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Author Topic: Income Tax Checking?
fern hill
rabble-rouser
Babbler # 3582

posted 04 April 2006 10:52 AM      Profile for fern hill        Edit/Delete Post  Reply With Quote 
I did my taxes yesterday (why is it plural?). I'm self-employed and pay quarterly instalments, using the wild guess method, so it's always breath-holding time to see how close I got and how much more I have to pay. (This year wasn't bad.)

Here's my question: Does anybody know how the Revenoorers handle these forms? Are all of them checked for arithmetic? Some randomly checked? And e-filers don't have to submit receipts?

My experience is really varied. Some years, they accept my numbers. Other years they make minor adjustments or corrections. One year I was fined $100 for not sending enough in instalments. Other years, I've not sent enough and they let it go. One memorable year, they demanded $4,000 more. I hollered and it turned out they had made a mistake.

Anybody know?


From: away | Registered: Jan 2003  |  IP: Logged
Reality. Bites.
rabble-rouser
Babbler # 6718

posted 04 April 2006 11:50 AM      Profile for Reality. Bites.        Edit/Delete Post  Reply With Quote 
The only part I could answer is that yes, efilers don't need to file receipts, although they need to have them and can be asked to produce them.

This makes a lot of sense, when you think of it. If you're employed by someone else, they already know how much your income was and how much tax you paid. They'd also know about investment income and RRSP contributions.


From: Gone for good | Registered: Aug 2004  |  IP: Logged
thwap
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Babbler # 5062

posted 04 April 2006 11:59 AM      Profile for thwap        Edit/Delete Post  Reply With Quote 
It might be plural because its both federal and provincial taxes.

It might also be (for folks who have more complicated finances as opposed to getting deductions from pay cheques) that there are different taxes that you have to pay.

They always check mine. They tell me that I [H&R Block a couple of times actually] miscalculated and they give me more money back.

I heard that in the US, the IRS has made it a policy to check the returns of low-income earners and to let the big fish pass unmolested.


From: Hamilton | Registered: Feb 2004  |  IP: Logged
skdadl
rabble-rouser
Babbler # 478

posted 04 April 2006 12:12 PM      Profile for skdadl     Send New Private Message      Edit/Delete Post  Reply With Quote 
We've e-filed for a couple of years, and I've had to send in separately at least one of the big receipts (nursing home rent).

In my experience, it is always worth making an appeal under the "fairness" doctrine - I think they actually have a "fairness" section - for late filing, eg, if you have a good reason.


From: gone | Registered: May 2001  |  IP: Logged
Norse of 60
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Babbler # 12306

posted 04 April 2006 12:42 PM      Profile for Norse of 60     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Originally posted by thwap:
It might be plural because its both federal and provincial taxes.

....and Territorial


From: rabble is now the monster it once hunted | Registered: Mar 2006  |  IP: Logged

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