# 2010 income tax returns



## the-royal-mail (Dec 11, 2009)

I had been gathering up my receipts in a file folder all through last year, and had reviewed everything in recent weeks, so when my last forms came in the mail this week I was ready to complete the return. It has now been e-filed and I imagine the refund cheque should come in the mail sometime next month.

I am getting a pleasant surprise refund this year. It'll simply be deposited in my bank account as I continue fortifying myself with cash for tier 2 savings. One never knows what's around the corner.

How about you? Are your taxes done? Have all of your forms arrived? Will you get more or less of a refund than you expected?


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## Eclectic12 (Oct 20, 2010)

the-royal-mail said:


> I had been gathering up my receipts in a file folder all through last year, and had reviewed everything in recent weeks, so when my last forms came in the mail this week I was ready to complete the return. It has now been e-filed and I imagine the refund cheque should come in the mail sometime next month.
> 
> I am getting a pleasant surprise refund this year. It'll simply be deposited in my bank account as I continue fortifying myself with cash for tier 2 savings. One never knows what's around the corner.
> 
> How about you? Are your taxes done? Have all of your forms arrived? Will you get more or less of a refund than you expected?


Mine are in progress as the forms aren't all in yet. I expect to do a sanity-check run this weekend before deciding about any last minute RRSP contribution or not.

It will be interesting to see if fewer trusts means the tax forms show up faster next year.

The refund will probably be less as due to family issues, I didn't get around to some tax loss selling of some of my shares. Oh well, I'll do it this year and carry it back.


Cheers


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## Square Root (Jan 30, 2010)

I'm well along. Just waiting for a couple of slips. Since I have a big amount to pay, I am in no rush. Is E-file ready to use?


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## GeniusBoy27 (Jun 11, 2010)

I'm almost done. Just waiting for 2 forms to come, and I'll go to my accountant. I don't actually really use my accountant that much, but when you're in a fairly high income bracket, we tend to get scrutinized by the CRA a lot more. (For the past 10 years, there hasn't been a year I haven't had something challenged by CRA and I've won all 10 challenges. Go figure.) I want my accountant to deal with that hassle, more than anything else, and my new accountant did save me a few thousand last year, so I won't complain about paying his company the fees.

I'm getting lots back this year (well, my wife is ... ) due to the RRSP contribution room that we're eating up quickly. Also, the incorporation of our real estate holdings, is allowing me to tax defer some of the profits within the company.


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## Four Pillars (Apr 5, 2009)

I've got everything organized and just need a couple of tax slips. Expecting big return.


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## the-royal-mail (Dec 11, 2009)

Four Pillars said:


> Expecting big return.


Why?


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## marina628 (Dec 14, 2010)

Got everything together just need to get last couple RSP slips from bank.I may get a small return from the RSP contribution but we never get more than $1000 back.


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## plen (Nov 18, 2010)

I keep track of my expected tax return with my normal bookkeeping so by the end of the year I've a fairly predictable idea of what the reality is. 

My boss is leery about deducting at source, like it's going to penalize her or I'm somehow bilking the company (I do the payroll) and since I love my job, I don't try to push it. The opportunity cost on the lost chance of investment is something I'm willing to accept losing moreso than my job.

I'm getting a fairly hefty refund because I had a crapload of medical expenses plus a lot of RRSP contributions.

The only thing I'm waiting for now is the last of my RRSP contribution slips.


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## Four Pillars (Apr 5, 2009)

the-royal-mail said:


> Why?


Because of my business and my tax withholding ineptitude. I got a lot of extra money withheld for tax from my day job last year to balance out the taxes paid. However, now I know I took too much, which will result in a big return.

Things should be better in future years, now that I sort of know what to do.


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## cannon_fodder (Apr 3, 2009)

Usually I efile within the first two weeks of March once I've received everything I need. But at least for the next two years I will wait until April 30th. Refunds are no longer in the cards for me.


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## Jungle (Feb 17, 2010)

Got all our forms today. Did a rough calculation. Getting back more than I expected. I overpaid on income tax. 

What are we going to do with the money? 

Repay what we borrowed from our savings. (Used to reinvest expected RSP return). 

The extra money will start a savings fund a new home.


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## Square Root (Jan 30, 2010)

GeniusBoy27 said:


> I'm almost done. Just waiting for 2 forms to come, and I'll go to my accountant. I don't actually really use my accountant that much, but when you're in a fairly high income bracket, we tend to get scrutinized by the CRA a lot more. (For the past 10 years, there hasn't been a year I haven't had something challenged by CRA and I've won all 10 challenges. Go figure.) I want my accountant to deal with that hassle, more than anything else, and my new accountant did save me a few thousand last year, so I won't complain about paying his company the fees.
> 
> I'm getting lots back this year (well, my wife is ... ) due to the RRSP contribution room that we're eating up quickly. Also, the incorporation of our real estate holdings, is allowing me to tax defer some of the profits within the company.


I think you are getting queried because of the line of business you are in. I have had no queries from CRA in the last 10 years despite having very significant earnings. In my case it's all pretty simple though-virtually all information slips.


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## Maybe Later (Feb 19, 2011)

Still waiting on slips. Expecting a large combined return from my wife and I based on RRSP contributions and child care deductions we didn't have our employers account for. I think we'll both be downloading and submitting T1213 forms this spring.

Refund will jump start some emergency savings and help take care of an upcoming home repair/renovation expense.


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## Sampson (Apr 3, 2009)

Just finished our 2009 returns 
Should be on schedule this year...


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## financialnoob (Feb 26, 2011)

Just met with our adviser at the bank today to make our RRSP contribution and she was able to print off the slip for us right after the transfer. Figured I'd mention it since several reported waiting for that slip.


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## lost_investor (Feb 13, 2011)

I efiled last week and I'm waiting for my a pretty decent return from using up my unused RRSP contributions.


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## GeniusBoy27 (Jun 11, 2010)

Well, part of it was when I lived and worked between Canada and the US. But some of it also nowadays is consultancy work, etc ...

I think this year, my taxes may be the simplest in years.


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## Rysto (Nov 22, 2010)

I'm still waiting on my T5s from TD and TDW. TDW emailed me to say that my T5 is available through eServices but that was a blatant lie. Don't the T5s need to be in my hands by Monday?


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## Freedom45 (Jan 29, 2011)

Still waiting on a few T5's, but using what I've currently got, and some pretty close estimates, wifey and I have a substantial chunk coming back. We had some moving expenses, some hefty RRSP contributions, and I was able to claim a small loss in my business.

I'd like to say that I'm going to toss it right back into our RRSP's/TFSA's, but I'd be lying. 

Our return + $2xxx = cash paid for a brand new motorcycle


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