Tax blues: Owe 4 times as much this year!

The good news: Filed at 8pm yesterday, just under today's tax deadline.

The bad news...
2014 tax year: Owe $3,600 (essentially 14% of my annual income, or one months earnings)
The comparison....what the heck??.....
2013: Owe $840
2012: Refund!
2011: Refund! (First year of operation)

Whoa!! Nothing has changed. Still have my 5 enrolled. A slight increase in fees grandfathered in over 2013/2014. Of course, expenses have gone up as well too. Anyone else noticed? I double and triple checked my data. Scratching my head on this one.

Had a little daydream this afternoon that Rev. Canada caught a mistake on my part and mailed me a surprise reassessment in our favor....dare I dream?!

I generally owe about the $3500 for taxes and ccp combined. Only thing that would make you owe less is lower earnings, or significantly more expenses....or perhaps a mistake whether it be this years or last years particulars. I always budget $4k which in my 10 years I have never paid.

Oh good. That makes me feel better, thank you!

Quote:

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Originally Posted by Dreamalittledream

The good news: Filed at 8pm yesterday, just under today's tax deadline.

The bad news...
2014 tax year: Owe $3,600 (essentially 14% of my annual income, or one months earnings)
The comparison....what the heck??.....
2013: Owe $840
2012: Refund!
2011: Refund! (First year of operation)

Whoa!! Nothing has changed. Still have my 5 enrolled. A slight increase in fees grandfathered in over 2013/2014. Of course, expenses have gone up as well too. Anyone else noticed? I double and triple checked my data. Scratching my head on this one.

Had a little daydream this afternoon that Rev. Canada caught a mistake on my part and mailed me a surprise reassessment in our favor....dare I dream?!

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How did you get refund in second year of operation? I thought that you couldn't claim back more than you earned so best could be a $0 tax bill. Do you mean refund with a partners and your combined tax return? If that what caused refund, maybe his employment situation changed resulting in net difference between when you get refund and when you don't?

I owed $4000 on 40, 000(mostly CPP)

ive never had a refund ....my first year in operation i only owed CPP ...for 2013 i owed 3300$ and 2014 i owed $1800 ...but i made a little less ....hope the past years were correct

Quote:

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Originally Posted by Suzie_Homemaker

How did you get refund in second year of operation? ....Do you mean refund with a partners and your combined tax return?

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Yes...should have clarified....combine d:)

If all the figures are similar to last year I would really think something was missed to make that big of a difference.