Death and ......

[Trinity]

TAXES


That's right folks.. ITS TAX time....

I'm sitting here with my REFUND (there is a god afterall)

I'm debating whether i should include the amount refunded.. so..


I guess.. this is a
1) General thread about taxes
2) me gloating
3) allowing others to bask in my gloatness
4) allowing others to come in and gloat with me  (if you are receiving a refund)

 

[Bruce Monkhouse]

I was gloating,....then I got the estimate for my daughters braces...... :crybaby:

 

[Armymedic]

You want gloating...
after serving in the sandbox for 6 months and saving up just under $10,000, I get my tax refund back....

over $3000.  ;D

 

[392]

You want gloating...
after serving in the sandbox for 6 months and saving up just under $10,000, I get my tax refund back....

over $3000.   ;D

$4900 here .....

 

[condor888000]

See, I'm lucky, I don't pay income tax!

 

[Michael OLeary]

Hey Bruce, there's two volunteers to help with those braces, and 392 should have enough left over for his Army.ca subscription.

 

[Armymedic]

Sorry, wife twisted my arm into buying a house.

 

[Trinity]

Sorry, wife twisted my arm into buying a house.

I heard they do that.

This whole wife thing is a foreign concept. 

And it sounds expensive.  ;D

 

[Sh0rtbUs]

I heard they do that.

This whole wife thing is a foreign concept. 

And it sounds expensive.   ;D

Oh, you'd be better off developing a gambling habit than marriage, its FAR cheaper.

 

[GO!!!]

6400$ here,

Due to;

1) high RRSP contributions
2) tuition (you get about half back at tax time)
3) student loan interest (100% tax deductible)

I think I'll buy a bike....

<wife differs>

... well, maybe redo the bathroom instead. <sigh>  :'(

 

[monika]

Congrats on getting your money back guys!

Being a number cruncher I have a different attitude towards tax refunds than many, okay, most people. I don't want a refund because it means the Feds have had use of all that money for a year. I don't want to owe, because it means that my employer(which is actually Mr. TMM) didn't calculate source deds properly. I woudl love to have the UK system where all deductions are made at source. Granted they don't have RRSP or child care deds, but I would just like to know that what came off my stubs is all there is.

 

[couchcommander]

Wives or long term girlfriends!

Just when I get that shiney new cheque, all of a sudden "lets get a new couch..."

*grumble*

 

[Thompson_JM]

Wives or long term girlfriends!

Just when I get that shiney new cheque, all of a sudden "lets get a new couch..."

*grumble*

well at least now you can command in comfort.....  ;D

 

[gnplummer421]

Sigh - I'm paying again this year :'( -  It does not pay to work a lot of overtime. Also too little tax taken off my Miltary pension, but I'd rather make up and break even with RRSP contributions. Luckily I was able to claim out of pocket medical/dental expenses (both daughters braces in 2005) so I don't have to pay a huge amount ($800) :crybaby:

Gnplummer

 

[q_1966]

The Government Give-ith & The Government Take-ith Away

 

[GO!!!]

I have discovered that the best method of getting a large tax return and maximising RRSP contributions (even though there are many downsides to RRSPs) is to reinvest a portion of your tax return into the RRSP that got you the return in the first place. This gives you the advantage of a compounded tax return as well as the benefits of a comfy retirement.

Not the most technical or complex method - but an effective forced savings measure when combined with monthly contributions nevertheless.

 

[monika]

Sound advice GO!!! Another good thing to do is to apply your refund to your mortgage, if you have one. Current financial planning runs along the thought line of pay off mortgage first, then max out RRSP. It worked for us - paid that puppy off in 6.5 years. That leaves us free to max RSP and RESP. We're still young enough(well at least *I* am ;D) that by socking away our 18% annually we'll be comfortable.

Another tip to avoid the messy over-contribution, if you can afford it, have 10% *NOT* 18% taken out of your pay and put into RSP. That still leaves you with some breathing room.

 

[Centurian1985]

It is even worse in the year you retire; I got nailed for an extra $3,000 in taxes because my severance pay after 20 years pushed me into a higher tax bracket! 

 

[Glorified Ape]

6400$ here,

Due to;

1) high RRSP contributions
2) tuition (you get about half back at tax time)
3) student loan interest (100% tax deductible)

I think I'll buy a bike....

<wife differs>

... well, maybe redo the bathroom instead. <sigh>  :'(

$891.64 for me.

I thought the army was paying your tuition??

 

[GO!!!]

$891.64 for me.

I thought the army was paying your tuition??

Yes and no.

The army reimburses my tuition (and associated costs, books etc), as a taxable benefit, I pay for it up front. So technically, I am paying my own tuition. As an additional caveat, I must pass the course in question in order to be re - imbursed. At about 125$/credit hour, that's even more incentive!!

Come tax time, about half of your tuition can be deducted, since the reimbursement was taxable in the first place though, I figure it works out.

I'm not sure if this is on a sliding scale according to income.