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Wed Apr 30th - Personal Income Taxes Deadline (pg. 4)
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View this Thread in Original format
| Swamper |
| quote: | Originally posted by TO guy
Doesn't it reduce the total amount of tax owed. And since that tax was pre-paid, you should have more returned? |
The tax credit is a non-refundable tax credit, which means that the amount you claim is multiplied by the lowest personal income tax rate for the year (15%) and is then deducted from your tax otherwise payable.
http://www.cra-arc.gc.ca/whatsnew/i...ansit-e.html#q5 |
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| Jem_hadar |
| quote: |
Here is an update on the CRA efiling deadlines:
T1 Returns
The CRA agent from the Sudbury efile desk has advised us that:
the CRA sent out an email communication this morning which we just recently received a copy of (see below for your reference) to confirm that all returns that are filed and accepted by midnight local time May 6, 2008 will be considered filed on time (i.e. this includes original transmissions after April 30 as well as re-transmissions to correct efile errors); the agent did ask that we continue to try and efile on a periodic basis as the system is still working to accept transmissions
taxes are still due today so to avoid interest charges, the balance owing must be paid or post marked April 30, 2008
any returns efiled after April 30 that are then rejected and need to be paper-filed should be paper-filed as soon as possible (by the May 6 deadline at the latest); the agent indicated that we should include a copy of the rejection notice with the paper-file return (she also advised that if for some reason our clients get assessed a penalty, we should request relief under the Taxpayer Relief Provisions through our local tax services office)
T2 Returns
The T2 efile help desk has advised us that you must try efiling your T2s today and if you cannot get them transmitted, in order to get an extension for efiling the corporate returns, you will have to call the T2 efile help desk to let them know the business number and taxation year end of the return(s) you have attempted to efile. They will make a note in the taxpayer's file and you will have until midnight local time May 6, 2008 to transmit the return. The alternative is to paper-file the returns today.
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| kotsy |
How are you people getting 3 grand back? k
I got maybe a grand back a couple years and that was it. Last year I owed them about 900 and this year I got almost 300 back. It's like a rollercoaster |
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| VDub |
| quote: | Originally posted by kotsy
How are you people getting 3 grand back? k
I got maybe a grand back a couple years and that was it. Last year I owed them about 900 and this year I got almost 300 back. It's like a rollercoaster |
rrsp's...
10000 in rrsp's boosted my return by 4500... |
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| kotsy |
| quote: | Originally posted by VDub
rrsp's...
10000 in rrsp's boosted my return by 4500... |
wow! |
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| Jem_hadar |
| quote: | Originally posted by kotsy
How are you people getting 3 grand back? k
I got maybe a grand back a couple years and that was it. Last year I owed them about 900 and this year I got almost 300 back. It's like a rollercoaster |
Tuition and RRSP are the BIG reasons generally.
If you have income (more than just a piddly couple thousand) AND have a good bit of tuition expense, you'll be getting a hefty chunk back.
Ditto with RRSP too. ya.
Those two are usually sure things! ;) |
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| Jem_hadar |
PEACEEEEEEEEEEEEEEEEEEE
IM OUT TO GET SHAMMERED HAMMERED AT OUR TAX PARTY!!
SEE YA!!!
GONE TILL MONDAY BABY!! 4 DAY WEEKEND YA!!!! |
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| Search&Rescue |
| quote: | Originally posted by Jem_hadar
^^ Not necessarily.
Depends.
Did you owe taxes?
If you didnt (ie. had a refund) then it makes NO difference.
Its a tax credit, not a tax deduction. Credits reduce a payable to the gov't. If you didnt owe the government, then ud see no benefit from claiming ur bus passes. |
No, I didn't. Phew.
Thanks |
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| Intangible |
I actually did it today!! :D
Such a last minute girl...
And Im very happy with the result :) :) |
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| Irishaddict |
I have been working 15 hour days for 2 weeks at work due to taxes. I AM SO HAPPY IT IS OVER.
:D :D :D :D :D :D |
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| Jem_hadar |
STILL SO TRASHED> FCUK.
IM A MESS THIS MORNING>
thank god im not working till monday. |
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| exstasie |
| quote: | Originally posted by VDub
rrsp's...
10000 in rrsp's boosted my return by 4500... |
Nice :D
I wish I had that much...I had like half of that...
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