Post by
Red_Deer on May 21, 2024 10:57pm
,,,,,,,,,,,,,,,,,,,,KHERSON...........This IS Why...........
Hey KHERSON__You Sure Had the AUDACITY to MOCK My UnderStanding of the
CDN TAX LAW eh !!!
I HAVE FOR DECADES Known MORE About the Tax Law than YOU Will EVER KNOW
and HERE is WHY I HAVE.
My Father built by HimSelf OUR First HOME in Canada in 1954__Then When the VERY
BAD Recession of 1957/58 his usual Employment VANISHED__THUS Dad Started to
Build HOMES by HimSelf FOR SALE in order to Support the Family.
Mom Drew Up ALL the House Plans REQUIRED to Get the Building Permits__And I
Began Working WITH DAD Each School Summer Holiday @ Age 14 in 1962__And
Did SO For the Next 11 YEARS.
Dad had ALWAYS Been Able to Prepare by HimSelf his Annual INCOME TAX Return
UNTIL the 1966 Tax Return Spring of 1967 when I was in My Last Year of High School
He Was STYMIED by the Introduction of the Canada Pension Plan in 1966__Could NOT UnderStand HOW/WHY He HAD to FILL OUT the Tax Form and Do the Required SELF EMPLOYED CPP Contribution__So Dad ASKED Me IF I Could Take a Look and HELP
OUT with This.
So I DID and Figured Out the CPP Contribution and EVEN How to Do the DEPRECIATION
Deductions for Dad's NEW 1965 Chevy Van and Various TOOLS he Had Bought for the
House Building Business__And I KEPT on DOING the Tax Returns EACH YEAR for Him
as I Actually LIKED Reading the TAX GUIDES and Doing the Annual Taxes.
I Finally STARTED Doing my OWN Annual Tax Returns for the 1971 Tax Year as the
$2000 Ford FellowShip I WAS Getting WAS Deemed to BE Taxable Income__And I
STILL Have EVERY Tax Return I Have EVER Sumitted SINCE THEN.
So Up to 1980 My Annual Tax Return Was the USUAL Basic Kind__Reporting my Annual
Salaried Income__With Just a TAD of Bank Interest__Of which the First $1000 Was
TAX FREE Back Then.
Then the BIG MOMENT Came in 1980 When I BEGAN Investing and Trading the Markets
and THUS My Annual Tax Returns Became SIGNIFICANTLY More Complex__And ALSO
I Rapidly BEGAN to STUDY and UNDERSTAND the Taxation of the Various Types of
Investment Products and Strategies.
Fast FORWARD to 1997 when We got our First REAL COMPUTER__And Then I Found
EXCEL and How Various SPREAD SHEETS I Started Developing Made it MUCH EASIER
to Manage my Annual Taxes and KEEP Accurate Records of ADJUSTED COSTS and
Other Parameters.
About 25 YEARS Ago I REALLY Rolled Up my Sleeves and Spent MANY, MANY HOURS
Developing My TAX CALCULATOR Spread Sheet__Which I HAVE Simply UpDated the
Formulae EACH YEAR to Keep it CURRENT__And ALWAYS Has Been ACCURATE to
the PENNY.
So KHERSON__This is WHY My UNDERSTANDING of Tax Law is EXCELLENT__As I
HAVE to Know EVERY LITTLE DETAIL__IN ORDER to Make the MANY Dozens of Often
VERY COMPLEX Formulae Entries into My Spread Sheet.
The BEAUTY of My Spread Sheet IS that IT Calculates With 100% Accuracy my Tax
Return for Any Given Year__AND It IS on Just ONE EXCEL Page__NOT on the Many
DOZENS of Pages ALL the ONLINE Tax Calculators HAVE You Use.
THUS Being on One Page I CAN and DO OFTEN Run All Sorts of ""WHAT IF"" Analysis
Using the PowerFull Built In EXCEL Goal Seek and Solver TOOLS__With JUST ONE
Click/Data Entry I CAN SEE What WOULD Happen to TAX PAYABLE For ANY
Tax Scenario.
Comment by
FatherJack on May 22, 2024 12:15pm
It always been my observation that those with real money don't speak of it and the same holds true for tax knowledge.