Personal Finance

Question about taxes (Ontario)

  • Last Updated:
  • Aug 25th, 2016 7:06 pm
Newbie
Nov 19, 2004
58 posts
3 upvotes
Toronto

Question about taxes (Ontario)

Hi, I am a tricky situation and would like an accountants' advice.

I've been working a side job for a number of years, 5-6 years. When I first started, I was young and since I never received any T4s I never thought to claim the income. In other words, I didn't know any better. Now that I'm in my 20s, I'm starting to become more wary about my taxes and I am starting to feel nervous knowing that I haven't been claiming my income for the past few years. The amount of income every year is very little, $1-3k year, but it has accumulated over the years.

What should I do?

- Should I backtrack my taxes and claim as far back as I can?
- Should I start fresh by claiming the income starting this coming tax season? Will they investigate further and inquire why I haven't been claiming the past few years?
- Should I continue not claiming it?

They don't have my SIN card and pays me by cheque.
5 replies
Deal Addict
Jun 12, 2015
2551 posts
1071 upvotes
Ontario
Above but also since you have low income you wouldn't have paid any taxes anyways. You just screwed yourself over in terms of benefits like gst or OTB.

There wouldn't be any interest or late filling penalty as no amounts owing.

Start reporting. Also whoever your employers is, they are likely not reporting payroll taxes lol
Deal Addict
Aug 30, 2011
3537 posts
1279 upvotes
Ottawa
You say this was a side job, so you have other taxable income that you have been reporting? In that case, you will likely end up with some additional taxes + interest to pay, but agree it's best to just get it set right now.
Newbie
Nov 19, 2004
58 posts
3 upvotes
Toronto
I do have a full-time employment so I'm expecting to owe money which is okay.

I submitted the documents late last night and hope it goes through smoothly. I don't have any official records of my income since I get paid by hand written cheques. I hope just indicating the income total for the year is sufficient...

I must say, I feel very relieved after submitting my documents. Thanks!

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