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When to expect T4s

PuckChaser

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Mine wasn't emailed but it's online now.
 

coolintheshade

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Morning all....I am doing my taxes now, but not liking the numbers I am seeing in the tax software.

I was promoted and posted in 2021...hence I had a posting allowance. My reported income is showing 20k more than las year, and the software is already telling me balance due in Red of 'close to 30k'.

What am I doing wrong here?????
 

dapaterson

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Which province did you start the year in, which province did you end the year in? That can generate some nasty surprises.

Check your prior year's return and look for any odd discrepancies. Did you input something into the wrong box on the software? Did you forget to input something into the software? I once saw someone panic - we discovered they had forgotten to enter their income tax paid.
 

dapaterson

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Also: Are you a resident of Ontario, but with a work address in Quebec? That can also generate an initial "OMG!" moment, until you discover how to claim the tax paid on your RL1 on your federal return.
 

coolintheshade

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Also: Are you a resident of Ontario, but with a work address in Quebec? That can also generate an initial "OMG!" moment, until you discover how to claim the tax paid on your RL1 on your federal return.
Good afternoon Sir.....I am in Ontario, I went from Toronto to Ottawa, so Ontario. The promotion increase is under $400 i.e. went from incentive on 1 rank to incentive zero on the new rank.
 

kev994

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Good afternoon Sir.....I am in Ontario, I went from Toronto to Ottawa, so Ontario. The promotion increase is under $400 i.e. went from incentive on 1 rank to incentive zero on the new rank.
You’re doing something wrong then. You should have paid roughly what you owe over the course of the year, the surprises only come when you change provinces, and even then it’s like 5k. My guess is what dapatterson suggested, you’ve inserted a wrong number. I recommend getting the tax software to enter the numbers for you, I think you need to get it to log into your CRA account and download your T4. Sometimes you can give it the pdf but I couldn’t get that to work last year.
 

dapaterson

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I have heard of people getting an unexpected RL1 (Quebec Tax form) along with their T4 when posted to Ottawa; right now, with everything virtual, it's possible some wires got crossed and you were mistakenly listed as working in Quebec.

Again, I'd compare the numbers for this year against the numbers last year, and look for where there are any significant differences. Use those as a start point for further investigation.
 

coolintheshade

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You’re doing something wrong then. You should have paid roughly what you owe over the course of the year, the surprises only come when you change provinces, and even then it’s like 5k. My guess is what dapatterson suggested, you’ve inserted a wrong number. I recommend getting the tax software to enter the numbers for you, I think you need to get it to log into your CRA account and download your T4. Sometimes you can give it the pdf but I couldn’t get that to work last year.
Hi there....found the error,
Income tax deducted – line 43700
The software I am using 'Genutax' and 'Turbo Tax free', are not like previous software (studio tax) I used, which was more user friendly, and pulled directly from CRA my account.

Anyway, thanks all.....I about nearly had a heart attack seeing 30k owing.
 

Navy_Pete

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That's good news, I've done the same and did the same bit of panic until I found the error.

Did learn the hard way that I'll be requesting an RFD change for any late year posting to early Jan from a lower tax province to a higher tax province though! Alternately makes the Sept/Oct posting from a high tax to low tax province pretty appealing; going from NS to ON was effectively a raise, even with zero PLD.
 

Messerschmitt

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The fact we are one of the only countries in the world (with US) that we must do taxes and pay for it (or waste a lot of time doing it ourselves) when CRA has software that can do everything from all the slips they receive is retarded.
 

lenaitch

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The fact we are one of the only countries in the world (with US) that we must do taxes and pay for it (or waste a lot of time doing it ourselves) when CRA has software that can do everything from all the slips they receive is retarded.
That's great if all your reporting is on a T-form. There are all sorts of claimable income and expenses, boutique credits, etc. that are not. Then again, if they'd be willing to accept my shoebox of disorganized bits of paper and sort it all out, I might be up for it, but we'd be paying for it to be done at public servant rates.

My dad was a government auditor and a bit of a packrat. When we were sorting out his place after he passed, I found every T1 he had ever filed back to the late '40s. I kept the one for the year of my birth just for fun. The entire return, including the tax table, was four pages.

After all the fun I read about with Phoenix, I'll do my own thanks.
 

coolintheshade

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That's great if all your reporting is on a T-form. There are all sorts of claimable income and expenses, boutique credits, etc. that are not. Then again, if they'd be willing to accept my shoebox of disorganized bits of paper and sort it all out, I might be up for it, but we'd be paying for it to be done at public servant rates.

My dad was a government auditor and a bit of a packrat. When we were sorting out his place after he passed, I found every T1 he had ever filed back to the late '40s. I kept the one for the year of my birth just for fun. The entire return, including the tax table, was four pages.

After all the fun I read about with Phoenix, I'll do my own thanks.
DAD...was obviously attention to detail type of person, given his occupation, and he didn't have the luxury of WWW/softwares/social media back then. 'Pacrat' is an unfair label. Never speak ill of the dead they say :) LOL
 

lenaitch

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DAD...was obviously attention to detail type of person, given his occupation, and he didn't have the luxury of WWW/softwares/social media back then. 'Pacrat' is an unfair label. Never speak ill of the dead they say :) LOL
Ya, the coffee cans full of used nails and piles of other assorted detritus in the basement might say otherwise. It actually complicated figuring out his estate since he had bundles of bank passbooks and other records for closed accounts that we had to chase down (long before online records) to confirm that they were dead and not just dormant. He grew up on a farm during the Depression so was product of his upbringing.
 
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