Taxes - timeleft?

[corrupt123]

This is probably answered a million times, but I'm on my way out the door so hopefully you wont hate me for just asking and then hoping i'll have an answer for when I get home from work.

I work part time, I think my income was a little over $10k last year. I've gotten the tax forms in the mail from the gov't, and I've gotten the T4 slip from my work.

first - What exactly am I doing by filing my taxes. Filing to get my return? They've already deducted whatever they need/want to take.

Second - How much longer do I have to do this? I've neglected it this year because I figured when my parents do theirs they'll offer to do mine too, but it appears thats not going to be the case. Is it to late? Did i just missout on a nice big cheque?

Last - Where should I do my taxes? I'm thinking of just runing over to H&R block or something. What'll I need? Just the tax forms I got in the mail, and the T4, right? Would I be better off going to one of those independand tax places?

thanks to everyone for any input and assistance!

[conundrumfp]

1. http://www.cra-arc.gc.ca/tax/individ...ax/menu-e.html

2. End of April.

3. Just file it yourself.

[HighFlyer]

first - What exactly am I doing by filing my taxes. Filing to get my return? They've already deducted whatever they need/want to take.

you are reporting ALL of your income. For example, interest/investment income is taxable, but not at the source. So any gains will be taxable and payable now. If you are in the low income bracket, the return will determine which refundable tax credits/benefits (GST) you are entitled to.

Second - How much longer do I have to do this? I've neglected it this year because I figured when my parents do theirs they'll offer to do mine too, but it appears thats not going to be the case. Is it to late? Did i just missout on a nice big cheque?

In most cases, you will do this as long as you have taxable income. The deadline for the 2005 tax year is this Apr 30. But you can always file a return for previous years (I think as far back as 1985).

Last - Where should I do my taxes? I'm thinking of just runing over to H&R block or something. What'll I need? Just the tax forms I got in the mail, and the T4, right? Would I be better off going to one of those independand tax places?

If your income is under 25K, many tax software vendors provide free usage of their software (ie. quicktaxweb). If it's just a T4, it's really straightforward such that you don't need H&R Block.

[kaycee8877]

definetely do it yourself using one of those netfile programs which are free for low incomes

the main reason you want to do them is to get back any potential refund sooner and to get your quarterly GST cheques which for you would be 70-80 bucks

re the deadline ... if your getting a refund CRA doesnt really care if you file or not .. cause then they just be saving money if you dont file (but if you owe, April 30th is the deadline to avoid interest and penalties)

[corrupt123]

okay, but I'm a little confused.

what will the tax software do? prompt me (peice by peice or section by section) to input all the info necessary, then, once complete, let me print it and mail it in? or e-mail it in? or will it just guide me step-by-spet to filling out the forms I recieved in the mail?

[vr6man25]

go into quicktaxweb.com
register
Follow instructions
Very easy. at the end it will ask u to send it netfile.
IF u got your netfile code then send it online. you will get the cheque in 10 business days.
Try it , if your still confused , Dont send it online and get more help before you continue.

okay, but I'm a little confused.

what will the tax software do? prompt me (peice by peice or section by section) to input all the info necessary, then, once complete, let me print it and mail it in? or e-mail it in? or will it just guide me step-by-spet to filling out the forms I recieved in the mail?

[corrupt123]

go into quicktaxweb.com
register
Follow instructions
Very easy. at the end it will ask u to send it netfile.
IF u got your netfile code then send it online. you will get the cheque in 10 business days.
Try it , if your still confused , Dont send it online and get more help before you continue.

how do I know if I got a netfile code? does the software give it to me? or is it on my T4? or is it in the pile of papers I was mailed by the gov't?

If I dont have, can I get one?

[ThePlant]

Since it seems you've never filed before, you cannot netfile. All first time fillings need to be mailed in.

[corrupt123]

well i filed last year, but that was done through a family friend. So all I did was give him the papers, My T4, and then thanked him for his help. Few weeks later, I got the cheque in the mail. I assume that constitutes filing previously? Where would I look for the netfile code, should I have one?

*edit*

i just browsed through the papers I recieved in the mail. There is a 4 digit "access code" that I can use to "file my taxes online"

I assume thats the netfile code I need? Thus, I'm eligible?

[kaycee8877]

yep thats the code

[krash322]

No matter how much you earn, you should always file a return. There are many benefits. For example, your RRSP contribution is based on previous year's income level. Even though you do not have enough money to contribute now, you can carry the contribution forward indefinitely until you do. This means you will be able to bring your taxable income level down in the future, and be able to get a higher refund as a result. Also, you never know, but your employer may have withheld too much taxes. In this case, you get to have a refund. In other cases, you may have tax credits that you can use, such as tuition, that will also give some money back to you.

Remember, your employer is deducting at source based only on the basic exemption available for everyone. If you have additional tax credits or deductions that you can use, it means CRA has taken too much of your money.

Since April 30th is on Sunday this year, you have until May 1st midnite.

If your return is really straightforward, just do it yourself. As many people have already suggested, there are plenty of choices if you are in the lower income bracket that are available for free. Usually, you just have to fill out the fields with the numbers as indicated on the forms, then the software will calculate your tax position for you.

Good luck!