HELP: Possible to file 2003 taxes right now, while I do 2004?

[porphyra]

I feel rather stupid admitting, but I forgot to fill out my 2003 taxes. Now its tax time and I need to fill out my 2004 taxes. Since I didnt owe the govt. anything and they didn't owe me anything (am a student), the need wasn't pressing.

However, to fill in my following years taxes, I always used the statement from my previous year, apropos of how much adjustment was made by CCRA. Is there a deadline, and have I missed the opportunity to file my 2003 taxes?? I know there is a deadline if you owe them money, but otherwise?

Should I file my 2003, wait for them to get back to my, and then file my 2004 or how should I proceed? Any advice would be appreciated.

Thanks.

[Rehan]

You can file them both together...there's no problem in that if you don't owe any money. But you won't be able to netfile the 2004 tax return, I think.

[NDman]

Might as well get it done and over with while you are at it. At least you don't owe them money so you are fine

[SoNgMaN]

You can file them both together...there's no problem in that if you don't owe any money. But you won't be able to netfile the 2004 tax return, I think.

as long as you don't owe them money you'll be fine you'll loose a little of the return. if you owe them money then they'll add some hefty fees i believe

so for all you college/university students paying tuition make sure you send in a return with your tuition information if you aren't working

[porphyra]

Thanks for the replies.

However, how will I know how much they have adjusted towards my 2003 fees, so that I can carry over to the next year? I remember doing it for my previous years. This number came a month or so after filing taxes, to say that they had reviewed and determined.....whatever.

I think my T2 and T4 should be in now. WIll do them both together.

Thanks again guys.

[cipher]

Is there a deadline, and have I missed the opportunity to file my 2003 taxes??

If you don't owe any money, you have 7 years to file a return for any given year. However, if the CCRA asks you to file a return, you must, by law, file the return within 30 days of the request.

[porphyra]

If you don't owe any money, you have 7 years to file a return for any given year. However, if the CCRA asks you to file a return, you must, by law, file the return within 30 days of the request.

I guess since I never received such a request, I am ok

Its a big relief. I am going to file it tonite..I have put it off for a whole year..No more!!

[Rehan]

However, how will I know how much they have adjusted towards my 2003 fees, so that I can carry over to the next year?

Carry over what?

If you file two returns and they owe you money, you'll get two separate refunds.

[porphyra]

I don't really know how to describe it. I guess its my Tuition - earnings (as determined by CCRA) which they give me after the assessment is evaluated.

I take this figure and add it to my next years tuition. That is to say, total debts. Its been increasing every year.

That is to say, that even when I am done school and am working, I will have so many years worth of unclaimed tuition amount that I will be able to claim towards a tax break, until it runs out.

I don't know if I am making sense, but it sure does make sense in my head. I will go look at my returns from previous years and post later tonite.

Thanks.

[mlc2000]

a few years ago, I did 1991 - 1995 for my small business.

1991 owed $4000
1992 Refund $11,000
1993 owed $9000
1994 owed $1000
1995 Refund $7000

After penalties, etc. I got a cheque for $3000.

[Rehan]

I don't really know how to describe it. I guess its my Tuition - earnings (as determined by CCRA) which they give me after the assessment is evaluated.

I take this figure and add it to my next years tuition. That is to say, total debts. Its been increasing every year.

That is to say, that even when I am done school and am working, I will have so many years worth of unclaimed tuition amount that I will be able to claim towards a tax break, until it runs out.

I don't know if I am making sense, but it sure does make sense in my head. I will go look at my returns from previous years and post later tonite.

Thanks.

Can't you figure that out yourself, though? If you have $10000 unclaimed tuition and you claim $5000 for 2003, then you have $5000 left to claim in 2004.

When doing the 2004 return, assume that the 2003 return is 100% correct and there will be no adjustments.

[dvdvideo]

I was 6 years behind once, really silly, but finally got them done about 4 years ago and I am always 2 months early now. They owed me money, so they didn't seem to mind! LOL