2019 Tax Return
- Thread starter Darts
- Start date
I owe them money as well. Trudeau must have raise taxes while I was sleeping. I'll wait until September 1st before writing a cheque (assuming I have the money then).
You realize Darts you don't have to mail a cheque anymore; just pay your Balance Owing through Online Banking. It's really simple.
Embrace the new way of doing things - including envelopeless ATMs!
Anyone who is supposed to pay an Income Tax Installment on June 15th can defer that to September 1st as well.
Don't tell anybody but it takes the CRA 10-15 days (maybe even longer this year because the CRA is busy cutting cheques to keep the economy working and Labor Day falls on September 7th) to actually cash a physical cheque so I keep my own money that much longer. Hee, hee. I use to drop a postdated cheque in the drop box outside the old post office downtown but I heard they sealed that box because COVID-19.
I really believe that the Liberals are going to have to start fucking with the Capital Gains Inclusion Rate to pay for all the money borrowed to get the country through this.
I would not be surprised if it moves from 1/2 to 2/3; or even 3/4.
All you guys with Non-Registered Investment Portfolios or Real-Estate Rentals better keep your eye on junior.
At least you can still play the "float" with the CRA.
I've dropped a $70K cheque drawn on CIBC into BMO's ATM and it cleared overnight on the same day....Banks should not be placing 4 day Holds on Canadian dollar cheques anymore. The clearing system moves much faster now since Banks started shooting images to each others Data Centres, rather than exchanging the physical Items.
Trudeau will ask his Minister of Finance for a list of tax "loopholes". Feel free to add to the list.
1) Tax on capital gains raised to whatever. No exemption for gain on sale of your principle residence.
2) Change the maturation age for your RRSP from 71 to 65.
3) Reduce or get rid of the dividend tax credit.
4) Increases in gas and carbon taxes.
5) A "temporary COVID-19" tax.
6) A federal land transfer tax.
7) Of course, increases in the tax rates, including the HST.
It's not just a matter of "float", I assume that due to the large volume of tax returns it takes the CRA time to get around to cashing my cheque. I recall that one year my cheque didn't clear my account until 16 days later. BTW: Again don't tell anybody but the CRA allows 3 days grace on your quarterly installments but don't try that too often or they're get wise to your tactic.
