Accounting and Taxes Thread

[Shazam]

Knowing your tax situation is not important.

[taxbuster]

Originally Posted by Fuzz

LOL, and nothing is working on the CRA site.

Spoiler!

It seems the only thing working there is the interest accruing on their BS reassessment of mine they need to fix once someone gets to it. I hope they nuke the interest when they realize the charge was wrong and re-fix it but who knows...

You must be new here. This is completely typical of a Monday morning in CRA-land 2025. Has happened for probably 8 weeks now. Somewhere during the day it will start “working” (ie limping) again.

[Fuzz]

Ya, I usually have mine done mid-March. It's working again for me now. Yay.

[PepsiFree]

I’ve already spent my return. Y’all crazy.

[Fuzz]

I owe money this year, so putting it off felt better.

[Geraldsh]

Mine also done and spent. Now waiting patiently for the reassessment in September when they demand it all back. Seniors with medical expenses are all evil scammers apparently.

[TorqueDog]

Originally Posted by PepsiFree

I’ve already spent my return. Y’all crazy.

Does it count as 'spent' if it was used to buy appreciating assets?

[kipperiggy]

After two years in a row of filing on Apr 30, it felt good to submit last night!

[Lubicon]

Another day another 'we're too busy to answer the phone' when I call. I'll keep trying I guess.

Good news is I don't owe so it's just delaying my refund. Which is also the bad news, it's my money and I wouldn't mind getting it back.

[Locke]

Originally Posted by taxbuster

You must be new here. This is completely typical of a Monday morning in CRA-land 2025. Has happened for probably 8 weeks now. Somewhere during the day it will start “working” (ie limping) again.

And don't forget, this is the 'New and Improved' version.

[taxbuster]

Originally Posted by Locke

And don't forget, this is the 'New and Improved' version.

Hey - I shouldn't complain! I got my FIRST T5 from a TDW client today....ONLINE!!!!



Alas. it's just one. Nobody else's have appeared yet.

[BigNumbers]

How long should we wait to file? I have many T5 and T5008s and T3s from various sources (ie. not sure I have them all)... So I was planning on filing tomorrow and just deal with any adjustments for missing forms on a reassessment? Any better plans of attack?

[Ahuch]

Originally Posted by BigNumbers

How long should we wait to file? I have many T5 and T5008s and T3s from various sources (ie. not sure I have them all)... So I was planning on filing tomorrow and just deal with any adjustments for missing forms on a reassessment? Any better plans of attack?

I think that depends if you owe or not... no rush if you don't.

[Locke]

Originally Posted by BigNumbers

How long should we wait to file? I have many T5 and T5008s and T3s from various sources (ie. not sure I have them all)... So I was planning on filing tomorrow and just deal with any adjustments for missing forms on a reassessment? Any better plans of attack?

At the moment this is as good a plan as any. File what you have and then sort the difference out later.

Considering most of your stuff is investments you could probably make a strong case to get any penalties and interest waived.

[taxbuster]

Originally Posted by BigNumbers

How long should we wait to file? I have many T5 and T5008s and T3s from various sources (ie. not sure I have them all)... So I was planning on filing tomorrow and just deal with any adjustments for missing forms on a reassessment? Any better plans of attack?

YOU should have all required slips (other than T3s possibly). CRA may not have them, and WE may not be able to download them or see them online but the requirement to send them to you was not altered. There are some exceptions (T3s notably).


File and pay (if you owe) and add whatever else shows up later. Or, alternatively, if you are in a refund position that is unlikely to change to a debit, hold off and file later.


In theory...and we'll see after tonight, whether the announced (well, kind of announced) stay of interest on late returns with Capital Gains (NOT others!) is actually maintained. June 2 was the supposed date, although I can no longer find reference to this on CRA's site - it used to be there.

[Lubicon]

It's probably too early to celebrate but CRA actually did answer the phone today and reset my Netfile so we'll see what happens tonight. I'll give credit where credit is due if the issue has been resolved. Both agents I talked to were professional and this time around there was actually a callback feature (and it worked!) so I didn't have to sit on hold for hours like the previous two attempts.

Edit:
Final tally is 11 days of trying by phone before successfully talking with a human.

[TheScorpion]

Apologies for being a n00b but I found this a little odd in my notice of assessment ...

We assessed your 2024 income tax and benefit return and calculated your balance.

You need to pay $xxxx.29 minus any amounts you paid that we have not processed yet.

To avoid additional interest charges please pay by May 26, 2025.

I thought the deadline to pay without penalty was today?

[Weitz]

Originally Posted by TheScorpion

Apologies for being a n00b but I found this a little odd in my notice of assessment ...



I thought the deadline to pay without penalty was today?

That’s just to file. Getting assessed would give a different deadline. Or at least it has in the past.

You should have paid your balance by today. I’m guessing that amount is different than your return.

[cSpooge]

Originally Posted by TheScorpion

Apologies for being a n00b but I found this a little odd in my notice of assessment ...



I thought the deadline to pay without penalty was today?

CRA freezes interest for 21 days from the date of your notice to allow time for mailing etc. Interest starts as of May 1st but if you pay after the 1st but before the 21 days they will wipe out the interest.

[DoubleF]

Originally Posted by TheScorpion

Apologies for being a n00b but I found this a little odd in my notice of assessment ...



I thought the deadline to pay without penalty was today?

Have you also checked to see how far in the future this letter is from? It might be from like May 12th

I had lots of those conversations with the express NOA in the past that were like 10-14 days into the future.
"I paid April 28th! you filed wrong if it says I have late interest!"
"This is dated 5 days from today."
"Oh."