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*Ostroff, Fair and Company>>>Canada Taxes

Can I declare income I received this past March on my 2005 income tax return?


I recieved a large sum this past March, but do I have to wait until 2006 tax season comes around?

Depends upon the source of the large sum. In most cases, it's 2006, not 2005.
what you can do is to contribute more on each paycheck this year to offset the difference, so you wont be in a shock when u file for 2006 income tax
No, you cannot declare it on the 2005 income tax, but what you can do is call Revenue Canada and find out if and how much you need to pay tax on it. And that you can pay now and have it on hand for next year. Or set up a special account at your bank so you will have the payment next year when tax time comes around. The only thing you do not pay taxes on in Canada are lottery winnings, but on the interest they acumulate, you pay taxes. Hope this helps.
http://www.government.ca
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