Tag Archives: Tax

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!

Tax Time!

21 Mar

Remember to file your taxes by April 30, 2012 for the year 2011.

I have been doing my own taxes since 2002, that’s when I started my first job.  My parent’s friend who is also our neighbor always did our taxes.  Since I didn’t want him to find out my pathetic yearly salary at that time, I filed my taxes online with Quicktax aka Turbotax for like $12.95.  But every year they would increase their price for their online version.  A standard return for Turbotax nowadays is going for $17.99 plus tax.  One year I prepaid a cheaper version Ufile, but I found out that I didn’t like their calculations and went back to Quicktax.  I paid twice as much.  What a waste of money.  So I say, “screw that!”

Studio Tax is a free downloadable windows based program for Canadians to file their taxes online.  Of course, this isn’t the most user friendly guide like other tax programs that charges a fee.  It’s pretty basic, to the point, like an online paper version that CRA makes you fill out by hand.  They do have a Wizard that you go through like a questionnaire.  After you finish up your return, you can NETFILE with CRA to get a quicker refund only if you don’t owe money and save paper  🙂

My capital gain from 2011 is only at $2945.65 with 32 trades… made a lot of mistakes in 2011.  This year I promise to be more disciplined.  It’s not bad considering I took a big loss in RIM $1489.90 and NOT $3519.99, and some other stocks.  I did a preliminary test run of my tax return.  Looks like I’ll be getting $3k back only cause I funneled a lot into my RRSP contributions.  I still haven’t received my T3s.  They won’t come till early April.  Can’t wait to receive my refund!!

Tax/Relax Time

17 Jan

Who's looking after your money!?

Ufile and Quicktax 2009 software programs were lined up in front of Future Shop for sale.  Reminding us that it’s that time again to do your taxes!  Don’t worry, it’s not due till April 30, 2010… For me, I like to get a head start to the tax season.

Punching in the numbers online at Quicktax for 2009, I owe about $400 in taxes.  This is derived solely on my salary minus my contributions for RRSP that I’ve already made throughout the year.  I know I have some capital gains, dividends, and interest income over the past year that I didn’t enter into the equation.  Most likely, I probably have to put more than $1500 in order to avoid the tax man.  Scourging for money at this point is hard for me as I am up to my eyeballs on my line of credit.

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