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File your Tax Return! Part 2

Posted on April 3, 2013April 20, 2016 by Jordan Rumanek

File your Tax Return! Part 2

Fight the Fear…File your Tax Return! Part 2

Please refer to: “Fight the Fear…File your Tax Return! Part 1” of this tax series to help you get started with your tax return. The lines and numbers on the return may be confusing and frustrating. Please refer to this link for a step-by-step instruction for different lines on the return.

The Income Tax and Benefit Return (T1 General 2012)

Sections of the Return:

Page 1: Identification information

Page 2: Income page…Total Income (Lines 101-150)

Page 3: Net Income (Lines 206-236) & Taxable Income (Lines 244-260)

Page 4: Refund or Balance owing (Lines 420-486), Direct Deposit Option (Lines 460-491), Ontario Opportunities Fund(Donation Section) (Lines 465-466)

(If you owe money, attach a cheque or money order to: Receiver General)

Where do I send my Income Tax and Benefit Return?

Canada Revenue Agency
Tax Centre
1050 Notre Dame Avenue
Sudbury ON
P3A 5C2

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

File your Tax Return! Part 1

Posted on March 27, 2013April 20, 2016 by Jordan Rumanek

File your Tax Return! Part 1

Fight the Fear…File your Tax Return! Part 1

It’s that time of year again-most people have until April 30 to file their income tax return (If you are self-employed, you have until June 30). We have received many questions regarding Canada Revenue Agency (CRA) and the fear of filing your own tax return. It is very important to file your tax return to gain uninterrupted access to benefits and entitlements. So, here are a few tips to get you started and ready to file…

Step 1: Where do I get an income tax package?

This year the government no longer automatically sends you the forms to file so you have several options:

1. You can download and print the package from the CRA website

2. Order the package by phone: 1-800-959-2221

3. Pick up a tax package at postal outlets and Service Canada Offices

Step 2: Get organized and keep all your records!

Getting organized is half the battle and if you start good organizational habits and skills now…next year will be that much easier!!

1. Collect all employer information slips and receipts for your tax year (If you are missing slips you must estimate your income and deductions)

2. These slips differ and depend on your individual situation and include:

T4 Statement of Remuneration paid
T4A: A statement of Pension, Retirement Annuity and other income
T4E: Statement of Employment Insurance and other Benefits
T5007: Statement of Benefits

3. Tax credit slips: Here are a list of tax credit slips to remember and consider when filing

Children’s fitness tax credit (Federal and Provincial)
Children’s arts tax credit
Public Transit
Tradesperson’s tools deduction
First time home buyer’s tax credit

Family Caregiver’s tax credit

Step 3: File your General Income Tax T1 return!

Need Help? There is an income tax help line 1-800-499-3930

Watch for: Fight the Fear…File your Tax Return! Part 2

Bankruptcy Story #22 Tax Return Problems

Posted on March 26, 2013April 20, 2016 by Jordan Rumanek

Bankruptcy Story #22 Tax Return Problems

Kenny took a job as a self-employed courier driver. The income was great. He was able to make the payments on his new van, meet the household bills and share occasional extra expenses with his wife. He always intended to put aside money for the taxes and at the initial meeting with the new company they showed him how to set up HST so he could claim his expenses. He wasn’t quite sure when this was due, but he figured he would receive a notice and then find an accountant. Kenny saw an accountant in April of the following year, gave him everything, and got back a bill and details of how much he owed. He paid what he could weekly, but couldn’t afford the full amount. He kept working and he and his wife had a baby.

The following April he met with his accountant again. The bill had close to doubled because last year’s amount was not paid in full. The next August he got a great job offer, paid off what was left on the van loan and sold it. Kenny figured he did not need to see his accountant again. A few years later he got a letter from Canada Revenue Agency with default assessments on unfiled returns. They were assessed on the full year he had worked as a courier and the bill was over $200,000. The letter said the next step was court. He hired an accountant to file the unfiled returns and this reduced the debt to $60,000. However, soon after he had a heart attack and was unable to work for 4 months. He went back to work part time, but the tax payment was due in 3 months.

Tag: Bankruptcy and Taxes

File your Tax Return! Part 2

File your Tax Return! Part 2

File your Tax Return! Part 1

File your Tax Return! Part 1

Bankruptcy Story #22 Tax Return Problems

Bankruptcy Story #22 Tax Return Problems

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