2022 T5 | Page 9 | Income tax filing | Discussion forum

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April 27, 2023
1:15 pm
COIN
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I don't have a refund this year. Maybe I'll mail in a paper return with a paper cheque dated April 30 (Sunday). Will this really mess up the CRA?

April 27, 2023
1:28 pm
cgouimet
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COIN said
I don't have a refund this year. Maybe I'll mail in a paper return with a paper cheque dated April 30 (Sunday). Will this really mess up the CRA?  

Cheaper and easier to set CRA as Payee from your Online Bank Payment facility ...

CGO
April 27, 2023
2:51 pm
AltaRed
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I agree. A few keystrokes and mouse clicks in Bill Payment. I can't imagine doing anything else.

April 27, 2023
6:37 pm
COIN
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cgouimet said

Cheaper and easier to set CRA as Payee from your Online Bank Payment facility ...  

Is this the account (see below) one uses to make an online payment for the balance of 2022 taxes owing?
CRA (REVENUE-2022 TAX RETURN (S.I.N.)

In the past I would send a physical cheque to the CRA or go personally to my local bank and pay there.

April 27, 2023
6:56 pm
AltaRed
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That appears to be it, i.e. that is what I would use. Each bank words their equivalent a bit differently.

P.S. I have been using Bill Payment for balances owed for as long as I can remember. 20? years?

April 27, 2023
8:52 pm
Norman1
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According to CRA: Pay by online banking, there are these four CRA billers:

  1. CRA (revenue) – 2022 tax return
    • Use this option to make a payment for your 2022 tax return.
  2. CRA (revenue) – tax amount owing
    • Use this option to make a payment for any amount owing, as shown on your notice of assessment / reassessment, on your statement of account, remittance voucher, or in letters issued by the Canada Revenue Agency.
  3. CRA (revenue) – tax instalment
    • Use this option to make payments toward your 2023 tax return.
  4. CRA (revenue) – Canada emergency benefit repayment
    • Use this option to repay COVID-19 benefits: Canada emergency response benefit (CERB) with the CRA, Canada emergency student benefit (CESB), Canada recovery benefit (CRB), Canada recovery caregiving benefit (CRCB), Canada recovery sickness benefit (CRSB), or Canada worker lockdown benefit (CWLB).

The one that looks like the first one, that mentions tax return, is the one. 🙂

April 28, 2023
1:24 am
cgouimet
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COIN said

Is this the account (see below) one uses to make an online payment for the balance of 2022 taxes owing?
CRA (REVENUE-2022 TAX RETURN (S.I.N.)

In the past I would send a physical cheque to the CRA or go personally to my local bank and pay there.  

TD labels it "CRA PIT - 2022 TAX RETURN - XXX XXX XXX" where XXX XXX XXX is your SIN #.

BMO labels it "CRA2022RETURN xxxxxYYYY" where YYYY are the last 4 digits of your SIN #.

You can also set up CRA Payees for each SIN # you may be wanting to pay.

Next year, the Payees will automatically show 2023 instead of 2022.

CGO
April 28, 2023
1:31 am
cgouimet
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COIN said
Does 2022 StudioTax still work with Windows 7?  

Simple enough to find out ... Their download page (https://www.studiotax.com/downloadwindows.html) reads "StudioTax is compatible with the following Windows versions: 7*, 8*, 8.1*, 10 and 11. (* Not recommended if you file a Quebec provincial return. Unless you were able to use the 2021 version to file your 2021 Quebec return.)"

But as Dean says ... Your PC is on shaky grounds security-wise with Windows 7 ...

CGO
April 28, 2023
5:21 am
savemoresaveoften
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It could be my FI only but be mindful of the following ( I test it with CIBC and Tangerine):

Both FI has multiple payee, namely CRA tax owing, CRA 2022 tax payment, CRA 2023 tax installment. Even tho I specify CRA 2022 tax payment, it somehow goes into my installment account instead. However CRA this year actually automatically move the amount from the installment to offset my 2022 tax (previous year I have to call in and have them manually move it over, and reverse the interest penalty that they automatically applied as if I pay my tax late)

For the record, during the strike, they actually processed a paper return within 20 days from mailing date ! Its record breaking and maybe they sb on strike more often lol

April 28, 2023
6:16 am
Norman1
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Simplii shows the four CRA billers as follows:

