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.
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.