What do you owe in taxes so far this year?
 

Damn I just calculated it up, just on money i've been paid so far this year, I'm going to owe $15k in taxes. Thats after deductions... damn.

I don't know, but they keep calling me. I swear they have me on speed dial down in Ottawa.

WG

I dont calculate that shit... I worry about it later

for me, it's always "what do i owe for the quarter?". every 90 days the govt gets a fat check from me. and never so much as a thank you...

:glugglug

quiet: Thank you for supporting all the welfare bums in Duncan. They don't appreciate the money they get either.

Quarterly? How'd you do that? They want my installments monthly.

WG

I owe about,none of your bizwax

That's sad ... lol

How much do you owe them approx ?

Much less than Quiet I'm sure which is why I'm wondering how come he gets away with quarterly installments.

WG

seriously? i've always had to pay every quarter ever since i cleared around 500K in a year. of course i also pay GST, so really i end up paying them twice every 3 months...

I'm not giving them my money every quarter... I can earn more in interest than they take in penalty for not paying it quarterly.

That's weird. Provincial and Federal both want my payments monthly. I don't pay any GST so I'm clear on that, but I'm not even near the 500k profit mark.

WG

Ok, what about your payroll Quiet? Are those quarterly or monthly for you?

WG

500k? maybe we should do some biz together:Graucho

i use ADP for all payroll, so it's all automated - all comes out every month, except for vacation pay - if someone pulls vacation, it comes out at the time they actually request it.

lol

i had a huge jump in income over one year, i don't think the limit is nearly that high, it's just that i went from less than 100K to 500K in a year.

my dad also ran a business and i positive his payments were quarterly as well. hmm.

Oh you use ADP? I'm seriously considering using them. Which of their services do you use? How does it come off in your company, as a flat expense to ADP as though they're a contractor or do you still need to keep detailed records of CPP/EI for CCRA?

WG

I also pay quarterly payments for state and federal taxes. Damn Sep 15th date is coming up quick. I hate fucking taxes.

I went through a similiar jump, from around 40k to 200k so I'm not sure around where the break happened that I switched from yearly to monthly but I sure as hell hate it. I don't have the time to make monthly installments so I usually end up pre-paying the entire year, a huge loss of potential on what I could do with the money but it makes my life easier.

WG

Quiet,

It's amazing how similar your tax/gst payment structure, payroll system and income jump is to mine.

I'm not saying I'm making Quiet's kind of money, but a little more than working the night shift at Wendy's :)

DH

I work night shift and swing a day shift too. I pay half yearly.

Tell me you're paying monthly, because if you're quarterly too, I'm going to bitch to CCRA tomorrow.

WG

Only 15k? Thats not bad at all.. I really have no idea. I leave that to my accountant.

Are you *required* to submit monthly, or is it one of those typical CCRA bullshit deals where you get tagged interest on monies owed, but the actual tax amount doesn't *have* to be remitted until 3 months after filing (which can be up to 6 months after corporate year end)?

Personally, I don't have this problem... I lop 18.1% off of every cheque and send it to CCRA up front, get a nice fat return at the end of the year because of the overpayment (ignores expenses when I do it up front like that), then I roll that return into the following years taxes and just hold off paying any tax until the surplus is used up.

Heh, I gotta hang out here and talk tax more often. Finding out all kinds of interesting edge cases here. :thumbsup

Well considering I was making under $40k a year until 2 months ago, when I jumped to a quarter mil a year, thats a lot. And I had tens of thousands of dollars in deductions.

I'm required to according to the CCRA documents I have, plus they keep sending me remittance forms every month to complete. I do more or less the same, I prepay the entire year, get an adjustment check send 3 months after year end. The stupidest thing I've seen is you have to pay 3 months after year end but only file 6 months after. of course I have no idea how much I owe until I file which is 6 months after so my taxes is a mess the first 3-4 months after year end.

WG

Same here, my tax accountant has made it clear that if I dont pay quarterly, I will be fined at the end of the year and end up paying more.

No were as much as you :1orglaugh

Yeah so? I just pay the penalty, I earn more than the penalty by putting the money in a CD

1$

Fun.

I agree it's a pain in the ass... thousands that could be earning me money in something else, even if only in money markets or term deposits or whatever. Instead the gubbmint gets to keep it and it's stagnant... I wonder if the interest I could earn in a GIC or something would offset the fine and at least keep pace with inflation...

Ah well, I'm not starving. Everyone's gotta cope with it and whining about it won't solve the problem. :glugglug

Now, if I could just somehow get some lobby action happening on increasing the amount of tax-free dividend payout per year... :thumbsup

Well, the good side is the government gives you interest for prepaying. The downside is that its lower than bank interest. I'm so used to the CCRA screwing me that this seems like normal business now.

WG

yep, been using ADP since 2001. i'd have to ask my accountant exactly how it all works, i know we get detailed records from ADP sent out to us each month... i'd have to talk to my accountant though.

definitely all of the money flows through ADP, we don't make any payments to the government directly.

Which service from ADP do you use? They have quite a few options last time I checked.

WG

I now pay $0.00 annually :Graucho

Pura Vida!!

telephone payroll is what we use. my book keeper only has to talk to them if someone gets hired, fired, gets a raise or pulls vacation pay.

also use:

- direct deposit for employees
- records of employemnt (ROE)
- year end adminstration help

Thanks Quiet. Much appreciated.
WG

i have a meeting with my accountant today. i owe about 21k in taxes for this quarter.

Just got last years tax bill- $138 000 Canadian $

:( :( :( :( :(

don't lie you make a millions a year off the search engines

taxes? whats that? :Graucho :winkwink:

not sure how much. this is my first year that im gonna hire an accountant. too much shit to write off & calculate. :glugglug

No, what made you lead to that conclusion?
WG