Biller Description
CEB REPAYMENT/PREST D'URGENCE CRA - Canada Emergency Benefit Repayment
CRA (REVENUE - 2022 TAX RETURN CRA (Revenue) - 2022 Tax Return
NOT FOR BUSINESS USE
CRA (REVENUE) - TAX AMNT OWING CRA (Revenue) - Tax Amount Owing
NOT FOR BUSINESS USE
CRA (REVENUE) - TAX INSTALMENT CRA (Revenue) - Tax Instalment
"NOT FOR BUSINESS USE"
April 28, 2023
9:12 am
Alexandra
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savemoresaveoften said
It could be my FI only but be mindful of the following ( I test it with CIBC and Tangerine):

Both FI has multiple payee, namely CRA tax owing, CRA 2022 tax payment, CRA 2023 tax installment. Even tho I specify CRA 2022 tax payment, it somehow goes into my installment account instead. However CRA this year actually automatically move the amount from the installment to offset my 2022 tax (previous year I have to call in and have them manually move it over, and reverse the interest penalty that they automatically applied as if I pay my tax late)
I also use my CIBC on-line banking to make CRA payments under "bill payments"
I have the two currently set up i.e. CRA Tax Instalment and CRA Tax Owing.
One time I did put the tax owing into "Tax Instalment" by mistake. I called them and they took the tax owing amount out of the instalment payment.
I like CIBCs bill payments. It is very easy to use and I pay everything that I can out of it. I even pay my Tangerine and RBC Master Card payments with it as well as Hydro, Water, Sewer and others.
For the record, during the strike, they actually processed a paper return within 20 days from mailing date ! Its record breaking and maybe they sb on strike more often lol  

April 28, 2023
5:20 pm
COIN
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Thanks. I might as well electronically pay the 2022 tax owing on May 1st and file the paper return when the strike is over. My understanding is that the penalty only applies on the balance owing which should be nil after my payment on May 1st.

April 28, 2023
5:28 pm
AltaRed
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If you prepared your return using software, any reason you are not Netfiling?

April 28, 2023
5:35 pm
HermanH
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COIN said
Thanks. I might as well electronically pay the 2022 tax owing on May 1st and file the paper return when the strike is over. My understanding is that the penalty only applies on the balance owing which should be nil after my payment on May 1st.  

I thought that the postmark on the return envelope had to be on or before May 1, 2023.

April 28, 2023
6:44 pm
COIN
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AltaRed said
If you prepared your return using software, any reason you are not Netfiling?  

Long story. Too complicated to explain.

I think as long as I pay the money on or before May 1st, there should no penalty for hate filing (I hope).

April 28, 2023
8:34 pm
AltaRed
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COIN said
I think as long as I pay the money on or before May 1st, there should no penalty for hate filing (I hope).  

That would be my guess as well. The key issue is to pay on time to avoid penalties and interest.

That all said, why not just mail your paper return anyway? It will get delivered to CRA and pile up in a storage room pending availability of data entry operators to whittle away at data entry. There should be no fear of it getting lost. It is what I would do.

As of April 17th, there were some 1-1.5 million paper returns (T1 and Final T1) yet to be received and processed, or at least processed. It does not matter where your envelope is in that storage space.

April 28, 2023
8:42 pm
COIN
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"That would be my guess as well. The key issue is to pay on time to avoid penalties and interest.

That all said, why not just mail your paper return anyway? It will get delivered to CRA and pile up in a storage room pending availability of data entry operators to whittle away at data entry. There should be no fear of it getting lost. It is what I would do.

As of April 17th, there were some 1-1.5 million paper returns (T1 and Final T1) yet to be received and processed, or at least processed. It does not matter where your envelope is in that storage space. " 

Thanks.

I just notice a typo in my post. Of course, I meant"late" and not "hate".

Yes, maybe I'll just mail in my return on May 1st. Somehow I doubt the dropbox on 1 Front street is unsealed. There are so few paper returns now it shouldn't take long to process when they return to work.

April 28, 2023
10:46 pm
Norman1
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Some of the CRA dropboxes are open this year according to CRA Office and drop box locations.

Unfortunately, the Front Street, Toronto one isn't open yet. But, the ones in Mississauga and Scarborough are.

April 29, 2023
5:12 am
savemoresaveoften
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@coin

If u use an app to prepare your return, you can print the condensed return which is like 6-8 pages. That copy has a barcode which allows CRA to basically just scan the code, much faster than the full return print option which is equivalent to the real paper form.

The condensed version contained all the info compared to the full return, which is the recommended ‘paper’ return format if one chooses to paper file.

April 29, 2023
7:17 am
COIN
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savemoresaveoften said
@coin

If u use an app to prepare your return, you can print the condensed return which is like 6-8 pages. That copy has a barcode which allows CRA to basically just scan the code, much faster than the full return print option which is equivalent to the real paper form.

The condensed version contained all the info compared to the full return, which is the recommended ‘paper’ return format if one chooses to paper file.  

Thanks. Good to know.

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