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Discussion in 'Chit Chat' started by cowofwar, May 10, 2004.

  1. cowofwar

    cowofwar Peasant

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    Tax return came in the mail today.

    $380.84, not bad, not bad.
     
  2. Jakeman

    Jakeman MSC Founder and Donator

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    I got mine a couple weeks ago.

    -$3400 :(
     
  3. Haite

    Haite Forum Moderator

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    I don't know why taxes get people bummed. I will always look at my adjusted income as my true income, and not "what I have left after the government rapes me". All things considered, we have low taxes too.
     
  4. Kaeric

    Kaeric Peasant

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    ok ok...I've never done my own taxes as of yet and can someone explain to me about the whole tax return thing? I mean, it is just the shear difficulty of doing taxes that no one pays the right amount and the govt. fixes that and either gives you back money if you payed too much or asks for more if you payed too little?
     
  5. cowofwar

    cowofwar Peasant

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    People spend all their money and don't put any aside for when tax time comes around then they have to find a huge chunk of change.
     
  6. cowofwar

    cowofwar Peasant

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    Pretty much. For self employed people you figure out the taxes yourself and pay them, then after they audit it they send you a bill if you didn't pay enough or send you a return if you paid too much.

    For those that are employed by corporations and what-not normally they have taxes taken off their salary automatically. But that's done with an assumption of how much you'll make that year. If you lose your job and don't have an income for a while you'll get a tax return since you paid too much, your tax amount was calculated with the fact that you'd be making that pay cheque for the rest of that financial year, and if you get a raise you'd have to pay more since that additional income wasn't taken into consideration at the beginning of the financial year.

    It's also a lot of paperwork and everyone hates it since it's the one thing that everyone has to do yet it isn't taught in high school. Which is really ****ing stupid. Cancel all those retarded assemblies about drugs, drunk driving, teen pregnancy, etc.. and replace it with useful financial classes like filing taxes, managing bills, mortgages, credit, etc.. That way everyone doesn't have to find it out for themselves.
     
  7. harleyb

    harleyb Peasant

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    they have mortgage and annuity stuff in grade 11 math in Ontario, but it's pretty shitty.
     
  8. Kaeric

    Kaeric Peasant

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    I heard it takes the average American 28 hours to do their taxes themselves...insanity
     
  9. Vokbain

    Vokbain Peasant and Donator

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    I'm Canadian and it took me about 20 minutes.
     
  10. cowofwar

    cowofwar Peasant

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    It's fast if it's just you with one job and pretty much no assets, loans and investments.

    If you have dependants, spouse, RRSP, mortgage, cars, two jobs and whatever else it starts to take a long time because you have to take it all into account.
     
  11. Haite

    Haite Forum Moderator

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    All that stuff adds up, but you can do it online now, so there's no messing with paperwork.
     
  12. Lurk

    Lurk Peasant and Donator

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    Right on. Online filing is the way to go.
     
  13. cowofwar

    cowofwar Peasant

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    Can't do it online the first time you pay your taxes.
     
  14. Vokbain

    Vokbain Peasant and Donator

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    I'm self employed and have to declare income from various things around the world.
     

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