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2005 Income Taxes

weather: cloudy
outside: 8.7°C
mood: contemplative
Every year, around this time, I go out of my mind — this year is no exception — because I want to get my taxes done and out of the way. I hear about other people who have already done theirs IN JANUARY and gotten their refunds and so on and so forth.

I feel like I'm a lazy slob who can't be arsed to do it until the last minute. That isn't me, that isn't my nature. I totally prefer to get things done early. But in reality, I simply cannot file until nearly the last minute. My little bits and pieces of paper won't finish floating through my mail slot until then.

The RRSP deadline was March 1. They won't have the final receipts that I need, for a while yet. And now I get e-mail from my Financial Advisor Dude that some of my thingies will be MAILED by the end of March. They, legally, have until March 31, 2006 to send it off, so the calendar will actually read "April" when they arrive.

In the last few years, I've filed too early and had to send in Amendments. I had to do that TWICE one year. I thought, for sure, I'd be audited. I thank whatever cosmic occurrences that I didn't. But the CCRA are not the type of people I want to try poking with an increasingly sharp stick.


At least I've started piecing it all together and that made me feel better. I'm doing it myself this year sans Accountant. My fluffy tiered marketing self-employment stuff is pretty straight forward. It was just scary to me last year because I had no clue.

Although, I'm not entirely sure how I should do my USD income. The Accountant Lady didn't put it under Foreign Income for 2004, she just converted it to CAD and put it in my Canadian Income section. Then she did the same thing with my USD charity donation (which I wouldn't normally be eligible to deduct).

I don't know if I can just do it the way she did it last year or if I should put it as USD in the Foreign section. It's not very much. Even if it's taxed at a different rate, it's not enough that CCRA would really want to squabble with me over, I don't think. The thought of having to sit on hold for hours makes me want to just do what she did last year. She IS an Accountant afterall and her business/contact info is on my return as the Preparer.

Note to Self:


E-mail the Tax Support Folks or give H&R Block a call to see what they say.



( 4 comments — Leave a comment )
Mar. 6th, 2006 03:47 am (UTC)
Taxes are a pain, I leave mine to a professional.
Mar. 6th, 2006 07:31 am (UTC)
Re: Taxes
I know, but looking at it, it just doesn't seem worth it sometimes. It just feels like I've dealt with much more complicated things successfully so I should be able to prepare my own income tax return.

I still have time to take it to an Accountant though.
Mar. 6th, 2006 04:52 am (UTC)
I get my taxes done by an accountant. I could do it myself but I just can't be bothered with spending the time to do it. I'd rather spend that time watching sports or playing video games.

You have foreign employment income?? I don't know your circumstances but if you're a deemed resident of Canada, you have to report foreign income in Canadian dollars. Use the exchange rate on the day you received it to convert into CAD. If you received foreign income at several times during the year, use the average annual rate.

I'm not so sure about deducting a donation made to a US charity... I'm no expert but that sounds off-side.
Mar. 6th, 2006 07:27 am (UTC)
Re: Foreign Income

Oh, maybe that's why she didn't put it there. It's considered self-employment income with an American company, paid in USD.

Re: US Charities

I'm pretty sure you can. Gifts and Income Tax
Gifts to U.S. charities

Generally, if you have U.S. income, you can claim any gifts to U.S. charities that would be allowed on a U.S. return. You can claim the eligible amount of your U.S. gifts up to 75% of the net U.S. income you report on your Canadian return.

( 4 comments — Leave a comment )


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