I don’t see what the big deal people have with doing their taxes.
I’ve never had to pay back money…
And if my calcuations are correct, I’m bringing home a cool $3K…[EDIT – Feb 21: It’s more like $800. I just messed up a calcuation] home in a refund this year.
Booya.
Chances are my calcuations are WAY off.
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11 responses to “Do Your Taxes!”
1.2K here!
Speaking from personal experience, it’s nothing more than plain old procrastination. And I efile and use the tax software.
This year procrastination will probably be tied to the fear that I’m going to have to pay something.
Oh, and to add to the things not to be afraid of, NEVER be afraid to change insurance providers. I just got a new quote as my car insurance is due for renewal. It is 1/3 less than what I would be paying with my existing policy even with the fact that my existing policy was going to drop in $$ this year. YES! I feel good.
I think the fact that you don’t have to pay anything and are getting a refund is the answer to your question.
My guess is that for those who have to plan and save up cuz they have to pay up, is the reason for them not looking forward to this time of year.
I’ll be paying back some money I’m estimating about $3K 🙁
lucky for us I’m getting that much back! woohoo! Everything will work out perfectly…
I have a question.
I’ve never had to pay back taxes (except for that time when I was a contractor…)
How does one have to pay back taxes? A more specific question to James in this case since he knows a little more than accounting than I do is:
In a perfect world, your employer is supposed to take off the exact amount of tax that the Gov’t requires, and then it should all even out. Then you can apply the magic bullet items like RRSPs to start reducing the amount which is supposed to be taxed.
So is it the employer’s fault that someone has to pay back money? Because they didn’t take off enough off your cheque?
I worked on contract for part of last year that’s why I owe money.
Ok, that answers the question pertaining to Ferda…but I’ve heard of random people being employed who owe money.
So as I said before, I’m assumign it’s because the company are morons and didn’t pull enough tax off…right?
Palmer – you’re right. the company is wrong b/c they taxed you are the wrong rate.
or it’s your fault. perhaps the company was taxing you at what they ‘thought’ was the correct rate. but then you did something stupid (got a 2nd job) and bumped yourself up into another tax bracket.
There’s thouands of possibilities and loopholes when it comes to the canadian income tax act. I suggest you speak with a qualified tax accountant from [insert tax agency name here].
but Palmer, if you really are curious about taxes and crap like this: we can talk in person next time we see eachother. ok?