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.
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9 comments:

  1. Dee TillotsonApril 24, 2017 at 12:26 PM

    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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    Replies
    1. CroftApril 24, 2017 at 4:16 PM

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

      Delete
  2. Kevin ReadApril 24, 2017 at 3:34 PM

    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. CroftApril 24, 2017 at 4:18 PM

      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.

      Delete
  3. Rod and SylviaApril 24, 2017 at 4:58 PM

    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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    Replies
    1. CroftApril 24, 2017 at 6:46 PM

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

      Delete
  4. BillApril 24, 2017 at 8:18 PM

    Norma declare her gambling winnings? :^)

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  5. Rita from PhoenixApril 25, 2017 at 10:00 AM

    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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