Tax Season.... - Page 3 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

pylon · 03-06-2012, 06:45 PM

I am going to put together my taxes over the next couple days, I have a couple questions that maybe a tax guy (Locke?) can chime in one.

1: I didn't file last year, and I plan on filing 2010, and 2011. Now can I e-file 2011, even though I didn't file 2010?

2: What are some good little single guy loopholes? Anything I should be claiming? Are cell phones still claimable in sales/management positions?

Thanks.

First Lady · 03-06-2012, 08:36 PM

Quote:

Originally Posted by pylon

1: I didn't file last year, and I plan on filing 2010, and 2011. Now can I e-file 2011, even though I didn't file 2010?

Thanks.

Yes.

WilsonFourTwo · 03-07-2012, 06:20 AM

Quote:

Originally Posted by First Lady

I wish they would bring in income splitting across the board. None of this "just seniors", "just stay at home moms"..... I calculated if my husband and I could have done this for 2011 we would have saved $30,000.00.

Totally.....as a single person, my tax burden should be higher than a married couple.

If there's money to create income splitting, there's money to make tax adjustments that are equal for all.

Weirdness · 03-07-2012, 08:03 AM

I'm in quite a bind.

I haven't filed since 2008, the year I moved to Calgary. CRA has my new address, I haven't received anything indicating I owe money but I should get it all sorted out. Should I just find all my T4s and spend an afternoon at H&R Block? How much could this end up costing?

I... Have no idea how to do any of this, my parents always took care of it until I moved out. What other forms are needed? I'd hate to go there and find out I'm missing something and have to come back later. Ugh.

VladtheImpaler · 03-07-2012, 08:10 AM

Quote:

Originally Posted by Weirdness

I'm in quite a bind.

I haven't filed since 2008, the year I moved to Calgary. CRA has my new address, I haven't received anything indicating I owe money but I should get it all sorted out. Should I just find all my T4s and spend an afternoon at H&R Block? How much could this end up costing?

I... Have no idea how to do any of this, my parents always took care of it until I moved out. What other forms are needed? I'd hate to go there and find out I'm missing something and have to come back later. Ugh.

I'm sure Locke can provide more information (as well as take care of this for you), but if all you did was work for a salary, this should be very simple and inexpensive...

Locke · 03-07-2012, 08:10 AM

Quote:

Originally Posted by pylon

I am going to put together my taxes over the next couple days, I have a couple questions that maybe a tax guy (Locke?) can chime in one.

1: I didn't file last year, and I plan on filing 2010, and 2011. Now can I e-file 2011, even though I didn't file 2010?

2: What are some good little single guy loopholes? Anything I should be claiming? Are cell phones still claimable in sales/management positions?

Thanks.

You can electronically file the current year without having the previous year on file, no problem.

Sales people have all kinds of different possible deductions depending on what they're selling and what kind of setup they have with their employers. I can explain in PM or email better.

Quote:

Originally Posted by Weirdness

I'm in quite a bind.

I haven't filed since 2008, the year I moved to Calgary. CRA has my new address, I haven't received anything indicating I owe money but I should get it all sorted out. Should I just find all my T4s and spend an afternoon at H&R Block? How much could this end up costing?

I... Have no idea how to do any of this, my parents always took care of it until I moved out. What other forms are needed? I'd hate to go there and find out I'm missing something and have to come back later. Ugh.

PM me and I can help you.

Rathji · 03-07-2012, 08:14 AM

Quote:

Originally Posted by Weirdness

I'm in quite a bind.

I haven't filed since 2008, the year I moved to Calgary. CRA has my new address, I haven't received anything indicating I owe money but I should get it all sorted out. Should I just find all my T4s and spend an afternoon at H&R Block? How much could this end up costing?

I... Have no idea how to do any of this, my parents always took care of it until I moved out. What other forms are needed? I'd hate to go there and find out I'm missing something and have to come back later. Ugh.

I did something similar in my early 20's. They didn't say a word for 5 years, but on that 5th year they came down with a pretty big hammer. Get this taken care of now, trust me.

Either find your T4 slips or go to Revenue Canada and get them, since you will probably need to go there to get the tax booklets for those years anyway.) Just sit down and do the taxes. Unless you have some crazy complex tax situation, it is probably way easier to do that than to pay H&R Block.

As for how much it will cost you, if you are single and did not have any extra tax taken off by your employer, it probably won't be cheap, but it really depends on your income.

Regular_John · 03-07-2012, 08:19 AM

Quote:

Originally Posted by Weirdness

I'm in quite a bind.

I haven't filed since 2008, the year I moved to Calgary. CRA has my new address, I haven't received anything indicating I owe money but I should get it all sorted out. Should I just find all my T4s and spend an afternoon at H&R Block? How much could this end up costing?

