (maybe march) ull be mailed the appropiate forms re: ur investments (T3s, etc.)
Any income earned in 2004 (no matter the source) must be claimed as income |
:(:eyes: |
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| dallastar |
I inherited 7000 and i put it into stocks, i have only made 250$$ would i have to claim JUST the 250 made from the stock - or the whole 7000 + 250??
so confusin and so silly:( |
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| Expired |
You have to claim the $7000 as well.. I think there's a line on a standard T4 for that stuff.. |
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| Jayx1 |
You have two tax claims to make.
One is an inheritance (not sure of the tax rate for that)
The other is capital gains (the $250 made on stocks). You are only taxed on half of that money however at whatever rate your tax bracket is. Also im pretty sure you can write off the brokerage fee that you paid to the bank to make the stock transactions so at least you can get a bit of tax back there.
Hope that helps. |
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| Jem_hadar |
| quote: | Originally posted by Expired
You have to claim the $7000 as well.. I think there's a line on a standard T4 for that stuff.. |
true that u have to claim that $7,000... but the money you inhertited would be put on a special line on ur 2004 tax return, not on a T4
(T4s are statements prepared/issued by companies to YOU stating how much money you essentially made from THEM, the company)
As Jax1 just said, you also gotta claim the cap. gain on the stock div income earned (of which 50% is taxable)
You can deduct appropiate fees used to earn that income, like any brokerage fees, etc. |
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| Fir3start3r |
| Just out of curiousity, if Dal took that $250 capital gain and put it in...oh say, RRSPs or something like that, would she still have to claim it or would that be effectively sheltering it? |
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| drgoodvibe |
go to
http://www.taxtips.ca/
It's a very well done and easy tax website for Canadians.
It outlines what you can claim and so on.
Also remember capital gains taxes are actually less then taxes on income earned through interest. So yes you should have a balanced porfolio but don't put everything into unregistered mutual funds either. Someone find RJ he can school all of us in these matters. |
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