Tax Man going to get me this year

8 Mar

There is a wealth of information in your personal CRA account.  It lists all your previous tax returns that you can look back on, RRSPs, TFSAs, GST credits and so forth.  You can even look up your T4 statements for 2012!

It’s been a while since I worked at my part time job, so I haven’t picked up my small cheque and T4.  But I was able to pull up my T4 for 2012 from the CRA site.

After entering all my T4s, RRSP contribution of $1064, and one donation slip, it looks like I’m going to be owing money to the government.  @_@  It’s too late to contribute to my RRSP to lower my income for 2012.  Now I have to write a cheque to the tax man.

The worse is yet to come as I am still waiting on my T3/T5 and trading summary from my brokerage accounts to figure out the final damage.   At the moment, the balance owing is $225.05.  Update:  I chatted with Questrade Rep online, March 15th is the date to look out for your tax slips! 

On a brighter note, I like to introduce StudioTax 2012 to any Canadian Tax Filers.  This is a free tax software.  You will have to download their software onto your computer to fill our your tax information.  This is net file approved by CRA.  If you like to do it the old fashion way, you can print out the paper version and mail it out.

I’ve been using this since 2010 and I haven’t had a problem with it.  It is a simple fill out online form, but it gets the job done.  Of course, it does not compare to the top ranking Turbotax or Ufile where they have a nice interview questionnaire that takes you through step by step.

But hey, Studiotax is free!  And you know how I like my freebies!

5 Responses to “Tax Man going to get me this year”

  1. Liquid March 9, 2013 at 2.33 #

    I just got my T5 in the mail. Owing taxes seem to be common for people with 2 jobs unless they contributed a lot to their RRSPs or have other tax deductions. Thanks for telling me about StudioTax. I just downloaded their software and will play around with it later. If I end up filing with them then depending on my satisfaction I think I might give them like a $5 donation to keep them in business next year lol.

    • agentfang March 9, 2013 at 2.33 #

      Yes, part time pay cheques are taxed at a lower rate since your hours are fewer. I contributed a lot last year and got a big refund, figured this year I need the money for the mortgage. Hopefully, I dont have to pay more than $500 to the gov’t. You got a good soul for donating 🙂

  2. Alex Yang (@yyangalex) March 9, 2013 at 2.33 #

    i use Turbo Tax. its nice but have to pay around $25-30 after 20% BMO discount. free is always nice. i might try it out just to see if its easy to use like turbo tax. i never understand why the T5s take so long to mail out. dividend/trading activity is done by Dec 31, and i usually get mine in mid to late Feb… i like getting refunds but also means i loaned the govt money for free ><

    • agentfang March 10, 2013 at 2.33 #

      Yes, I’ve always used Quick Tax -> Turbo Tax paying $15 since I started doing my own taxes. But, Studiotax is just free 🙂 Yea, Questrade is quite slow with their tax summaries. At least you can start doing your taxes to get your refund faster! I am guessing you’re going to get a return! Good for you.

      • Alex Yang (@yyangalex) March 10, 2013 at 2.33 #

        yep, i filed mine on last day of Feb and got the refund middle of last week. last 2 years got pretty big returns due to orthodontic medical expenses. next year it’ll be back to normal & prob getting close to nothing :p

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