Tag Archives: Balance Owing

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!