OH - Tax Time

[chasbos]

Well, it is that time of year again when all of us Canada must have our taxes done I am just sitting here writing out the cheques and sealing the envelopes.

April 30 is on Saturday, do we still have until 12 a.m. to have it in the mail? I really do not want the government to have my money any sooner than need be.

Anyone else out there going to be running to the post office late on Saturday night?

 

[KerriMc]

I think that since it falls on a weekend it is extended to May 2nd to be postmarked, as the post office will be closed and can't stamp it for Saturday or Sunday.

I did mine last night ... but we are both getting back ! Sounds so exciting ... but it only going to paying down debt. No fun in that. As much as I'd love to blow it on a trip or something fun ... reality bites . Child care expenses help us

Kerri

 

[chasbos]

Monday sounds good to me! Oh to get money back - that has never happened! We are self employed though and I guess they have to get there share somehow!

 

[melindaandrob]

Refund here! Our romantic trip has gone from staying at POR to THE BOARDWALK!

 

[briarberry]

I am among the lucky ones - a refund! I am blowing most of it on a WDW trip this August. We can hardly wait!

 

[digskat]

We are getting a refund too! Enough to pay for 9 nights at All Star Movies and 10 day plus tickets with non exipry and a little of spending money left!

 

[Dolphin_Girl008]

I got a refund this year too!

 

[highland3]

I got a refund too.......

...but that $9.00 won't go too far toward the next trip to WDW.

 

[Scratch42]

I got a refund too.......

...but that $9.00 won't go too far toward the next trip to WDW.

Hey, that 1 Margarita in my books!



I did mine, paying!

I still have to do my mom's!

Thank Goodness I still have this weekend!

Scratch

 

[kellyla]

Already got mine back and already spent.

 

[mdennylusk]

Just to clarify. If e-filing your return it must be received by midnight Monday. If you are paper filing (mailing) it must be post marked by no later than Monday, not just in the mailbox Monday night. As an accountant, I look forward to this day every year. It will be nice to get my life back. If only the weather would co-operate!

 

[MECH8T7]

Just to clarify. If e-filing your return it must be received by midnight Monday.

I take it you mean 11:59 pm on Monday, rather than immediately after 11:59 pm on Sunday?

 

[wychwood]

Our accountant e-filed my dw's return back in March. I plan on paying via electronic banking. Does this mean I have until midnight Monday to send the funds?

 

[mdennylusk]

You have until 11:59 Monday night to e-file your return. They must receive it by that time, not just sent at that time. You should receive a confirmation that your return was received.

If you owe and HAVE filed already, you have until 11:59 to pay your balance owing. If you are late, you will be assessed interest.

If you owe and HAVE NOT filed by Monday, you will be assessed interest AND penalties.

So if you owe, you are best off to file your return before the deadline. You will save yourself some money.

 

[cdnmickeylover]

Mine will be e-filed at some point this weekend and I owe. Next year I should get a refund though -- no more child support. Sigh.

 

[wychwood]

mdennylusk,

Thanks for the info. I shall send the funds on Monday.....I don't want to pay one moment sooner than I have to!!

 

[Saratoga Souris]

Getting a refund and already booked Land and Sea for August. Taking my 13 year old nephew with me.

 

[MECH8T7]

If you owe and HAVE NOT filed by Monday, you will be assessed interest AND penalties.

So if you owe, you are best off to file your return before the deadline. You will save yourself some money.

Self-employed may have a June 30 deadline but have to pay any tax owing by Monday to avoid being assessed arrears interest.

Even if you think you owe nothing, you should still file by the deadline because there is the possibility that the government could reassess you down the road to add additional income, in which case you would be liable for a penalty on the corresponding income tax if you did not file your return on time.

If you think you will owe and cannot file your return on time, you should make a payment that will cover the amount of tax you think you willl owe and file the return later. If your payment is equal to or more than the tax you would owe (i.e., after taking into account taxes that have been withheld and remitted through employee source deductions AND any tax instalments you made for the 2004 tax year), you will avoid being assessed a late-filing penalty.

If you are E-filing and owe, I think the federal Government's tax package gives you a remittance voucher for your payment. You are not obligated to pay them electronically. You can just send them a personal cheque (make sure your SIN is identified on the front and that it is for 2004 taxes) by the Monday deadline. It usually takes them a couple of weeks to get around to processing the cheques. See link:http://www.netfile.gc.ca/balance-e.html#4