Monday, April 24, 2017

Taxes - First Look

I loaded everything into TurboTax and pushed the button. We owe $3000 between us. This is about what I expected. Neither of us has tax deducted at source with the exception of my Union Pension and my RIF (Retirement Income Fund) so we always owe. This amount will be reduced when the program files the returns and applies the Income Splitting to both forms. Just making a final check for anything I missed. It is nice to have a couple of days to do the taxes, it is usually a rush job to get it done before the deadline.

9 comments:

  1. Beach and I have to file a return for federal and one return for the state of South Carolina. Additionally, each year we pay a large property tax bill for real estate, autos, and RV, but those are deductions from income on federal and state returns. Every US state seems to have a number of ways of receiving its revenue. Florida, for example, has no state income tax, but submits huge real estate and personal property tax bills. Also, Florida charges what we consider a very large sales tax on retail goods. Do you have to file a province tax return each year in addition to federal?

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    1. We only file one return and it does both Provincial and Federal taxes. They each get their share.

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  2. We will owe as well. I'd rather owe them than the other way around.

    I'll get to ours this weekend. You've got an extra day to file this year because April 30th is on a Sunday!

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    1. Yhey tried once to get me to make quarterly payments but we resisted because like you say, it is better to owe them than to have them using our money interest free all year.

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  3. They owe us a cheque this year, but only because I paid it first in installments. Not gonna do that this year....

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    1. Good luck getting them to let you off the quarterly contribution hook. :)

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  4. Norma declare her gambling winnings? :^)

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  5. I let them use my money interest free so I don't have to pay at end of year. The money I get back goes into a savings account to gain interest. I declare the interest earned in the following year. However, for several years I paid state taxes but upped my withholding so I wouldn't have to pay. The state refund goes into my checking account for any large purchases I might have or for a planned trip. I figure either way I'll have to declare interest earned...now or later. I declare it later.

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