Tim s Tip 5: Pay your taxes on time, but not ahead of time in .NET framework

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Tim s Tip 5: Pay your taxes on time, but not ahead of time
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Wouldn t it be nice if you could simply wait until April 30 each year to pay your entire tax bill for the previous year Sure it would But forget it the tax collector has other ideas You see, the government gures that if you re
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earning income in a particular year you should make your tax payments throughout that year I m referring, of course, to source withholdings and installments
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I can still remember the feeling of receiving my rst real paycheque after graduating from university I was broke, so any amount of money seemed like a windfall But
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still, my reaction was mixed I was thrilled to have some cash to throw around, and shocked that the tax collector would have the nerve to take such a hefty portion for the government to throw around That year, I claimed a number of deductions that saved me $3,000 in taxes, which came back to me as a refund when I led my tax return I was not amused: The last thing I wanted was a refund! You see, most Canadians are of the opinion that, next to being shot at and missed, there s nothing more satisfying than a big tax refund each year The problem with a refund is that it means just one thing: You have effectively made an interest-free loan to the tax collector during the year Rather than allowing this to happen, why not request permission from CRA to reduce the taxes that are deducted at source Use Form T1213 to make this request, and file it with your local CRA tax services office Your employer will gladly go along with the idea as long as CRA has given the green light All that s necessary is to provide CRA with proof that you re expecting a refund due to any number of deductions, such as RRSP contributions, charitable donations, medical expenses, alimony and maintenance payments, and so on I suggest you le Form T1213 in early November each year for the upcoming calendar year to make sure you will get CRA s approval before January 1st Your aim should actually be to pay a small balance each year when you le your tax return; then you know you haven t made your tax payments ahead of time
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If you happen to be self-employed or you receive a decent income from your investments each year, you re an obvious candidate for making quarterly installments, since folks in these situations are not often subject to source withholdings This leaves installments as the only other option to ensure the tax collector gets paid throughout the year Installments are due on the 15th of the month in March, June, September, and December In a nutshell, you ll be required to make installments if the difference between your total tax payable (federal and provincial) and any amounts withheld at source is more than $2,000 in the current year and either of the two preceding years If you live in Quebec, the threshold is $1,200 of federal tax, since provincial tax is not collected by CRA in Quebec
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You ve got three options for calculating your installments: Second Prior Year Method For each of your March and June installments, calculate one-quarter of your total tax liability from two years ago For each of your September and December installments, start with your tax liability from last year, then subtract your March and June installments and divide the balance by two This means that in 2007, your March and June installments would each be one-quarter of your total 2005 tax The September and December installments would each be equal to your 2006 tax bill, less your March and June installments, divided by two Prior Year Method Calculate each quarterly installment as one-quarter of your total tax liability from last year (2006 for the 2007 tax year) Current Year Method Estimate your tax liability for the current year
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