I... Have no idea how to do any of this, my parents always took care of it until I moved out. What other forms are needed? I'd hate to go there and find out I'm missing something and have to come back later. Ugh.

I can't recommend a specific line of action, but unless you have a lot of non-payroll income (eg: contracting, freelance, side jobs) in which deductions haven't been made you most likely don't owe anything.

The CRA can be a pain in the butt, however they are not boogymen out to get you & squeeze you for everything you're worth. In practice they basically want two things: You to make a good faith/honest effort to declare all income, & to pay your fair share.

Heck call the CRA yourself and just ask, if you're honest with them "EG: Ok, I eff'd up and didn't file for a few years" they arean't going to send black helicopters to your home and kick your dog.

I'm not a tax expert or accountant, but this is my experience in dealing with the CRA when I was self employed and had lots of non-payroll income for the year.

Rathji · 03-07-2012, 08:23 AM

Quote:

Originally Posted by Locke

PM me and I can help you.

I have also sent you a PM Locke.

squiggs96 · 03-07-2012, 09:17 AM

CRA will have all of your T slips for prior years. If you are missing any and/or looking for some you can call them and they will mail them to you.

calumniate · 03-07-2012, 09:22 AM

Hey guys I'm looking for some used bus passes for some reason, preferably January 2011 to December 2011.

DownhillGoat · 03-07-2012, 12:19 PM

Quote:

Originally Posted by Weirdness

Should I just find all my T4s and spend an afternoon at H&R Block?

My buddy was in the same situation last year (IIRC he hadn't filed for 5 years). H&R Block wouldn't touch anything past (I think) 2 years. He ended up going to an accountant, but if it's just basic salary, as mentioned already, it's something you can do on your own if you're trying to save some money.

WhiteTiger · 03-07-2012, 12:55 PM

Well, got the taxes sorted out for another season. "At least I don't owe"

squiggs96 · 03-07-2012, 01:14 PM

Quote:

Originally Posted by WhiteTiger

Well, got the taxes sorted out for another season. "At least I don't owe"

You want a refund each year? Silly Tiger.

Getting a refund means you lent the government money, without interest over the year. Paying an amount at the end of the year means the government lent you money interest free.

Locke · 03-07-2012, 01:22 PM

Quote:

Originally Posted by squiggs96

You want a refund each year? Silly Tiger.

Getting a refund means you lent the government money, without interest over the year. Paying an amount at the end of the year means the government lent you money interest free.

Thats great. As long as you did something with it to earn interest with that interest free loan. If you didnt, and you spent your interest free loan on hookers and blow, then its just another bill to pay at the end of the year that you'd rather not have.

squiggs96 · 03-07-2012, 02:01 PM

Quote:

Originally Posted by Locke

Thats great. As long as you did something with it to earn interest with that interest free loan. If you didnt, and you spent your interest free loan on hookers and blow, then its just another bill to pay at the end of the year that you'd rather not have.

Whether you spent it or not it's still an interest free loan, or at worst a deferral of payment. If I have the option of paying something in April or paying it in 24 instalments throughout the year, I'm going to pay it once a year.

VladtheImpaler · 03-07-2012, 02:04 PM

Quote:

Originally Posted by squiggs96

Whether you spent it or not it's still an interest free loan, or at worst a deferral of payment. If I have the option of paying something in April or paying it in 24 instalments throughout the year, I'm going to pay it once a year.

Sure, but how many people are disciplined enough to put ~35% every month into an interest bearing account and not touch the money until April 30?

surferguy · 03-07-2012, 02:08 PM

^^^ I do

squiggs96 · 03-07-2012, 03:09 PM

Quote:

Originally Posted by VladtheImpaler

Sure, but how many people are disciplined enough to put ~35% every month into an interest bearing account and not touch the money until April 30?

That's not the point. Paying money when you file your tax return is a more sound theory than receiving a refund. It allows you to earn interest, dividends, capital gains, run your business, etc. throughout the year instead of paying the government each pay day and they give you back some at the end of the year. You could reduce your borrowing costs during the year. Whether you are disciplined or not, paying the amount owing when you file your tax return means you received an interest free loan from the government. If you receive a refund, the government was able to borrow money from you, risk and interest free. Would you give an interest free loan to someone you barely know? I wouldn't. That's what you have done if you get an income tax refund.

Yes many people don't have the financial discipline and need forced savings plans. I recommend those people talk with a financial adviser. There are a few on this site that could help out. Simple solutions are regular RRSP contributions and sticking with budgets.

V · 03-07-2012, 04:27 PM

Every year I offer everyone the opportunity to give me $100 every month, and I will give them a yearly lump sum payment of $1200. I still haven't had any bites. Yet people are more than happy to give 20 times that to the government.