I FRACKEN HATE TAX TIME

Lise · Feb 06 07 11:55

FRACK the taxes!!! Endless papers, searching, hunting for papers filed away a year ago, brain hurting trying to recall stuff.......

Meh. If anyone wants me, I'll be the Cayman Islands where I hear you don't pay taxes.

Lil Me · Feb 06 07 11:58

totally agreed. I'm still posting my shoe box full of 2006 receipts.

Sportsdude · Feb 06 07 11:59

I think I have the only job in the world where I don't pay taxes. Been working for 3 years and I have yet to see a tax form come through the mail. Am I missing out?

Russ · Feb 06 07 12:02

Lise wrote:
FRACK the taxes!!! Endless papers, searching, hunting for papers filed away a year ago, brain hurting trying to recall stuff.......

Meh. If anyone wants me, I'll be the Cayman Islands where I hear you don't pay taxes.

Its 5k USD to open up an account in the caymans and you have to do it in person. You get a credit card and debit card for the account. If you use the CC the government can track that you have a card and a foreign account, they will ask you about this. The debit card if you pull out or use only 500 CDN per day, will not be noted by the banks or government cause with all the transactions daily, they had to put a limit before they start taking notice.

Sportsdude · Feb 06 07 12:03

Russ's post went completely over my head. I worry that I won't know what to do when tax stuff and bills stuff start coming at me.

Russ · Feb 06 07 12:11

um, I dont know how it is in the states, but in canada you have to file every year, its illegal not to.

You have to declare all forms of income. If you dont get a slip from your company showing what you made and if you paid taxes.. (T4 for us), you have to declare how much you made (sometimes proved with bank statements) and then pay taxes on what you made. And they usually want their money NOW. You can pay under a payment plan though.

If you dont file or lie, they can nail you for evasion and monetarily penalize you with possible jailtime.

Gopher · Feb 06 07 12:15

What gets me is that you don t only get taxed on everything you earn, what you have left on your earnings gets taxed again everytime you buy something.

Sportsdude · Feb 06 07 12:26

Apparently I don't get tax file every year. For some reason I get off. I remember my dad saying something about taxes last year for me but it wasn't taxes more of that the government thought there was two of me. They wanted a clarification. (I go by my nick name or second name my birth name is only used on my drivers). But in three years of me being an 'independent contractor' I have yet been given a tax form to fill out.

purelife · Feb 06 07 12:27

Oooo...Russ knows his stuff when it comes to offshore accounts. Good to know. Thanks for the info.

Oh gawd, I don't want to think about taxes. It's a mess for me. :P

purelife · Feb 06 07 12:29

I don't know how it works for you SD, but you start filing your taxes when you first get a job. And, when you turn 19 (or was it 18), you're eligible for GST rebates. I started filing my taxes then. I didn't make enough when I was 16-18 to do any taxes. Plus, my parents had me on their taxes as dependents.

Sportsdude · Feb 06 07 12:32

Thats what it is apparently I don't make enough. I never have completely worked full time with this job for I had school work to complete. I think if I make under a 1k a month the IRS doesn't bother. Which is funny because at one point I was making 600 every 2 weeks thats 1,400k a month and they still didn't come calling. odd

yeah I know the math is off I used to do sundays as well hence the 1.4k.

purelife · Feb 06 07 12:34

You start when you're off of your parent's taxes. You should check with your tax centre to be on the safe side. You really don't want to be hunted down by those nasty suit people.

Sportsdude · Feb 06 07 12:37

I vaguely remember my dad saying I had a little taxes to do last year when they wanted to know which SD was me. But then again I tell and plead to my parents to do my own taxes and financial records and they won't let me. Then they get angry at me for not keeping track of things. Well I've got to learn sometime? They never have given me anything. Heck I don't even cash in my cheques. Then they wonder why I'm clueless. Then again they wouldn't let me cut the grass outside either.

purelife · Feb 06 07 12:39

Sportsdude wrote: "Heck I don't even cash in my cheques."

Time to look after your finances, SD, including your taxes. You're a big boy now and your parents just have to let you do things on your own.

Sportsdude · Feb 06 07 12:43

Could you tell them that? They seemed to have not gotten the message. They think I'll lose the forms or something.

Last week we had this big blow up because I didn't know how to put money into my banking account. They're like you should know by now. I go well how am I suppose to know what to do when nobody has ever shown me? ugh.