Question For The Canadafolk ('Bout taxes)

# 1 27-05-2012 , 08:00 PM

Acid44

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Last year was the first time I did my annual taxy-things. When I did it, I got my return or whatever, and they gave me the option to get a quarterly return mailed to me, which I opted for. I was just wondering if the quarterly things cover all, or if when I go file my annual again, there would be another return?

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# 2 27-05-2012 , 08:55 PM

EduSciVis-er
Join Date: Dec 2005

Location: Toronto

Posts: 3,374

Uh... don't know. I've never done the quarterly thing. Not even sure what it is. Once a year is enough for thinking about taxes.

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-stwert

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# 3 28-05-2012 , 03:34 AM

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It means you will get your return in quartely instalments more than likely. If its the same (or similar) as Australia...you have opted to get your return payment in instalments.

Now did you get money back? because 'return' is ambiguous....if they are requiring monies from you..then yes the 4 payment option is good for you. If you get monies back...then you want it in one lump sum....Im kinda confused now.

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# 4 28-05-2012 , 05:02 AM

Acid44

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Yeah, when I did my taxes then, I got about $350 or so back, and between then and now have been getting more mailed to me. I guess I'll just have to go and find out when I do them... This wouldn't be so confusing if they would just leave it alone, rather than lumping taxes together, changing others, etc.

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# 5 28-05-2012 , 05:10 AM

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Location: Australia

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Well I think then you have opted for a payback x 4....$87.5 repaid per quarter. Why mail? this should be all electronic like here...straight into you bank?

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bullet1968

"A Darkness at Sethanon", a book I aspire to model some of the charcters and scenes

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# 6 28-05-2012 , 05:10 AM

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Join Date: Feb 2004

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I'm in the same boat as stwert; I use an accountant.

Imagination is more important than knowledge.

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# 7 28-05-2012 , 05:26 AM

Acid44

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I probably opted for mail. No idea why though, as I don't live in the same place and CRA isn't letting me change my address (haven't gotten the last two cheques)

Accountants are expensive, I used MoneyMart, they just took their cut from the return. Don't ask me how that's different, I just like it not being noticeable user added image

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# 8 28-05-2012 , 01:09 PM

EduSciVis-er
Join Date: Dec 2005

Location: Toronto

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I don't use an accountant... I used to do it on paper, but then I switched to TurboTax. It's free for students and they don't take a cut. Still don't recall the quarterly option though.

-stwert

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# 9 28-05-2012 , 02:21 PM

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In the US quarterly taxes are generally used if you are a contract worker and you do not get consistent weekly, bi-weekly, or monthly pay checks. In this case you have to estimate tax witholdings quarterly, because the government wants your money as you earn it so they can get interest instead of you!

If you fail to file quarterly tax returns or you grossly underestimate the quarterly tax witheld at the end of the tax year the government (here in the US) will hit you with a hefty penalty.

I know this first hand because the first year I was a contract engineer I did not file quarterly taxes so come April 15th (the black day taxes are due in the US) I went to my tax guy and said well I made $180,000 for the year. He asked how much had I sent in for quarterly taxes and I replied nothing why? He then turned pale and asked - Do you drink? I said no. He replied you may want to start after I tell you what you are going to owe in penalties for not sending in quarterly estimated witholdings!

In the end I paid the 30% or so of normal taxes and then had to pay another nearly 40% in penalties for a total tax of around 70%! So I worked an entire year and got to keep 30% of what I earned. Of course I did not have 70% of my earning saved, so I had to give the bastards every dime I had and then get on a installment plan to pay the rest with yet more interest! It took me almost 2 years to pay the taxes and in the end I payed the bastards more then I made for that entire year I did not send in quarter returns! I made $180k for that year and in the end paid the ****ing government over $230k in taxes and penalties and interest for that years tax!

"If I have seen further it is by standing on the shoulders of giants." Sir Isaac Newton, 1675

Last edited by ctbram; 28-05-2012 at 02:30 PM.

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# 10 28-05-2012 , 02:30 PM

EduSciVis-er
Join Date: Dec 2005

Location: Toronto

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That's one horror story. Gotta say that's a pretty amazing starting salary for contract work, but if you lost it all and more, that sucks massively.

-stwert

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# 11 29-05-2012 , 10:32 PM

Acid44

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That's really messed up ctbram. Sometimes I just don't get taxes. At all...

It just boggles my mind that they expect kids fresh out of highschool to go through this, let alone understand any of it.

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Question For The Canadafolk ('Bout taxes)

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