T1198 (Assorted Topics)

your total medical expenses have to be 3% more then your net income. but your married peeps so your wife can claim them...it's legal.

peep wrote:Well one thing for sure, since the T1198 is not entered at the time I am doing my taxes, all my medical stuff can not be entered, since my income is too high!

Peeps are you certain you can not claim your medical because I believe if your income is high you can still claim medical expenses. Anyone else confirm this.

I'm just hoping to get my forms from SISIP soon. I don't like waiting any longer than necessary to file my taxes, and for the first time not knowing if I'm going to get a refund, break even, or owe a ton, really has me on edge.

Well one thing for sure, since the T1198 is not entered at the time I am doing my taxes, all my medical stuff can not be entered, since my income is too high!

Thanks Robbie, you as well, as you are always one of the first, to jump in to lend a helping hand.

P.S. Best of luck to you in completing your 2013 tax return, if you have not done so yet.
If you have, well, we are all in the same boat, not real pleasant, but must be done.

Like he said excellence at its best and tap yourself on the back as well trooper

Sparrow, Teen, Rucksack, and Propat, thanks to you all for your info, much appreciated.
Sharing info amongst us in my view is the only way to accomplish just that, learning new things, taken in the info received and do some homework to acknowledge it is correct in our own mind, and putting what info we receive that proves to be correct, into good use.
Again, I am thankful that we have a place to do just that.

trooper don't pay. Like I was told if you submit your tax return before the end of March and you recieve no 'notice of assessment' from CRA CALL THEM and ask..." Where is my tax return in the system? "

If it is their fault for not doing it in plenty of time then you will not be penalized as it is their fault it is not done on time. By calling you put a flag on your file which does two things...1 get it done. 2 no tax penalty.

I also informed the CRA agent I spoke to that they can expect about 3000-3500 T-1198's this year. She took the info down about the LTD lawsuit and was going to inform the office manager to send an Alert to all CRA offices to be prepared.

bottom line I always file and pay last minuet. Yes just prior to April 30th. with paper the post mark date on your envelope will do. not recommending this just a habit for me that's all. when I get my assessment back im either even, payed to much and I get a checqu (no interest added) ore I didn't pay enough and given a bill for the outstanding balance (no interest added) and given two weeks to make that payment. now the fairness provision of the act clearly allows you the same for delays by the CRA . if they take forever to proses you and your assessment was higher than your actual return calculations and payment. even if it takes them 6 month  they NORMALLY will not charge you interest on those 6 months and even give you a couple of weeks to make the payment.

again file and pay last minuet ore 6 months prior if even possible it doesn't change the math. so do what your comfortable with.

propat

Personally, and this is just me, I am not going to take any chances on this one. Come April 30th, if I have not received anything back from the CRA, I will take my voucher to the bank, and make my payment for the full amount owed. The only piece of information that I could find in writing from the CRA is that beginning May 1st, any amount owed to the CRA, daily compound interest will start to occur. If someone could find in writing where it states that interest will be put on hold, for those individuals that have a calculation pending from their T1198, please copy and paste it, and post it here.

Also, one other thing to keep in mind, is that our taxes are being sent paper file, this is totally different than sending it electronically.
Our taxes will be sent to the tax center, stamped as being received, and both our taxes and the T1198 will have to be done manually.
Sparrow's info given to her from her tax preparer, was correct in saying that it "COULD" take awhile, I know of some individuals who prepare their own taxes, and send them in paper file in March, and do not get a reply until June or July. Not saying that it will take this long for us, but it is possible.

So without anything in writing that states interest will be put on hold, pending the results of the outcome of our T1198, I will make the full payment on April 30th.
As a matter of fact, I was strongly advised to make the payment by April 30th.
In closing, I am not given advice, and suggesting to anyone with respect to how, or when they make their payment, I am just simply posting what I have chosen to do.

I agree rucksack sparrow would have been told this by an accountant and so is teen the CRA doesn't NORMALLY charge interest for any tax files that were filed on time while the taxes are pending in their system ( however frack ups happen everywhere and CRA is no exception).
I allways do mine last minuet and pay last minuet I will do so this year. but it doest really matter any way is fine as it doesn't change the math.

propat

no way peeps I can't afford the CO2 Taxes lol

Well have to start burning the midnight oil and get on these taxes

Sparrow, Teen is correct as I got the same answer from three diffrent agents. Like I posted the other day I based my decission not to send in payment to CRA pending the out come of my 1198. Sparrow your Accountant is correct, the same that was explained by mine they are bound by law to explain to all clients that intrest may occur if you owe and your taxes are not completed by the end of Apr-2014 as they have no control on what CRA might do. In my Accountants view there should not be a issue 1 my taxes have been sent in time. 2 because of the 1198 in there view my taxes are not 100% completed even though I owe, due to this form which is out of there control and mine and can only be completed by CRA. I also like i said previous attached the names dates times of the three agents that explained the same thing to me as Teen was told, so in the end I am not worried and believe I covered all possible bases, and even had it purolated, so in the end it will become a personal choice on how each individual will approach this. Remember this is what I did and not in anyway suggest one should do the same.

Thanks Teen, that is good news then. I was going by what the accountant said today but your intel is a much better scenario. Thanks.