Why Do I Owe Money on My Tax Return?

You owe money on a tax return when the tax for the year is higher than what was already withheld or paid. A T4 job often withholds enough. A second job, commission, rental income or self-employed income often does not. Benefits that are clawed back at higher income can also create a balance. None of that is a penalty by itself. A penalty is a separate charge, usually when a return that owes tax is filed late.

What the firm checks on the notice

Kennedy Tax & Accounting Inc. will go through the notice and the slips at the Scarborough office and say which lines created the balance. If a slip was missing the other way, and you paid too much, that is an adjustment, not a new theory of the tax. Paying the balance by the due date stops further interest. The due date for most people is April 30, even when a self-employed person may file the return on June 15.

Work with the Scarborough office

The only office is in Scarborough, near Kennedy Station. You can visit or send the documents. English, Bengali and Tamil are spoken. Manoranjan (Mano) Talukder, CPA, leads the firm, which has worked since 2010. Personal returns start at $49.99 + HST. Other files are quoted first.