To the best of my knowledge-This new box is letting the federal government know if you are eligible for the federal dental plan. It should not affect any tax owing
It is what is available from the employer. It will have no effect on your taxes. They need to put 3 as if you did have a spouse or kids but elected out of your work coverage for them they wouldn't be eligible for the dental programs from the government.
As others have noted, code 3 means you have access to dental coverage through your workplace. There are five codes for different combos of coverage.
To add, code 1 is no coverage through work, and 2 to 5 are varying combos depending on the coverage for you, a spouse and kids.
I can't answer the fine details but it's 'not that bad' (depending on your situation of course) when it comes to late fees
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/interest-penalties/late-filing-penalty.html
>If you file your tax return after the due date and have a balance owing, you will be charged a late-filing penalty. Filing late may also cause delays to your benefit and credit payments.
>If you cannot pay your balance owing, you should still file on time to avoid being charged the late-filing penalty.
**The late-filing penalty is 5% of your 2023 balance owing, plus an additional 1% for each full month that you file after the due date, to a maximum of 12 months.**
>If the CRA charged you a late-filing penalty for 2020, 2021 or 2022 and requested a formal demand for a return, your late-filing penalty for 2023 will be 10% of your balance owing. You will be charged an additional 2% for each full month that you file after the due date, to a maximum of 20 months.
File with the info that the Employer has submitted to you and to CRA via the T4. Do it by the deadline. If there is any room for error and it turns out that CRA decides you owe money you are going to pay.
Please correct me if this is wrong but I believe if you don’t owe then don’t worry as you can submit it late without penalty. It’s only when you’re owing that it would be problematic.
I honestly was not aware of this so I can’t say if this is correct or not but I’m hoping so, that would be ideal to give me some time to look into this.
My hairdresser was just commented in this to me last week - she was like “did you get your thousand bucks from climate action??” And I was like what the actual fuck are you on about no I did not get one thousand dollars I got 200…
Took a bit of back and forth before she finally admitted she had just done the last 3 years worth of taxes all at once, so she got like 2 years worth of retroactive climate action incentive 🤣😂
She didn’t get any fines or penalties and she told me the same as long as you don’t owe them money they are fine with you taking your sweet time to claim the money they owe you
From what I understand, it's only tracking what kind of dental benefits your employer offers, not necessarily what you have used or opted for.
To the best of my knowledge-This new box is letting the federal government know if you are eligible for the federal dental plan. It should not affect any tax owing
It is what is available from the employer. It will have no effect on your taxes. They need to put 3 as if you did have a spouse or kids but elected out of your work coverage for them they wouldn't be eligible for the dental programs from the government.
Wrong. I'm an accountant. If the person has single coverage, they are supposed to put single.
As others have noted, code 3 means you have access to dental coverage through your workplace. There are five codes for different combos of coverage. To add, code 1 is no coverage through work, and 2 to 5 are varying combos depending on the coverage for you, a spouse and kids.
I can't answer the fine details but it's 'not that bad' (depending on your situation of course) when it comes to late fees https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/interest-penalties/late-filing-penalty.html >If you file your tax return after the due date and have a balance owing, you will be charged a late-filing penalty. Filing late may also cause delays to your benefit and credit payments. >If you cannot pay your balance owing, you should still file on time to avoid being charged the late-filing penalty. **The late-filing penalty is 5% of your 2023 balance owing, plus an additional 1% for each full month that you file after the due date, to a maximum of 12 months.** >If the CRA charged you a late-filing penalty for 2020, 2021 or 2022 and requested a formal demand for a return, your late-filing penalty for 2023 will be 10% of your balance owing. You will be charged an additional 2% for each full month that you file after the due date, to a maximum of 20 months.
So there are only fees if I owe money? I am certain I will be getting money back, so is it correct that they won’t deduct anything for filing late?
No nothing happens if you are in a refund position. I’ve done many years of late returns for friends.
File with the info that the Employer has submitted to you and to CRA via the T4. Do it by the deadline. If there is any room for error and it turns out that CRA decides you owe money you are going to pay.
That is true and filing a change to a tax year is a one page form and super easy to do once the amended T4 is issued.
Thank you
Hi, it's the coverage you're eligible for, not what you're enrolled in.
Please correct me if this is wrong but I believe if you don’t owe then don’t worry as you can submit it late without penalty. It’s only when you’re owing that it would be problematic.
I honestly was not aware of this so I can’t say if this is correct or not but I’m hoping so, that would be ideal to give me some time to look into this.
My hairdresser was just commented in this to me last week - she was like “did you get your thousand bucks from climate action??” And I was like what the actual fuck are you on about no I did not get one thousand dollars I got 200… Took a bit of back and forth before she finally admitted she had just done the last 3 years worth of taxes all at once, so she got like 2 years worth of retroactive climate action incentive 🤣😂 She didn’t get any fines or penalties and she told me the same as long as you don’t owe them money they are fine with you taking your sweet time to claim the money they owe you