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  1. #1
    Shy
    Join Date
    Feb 2013
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    Taxes - how much did you owe?

    I am late filing this year and I am shocked to figure out that I owe more than double from what I paid for 2011.
    In 2012, I increased to 5 dck's - previously I had only had 4.
    My 2011 taxes were around 2900 - 2012 is over 6000!!!!
    How can it be such a HUGE increase?? I even donated more $$ and increased my RRSP's.
    If you are comfortable sharing, what did you owe? How many kids do you care for?
    I am so stressed by this amount - I only have a bit more than half of what is owed saved.

  2. #2
    Trace of Angels
    Guest
    Ouch.....that's crazy. Did you have an accountant look at it? He almost zero'd out my income for the past two years.......I am not sure how he does it but I haven't paid yet. I just opened so have invested a lot so not sure how long that will last but he carried over negative income, saved my RRSP's and only wrote off a portion of my big ticket items to help for next year.

  3. #3
    Outgoing
    Join Date
    Feb 2011
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    384
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    104 Times in 78 Posts
    I made $11,000 less in 2012 than I did in 2011 and I owed $3100 for 2012! The amount I owed was huge in 2011 but that was because we cashed in a large amount of RRSPs. I did not have the money to pay it all at once so I am now making payments of $400 a month until Dec! I was full for most of the year.

  4. #4
    Outgoing
    Join Date
    Aug 2012
    Posts
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    Hi Daisy, I had to pay (roughly) $4,500 in taxes this year. I am crazy organized with my receipts and I was able to write off all the usual things that can be claimed (food, toys/craft supplies/ portion of water, Hydro, Insurance, Rogers, etc. ) so it wasn't like I had to pay a lot because I didn't claim things, I promise ! LOL For most of the year, (January-Sept.) I cared for three full time children (roughly 11,000 annually in income per child) I added my last two children Sept. and November (they added about $5,000 to my yearly income total) I too was taken aback at what I had to pay. And they want to reduce the number of children that we can care for to 4 under 11 (minus our own children) =( I'll be taking a hard look at my numbers this year - if I can't make a better profit margin this year doing full time care with five children - I'll likely close my doors and investigate other options.

  5. #5
    Outgoing
    Join Date
    Aug 2012
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    84 Times in 58 Posts
    One more thought - if you only have a portion of the amount that you owe saved up, please consider sending a "token cheque" to CRA. Even a small amount is enough to demonstrate that you're not trying to evade the taxman, you just need a few months to pay what you owe - while still managing to pay your other bills. =) Once you have submitted a payment, and agreed upon a payment schedule for the balance owing (perhaps you send a series of post dated cheques for the remaining 3000 - $500 a month over the next 6 months, or $750 a month over the next 4 months) CRA can substantially reduce any punitive interest charges that you may be incurring - you're no longer someone who is delinquent in paying your taxes, you've contacted them and made all the arrangements for paying things in full - so they can absolutely lighten the penalties that they are levying on you. =)

  6. #6
    Outgoing
    Join Date
    Feb 2013
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    94 Times in 74 Posts
    I owe 389 dollars. You can now pay thru your online banking, and thats what I'm doing. The interest is not big at all, if you call them, they will explain how it works.

  7. #7
    Euphoric !
    Join Date
    Oct 2011
    Posts
    2,000
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    675 Times in 505 Posts
    I was full for the year (5kids) and I had to pay $3000. Don't forget you can write off a portion of your mortgage interest and property taxes if you own your home. Get an accountant to do your taxes as mine also got my income down to half .

  8. #8
    Outgoing
    Join Date
    Dec 2012
    Location
    Alberta
    Posts
    384
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    99 Times in 82 Posts
    If your missing out by not claiming everything, this website lists it all for you!
    http://www.cra-arc.gc.ca/tx/bsnss/tp.../menu-eng.html

    This is my first year, so I have no idea what we'll owe, but we're putting away a bit of money every month to save for tax time. Even if we only have $1-2000 in there by next year, every little bit helps!

    Hopefully you can resubmit and not owe as much! Good luck!

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