Tax returns question: T4 slip

[Sainters7]

So being a student, I've got a habit of not filing my taxes until the next winter, so I can get that payout when I need it the most(in April/May, its summertime and just extra $$$ to burn). That time is approaching, and I started getting all my 2006 slips together so I could take them over to H&R Block this week and get it filed. Only I cannot for the life of me find my T-4 from my summer job. Is it possible to get another one from a company? Or is it also possible to get your taxes done with just a Record of Employment(which I do have)? I can't believe I can't find this...

[Mccree]

They company should be able to get it for you. Also CRA can give you a copy but it takes a few weekd.

[Sainters7]

Originally Posted by Mccree

They company should be able to get it for you. Also CRA can give you a copy but it takes a few weekd.

Ok thanks bud! btw what's CRA?

[Mccree]

Originally Posted by Sainters7

Ok thanks bud! btw what's CRA?

Canada Revenue Agency.

[blankall]

Originally Posted by Sainters7

Ok thanks bud! btw what's CRA?

Canada Revenue agency. The government office you drop completed tax returns at will have copies of all t4s in your name.

Also, I wouldn't recommend using H and R block if you are just a student. I would use ufile.ca. Free if you are under a certain salary (which most students are). Also remember to write off things like moving costs, books, etc... Even if you don't need the write off now, you can get a tax credit for later.

[Sainters7]

Originally Posted by blankall

Canada Revenue agency. The government office you drop completed tax returns at will have copies of all t4s in your name.

Also, I wouldn't recommend using H and R block if you are just a student. I would use ufile.ca. Free if you are under a certain salary (which most students are). Also remember to write off things like moving costs, books, etc... Even if you don't need the write off now, you can get a tax credit for later.

Wow thanks, I'm definitely going to look into that! Never even heard of ufile.ca before...

EDIT: Just went to the site, apparently as of Sept. 30th I cant file for 2006 anymore. I'll keep it in mind for next tax season for sure though

[I-Hate-Hulse]

Quicktaxweb might still be in operation? They also have a free filing limit, I think.

[Cowboy89]

Isn't there penalties for filing late? Instead of doing that for 2007 why don't you file before the deadline and open up a special savings account (ING Direct gives 3.75%, Canadian Tire offers 4%, Royal Bank offers 4%). That way you don't have to pay the penalty and your money would earn interest between when you recieve it and when you need it.

[Sainters7]

Originally Posted by Cowboy89

Isn't there penalties for filing late? Instead of doing that for 2007 why don't you file before the deadline and open up a special savings account (ING Direct gives 3.75%, Canadian Tire offers 4%, Royal Bank offers 4%). That way you don't have to pay the penalty and your money would earn interest between when you recieve it and when you need it.

I've done it two years in a row now and don't recall ever having to pay any late penalties...although I may have not been reading the fine print closely enough

[Mccree]

If you are getting a refund then there are no penalties

[ken0042]

IIRC there is no penalty for filing late if they owe you money.

Plus- at 4%; assuming a return of $500 would only net you $10 in interest in 6 months. Add that to the temptation to use that money sitting there, I could see a student not wanting to touch it.

[blankall]

Originally Posted by Sainters7

Wow thanks, I'm definitely going to look into that! Never even heard of ufile.ca before...

EDIT: Just went to the site, apparently as of Sept. 30th I cant file for 2006 anymore. I'll keep it in mind for next tax season for sure though

I don't know where you are getting this from. A couple of months ago I used this site to file taxes from 1999. Even if you can't file directly w/ them use the site to print out the return and then mail it in directly. Really easy to do. Basically you just fill in all the number on your t3,4s,5s etc into the boxes on the form on the site and then it does all the math etc. for you.

[cSpooge]

Originally Posted by Sainters7

Wow thanks, I'm definitely going to look into that! Never even heard of ufile.ca before...

EDIT: Just went to the site, apparently as of Sept. 30th I cant file for 2006 anymore. I'll keep it in mind for next tax season for sure though

you can still paper file a return, you just cannot net file anymore. I wouldn't use H & R Block for anything. Dealing with them everyday (I work for CRA) just blows my mind how some of these people work there preparing taxes.

[Prototype]

Originally Posted by cSpooge

you can still paper file a return, you just cannot net file anymore. I wouldn't use H & R Block for anything. Dealing with them everyday (I work for CRA) just blows my mind how some of these people work there preparing taxes.

Where would you suggest then for someone who wants the biggest return without doing the work themselves. I haven't done mine yet, and will have time next week to do so. What do you suggest?

[cSpooge]

Originally Posted by Prottotype

Where would you suggest then for someone who wants the biggest return without doing the work themselves. I haven't done mine yet, and will have time next week to do so. What do you suggest?

a real accountant, or if are lower income we offer a volunteer income tax service where we will do your return for you. A lot of the computer programs also offer free service to lower income people. If you're not low income get a real accountant to do it.

[RW99]

ufile.ca user here for the last two years, no problems yet!