jericho

I had an appointment with H&R tonight to sort my taxes it out, with this being my first attempt etc.

However, I cant find my T4.

Apparently, my employer should have a copy, so I should be able to get a copy tomorrow, but I'm not going to be able to file before the deadline tomorrow.

Anyone know what the consequences of this are, or if I can file late etc?

Tangram

Not sure but was told by accountant that if I didn't pay by 30th there was a penalty, not sure if that was right or I misheard her strong Acadian accent.

Novocastrian

Jonboy or some other expert will give you chapter and verse, but if it's your first year and you'll be getting a rebate (quite likely) then there's no need to file by April 30th anyway.

If you owe CRA some money they'll charge interest from April 30th until you actually pay (I don't know the rate, but it's not punitive).

No big deal.

JonboyE

The penalty is 5% of your 2008 balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months. If we charged a late-filing penalty on your return for 2005, 2006, or 2007 your late-filing penalty for 2008 will be 10% of your 2008 balance owing, plus 2% of your 2008 balance owing for each full month that your return is late, to a maximum of 20 months.

If you do not owe tax, or are due a refund, you can file whenever you like.

jericho

Excellent, thanks all

Jonboy- is it likely I'll be due a refund, with this being my first year and all? (everyone keeps telling me so)

Kokanee

HI Chris

I did mine, my first year as well, as you know, and will be obtaining a refund ,basically because this is the first time I have applied for the different tax credits and they get back dated to when I arrived in October.
I also needed to get my T4 changed and the company were only took 2 days.
Greg

jericho

Nice one, cheers Greg. Was out with an ex colleague of yours the other night- Mr Norris.....

JonboyE

Sorry, but it is impossible to tell without knowing your earnings, how much tax your employer has deducted, and your other circumstances. The calculator at taxtips is very accurate.

Essex_Man

Well just go down to the tax office and get a copy. I never lost one. But thats where I think I would start and let tax office know the reason and see what they can do. Cost nothing to ask.