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Filing taxes for the first time

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Old Feb 12th 2010 | 11:11 pm
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Default Filing taxes for the first time

I've just completed my first year of working here
(permanent resident) & have received my T4's but have no idea how i file them?, i've heard i have to get a form & post in with it being my first time doing the returns.Anyone know how it should be done?
 
Old Feb 12th 2010 | 11:59 pm
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Default Re: Filing taxes for the first time

Originally Posted by Dollydd
I've just completed my first year of working here
(permanent resident) & have received my T4's but have no idea how i file them?, i've heard i have to get a form & post in with it being my first time doing the returns.Anyone know how it should be done?
I would suggest that you purchase one of the tax software products (Quicktax, etc.)

Follow the instructions and send the package off to the CRA. It is relatively straightforward, even if you have fairly complicated finances. Failing that, employ an accountant for the first year to ensure you start off on the right foot.
 
Old Feb 13th 2010 | 12:01 am
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Default Re: Filing taxes for the first time

Go get a personal tax software package (eg Quicktax), enter the numbers when prompted and then print out the finished forms, and send them in (hopefully without a cheque). That's what I do, anyway .
 
Old Feb 13th 2010 | 2:53 am
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Default Re: Filing taxes for the first time

We for the first year went to an accountant and well worth the $75 as we got a nice refund and was able to claim stuff we didn't know about. Going to use them again this year
 
Old Feb 13th 2010 | 6:04 am
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Default Re: Filing taxes for the first time

or go to the nearest h&r block they do the whole thing for u...obviously u have to pay for it...ive used them every year since we been here
 
Old Feb 13th 2010 | 6:47 am
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Default Re: Filing taxes for the first time

Originally Posted by clairemarie70
or go to the nearest h&r block they do the whole thing for u...obviously u have to pay for it...ive used them every year since we been here
$25-$30 will get you an online tax return program from H&R Block, Easy Tax etc. They have different levels too - one has an RRSP calculating thing that helps you put money away efficiently befor end of fiscal year.

First year was here, went to an accountant because I'd never filed taxes and was a bit intimidated by the whole thing. They did it fine, but it cost me.

Last year, did it myself, and it was really easy. No need to pay anyone else unless you REALLY hate doing it or have complicated financial arrangements (self-employed, lots of assets in different countries etc).

Took me just a few hours on a Sunday afternoon.
 
Old Feb 17th 2010 | 1:31 am
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Default Re: Filing taxes for the first time

Thanks for the help, i did them through Turbotax then printed them off & sent them in the post.How long does it usually take them to process?
 
Old Feb 17th 2010 | 1:40 am
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Default Re: Filing taxes for the first time

Just a note of caution, if there are two of you (and you use something like quick tax or DIY, (one assumes a tax accountant would point this out)) and one of you owes money and the other is due a refund you have to treat the returns separately. This happened to us the first year, my husband was due a refund worth more than what I owed, we naively sent off the forms thinking this was a joint filing (before the deadline I hasten to add) and I then got a nastygram saying I owed them about $450 (including a whopping $2.20 interest for late payment). We then got a cheque in the post for $550 about a week later.
Helen
 
Old Feb 17th 2010 | 2:21 am
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Default Re: Filing taxes for the first time

Originally Posted by Dollydd
I've just completed my first year of working here
(permanent resident) & have received my T4's but have no idea how i file them?, i've heard i have to get a form & post in with it being my first time doing the returns.Anyone know how it should be done?
You cannot e-file your first tax return. you can still use the software and go through the process, but instead of filing online, you have to print it off and send it in.
Next year you will be fine.
 
Old Feb 17th 2010 | 3:56 am
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Default Re: Filing taxes for the first time

Originally Posted by HPJOS
Just a note of caution, if there are two of you (and you use something like quick tax or DIY, (one assumes a tax accountant would point this out)) and one of you owes money and the other is due a refund you have to treat the returns separately. This happened to us the first year, my husband was due a refund worth more than what I owed, we naively sent off the forms thinking this was a joint filing (before the deadline I hasten to add) and I then got a nastygram saying I owed them about $450 (including a whopping $2.20 interest for late payment). We then got a cheque in the post for $550 about a week later.
Helen
My Canadian OH hasn't yet filed hers, but i do know they're treated seperately.I'm just eager to get my cash (i hope)
 
Old Feb 17th 2010 | 4:52 am
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Default Re: Filing taxes for the first time

I won't even get my T4 until March so nothing I can do until then. If you have all the information now then go for it and get it out of the way!
 

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