Doing taxes half way

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Feb 9th, 2021 9:44 am

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Feb 8th, 2021 8:38 pm

ratatapa [OP]: Deal Addict; Nov 28, 2013; 2501 posts; 1024 upvotes; Quebec

Feb 8th, 2021 8:38 pm

Doing taxes half way

I know title seems strange.

We started to receive some papers t4 etc

But there is still some waiting to arrive

Is it a good idea to start doing taxes with what we have and then continue when we get the rest, or the apps can have issue calculating and we should wait getting all files first ?

Thanks

7 replies

Feb 8th, 2021 9:57 pm

ml88888888: Deal Addict; Jan 19, 2017; 4091 posts; 2327 upvotes

Feb 8th, 2021 9:57 pm

It depends on how user friendly the software is and how much tax knowledge you have. It sounds like you are not that knowledgeable about tax. It may be better to wait until you get all tax docs. Especially if you are using those tax softwares that calculate your tax based some kind interview questions. I.e. if a question asks do you a T5 slip, you answer no because you have not received one yet. But later on, you receive one, but you don’t know how to enter it because you already answered you don’t have a T5.

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Feb 8th, 2021 10:03 pm

Some1rulez: Jr. Member; Oct 8, 2019; 127 posts; 72 upvotes

Feb 8th, 2021 10:03 pm

End result will be the same...migjt as well wait till u have everything to that u dont overlook anything during interview process

Feb 9th, 2021 7:28 am

catsoncoffee: Member; Apr 16, 2015; 210 posts; 291 upvotes

Feb 9th, 2021 7:28 am

The only reason to do an estimate now is if you think you may owe tax and want to make an RRSP contribution before the end of the month to offset it. Otherwise, you might as well wait til you get everything.

+2

Feb 9th, 2021 8:10 am

rcmpvet: Deal Addict; Oct 13, 2014; 2148 posts; 1384 upvotes; Just Moved To Somewh…

Feb 9th, 2021 8:10 am

@ratatapa You might also want to sign-in to your CRA account and see if the slips have already been filed at the CRA. I know mine have as I do not receive any actual hard copy.

“Before one can have a Clue they must first accumulate 10 Inklings. That said, all it takes is one bad post and you erase all Inklings & Clues accumulated'"

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Feb 9th, 2021 8:37 am

airodyssey: Deal Addict; Jul 28, 2012; 1016 posts; 429 upvotes; Trois-Rivières, QC

Feb 9th, 2021 8:37 am

Beware of false hopes when "doing taxes half way". For example, if you have a spouse and don't enter their information yet, the tax software might give you tax credits you are not entitled to (for example for dependents). Conversely, if you haven't entered tax slips (tuition, child care, RRSP contributions, etc.) you will have the feeling you are paying more taxes than you are supposed to.

+1

Feb 9th, 2021 9:41 am

ratatapa [OP]: Deal Addict; Nov 28, 2013; 2501 posts; 1024 upvotes; Quebec

Feb 9th, 2021 9:41 am

rcmpvet wrote: ↑ @ratatapa You might also want to sign-in to your CRA account and see if the slips have already been filed at the CRA. I know mine have as I do not receive any actual hard copy.

its mostly because daycare won't send us stuff before feb 22 and I know that Tax software don't have all the features unlocked yet

Feb 9th, 2021 9:44 am

ratatapa [OP]: Deal Addict; Nov 28, 2013; 2501 posts; 1024 upvotes; Quebec

Feb 9th, 2021 9:44 am

airodyssey wrote: ↑ Beware of false hopes when "doing taxes half way". For example, if you have a spouse and don't enter their information yet, the tax software might give you tax credits you are not entitled to (for example for dependents). Conversely, if you haven't entered tax slips (tuition, child care, RRSP contributions, etc.) you will have the feeling you are paying more taxes than you are supposed to.

yeah im aware of that part

+1

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