2010 tax returns not available in time

Paying for College
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<p>Like many Canadians, I've applied with financial aid to most of the top schools that have need-blind admissions. Some of these have some pretty early deadlines for the financial aid application, most problematic being the deadlines for submission of tax return and income documents. For example, Penn wants it in by Feb 1 and MIT wants them by Feb 15. Most others have a March 1 deadline.</p>

<p>According to the Canadian Revenue Agency, employers don't need to file their T4s (Canadian equivalent of W-2, I think) until the last day of February. (source: <a href="http://www.cra-arc.gc.ca/E/pub/tg/rc4120/rc4120-lp-10e.pdf%5B/url%5D"&gt;http://www.cra-arc.gc.ca/E/pub/tg/rc4120/rc4120-lp-10e.pdf&lt;/a&gt;) This makes it impossible to complete 2010 tax return documents (i.e. the T1 form) by the deadlines. In addition, the CSS PROFILE form, along with Princeton's online financial aid application and some others, asks for information regarding 2010 income. Some of the fields -- like tax deductions and federal/provincial taxes -- are kind of impossible to predict while I don't have my parents' T4 slips.</p>

<p>So far, I've been making estimates based on 2009 numbers (i.e. just writing the 2009 number) on forms that ask for 2010 information, and noting in the "comments" section that this is an estimate. If anyone is in a similar position, what are you doing about it?</p>

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<p>Don’t worry, everybody with a fr this year is in the exact same position as you. The US has the same deadline for W2s and other tax related information. You’re doing precisely what you should be doing, estimating as best you can from 2009 numbers. For the Profile, you’ll ask each school that you’re admitted to, what you need to do for corrections. Since you can’t do it online, many will have you send a hard copy with the changes noted, but colleges do vary in how they deal with this.</p>

<p>p.s. FA deadlines for continuing students are generally later, so it won’t be as bad in future years.</p>

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<p>Entomom, I always thought the deadline for W-2/1099 distribution was January 31st…are you sure it’s February?</p>

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<p>Thanks sk8rmom, you’re absolutely right. Don’t know why I thought it was Feb, maybe I need a CC break :confused:?!?</p>