As I was entering the last few tax forms that are coming in (invest income is good, but waiting for the tax forms takes forever) into QuickTax I’m finding myself looking at an unfamiliar sight. I owe taxes?!?!
You have to realize that I’m used to my wife owing a little bit of CPP each year, but I’m in a bit of a surprise that I personally own anything. I’ve been on refunds for such a long time that I’m having some difficultly adjusting, since I usually leave a bit of cushion on my tax planning to make sure I have a small refund. Yet in hindsight this isn’t surprising at all for a few reasons.
- Second Job – It’s just about impossible when taking a second job to have the right amount of tax coming off at the start, unless you are very good at calculating the tax implications of that additional income. I’m not that good, I always seem to be off a bit.
- Selling some stocks – Upon opening our TFSA’s in 2009 we sold off some stocks in our taxable accounts which triggered capital gains/losses.
- Home Buyers Plan – When I did my tax planning I messed up a little bit and forgot about my home buyers plan repayment, which is about $700.
All in all it’s not much that I owe, about $300 right now. So from a tax planning side I did fairly well, I’m just off a little bit from owing/refund goal of $0. A reminder the deadline to file is April 30 in Canada.
So how did you do on your taxes this year? Are you having a refund or do you owe?