Is there any penalty for me if I forgot to complete my Income tax that year , but earned under $10,000 ? How can I confirm for sure that I did not file that year ?
2007-02-02 11:34:34 · 4 answers · asked by Gaura 2 in Business & Finance ➔ Taxes ➔ Canada
You can file your return now. If you have a refund there will be no interest, but if you end up owing money, there will be interest on the balance owing.
All you have to do is get the forms from 2003 (you can get these off the CRA website) and complete them.
2007-02-03 03:47:10 · answer #1 · answered by Theebis 2 · 0⤊ 0⤋
All worldwide income is reportable. Generally, a casual "babysitter" is not an employee for tax purposes. If you were, your employer would be required to pay his share of your social security & medicare and to withhold federal taxes for you based on your w-4. If you're not an employee, but receive a 1099 form, than this is your reported income to the IRS. You'd be an independent contractor and have to pay 100% of your SS/Med. And depending on how much you made, you'd technically need to make quarterly payments to the IRS to avoid penalties. (Not enough detail to answer better--sorry!) Remember, if you are not the dependent of another, you get your personal exemption amount and a standard (or itemized) deduction, so your tax liability could be zero. General Rule: Income from any source derived is almost always taxable.
2016-05-24 06:30:26 · answer #2 · answered by ? 4 · 0⤊ 0⤋
You can usually still file your taxes. Your best bet is to check the CRA's (Canada Revenue Agency) website or calling them.
http://www.cra-arc.gc.ca/menu-e.html
2007-02-02 11:44:16 · answer #3 · answered by DB 3 · 0⤊ 0⤋
yeah u could file you tax, and no they no penalty, u have have 5 year. same think happed to me , i did file for 4 years , i used work part time , go to you loca tax accounted, he will expain u every think
2007-02-02 18:30:47 · answer #4 · answered by krazysilk 1 · 0⤊ 0⤋