Income Tax Refunds

[Lil Jenna]

I know! I was worried about being an idiot and blowing all my money and not putting any away for Shambles.

But now I dont have to worry and I can help my mom pay off some of her bills :D

[Big Bank Hank]

Doing your taxes, what a concept

[Chewy]

Originally Posted by TrixX

how on earth do you get that much money back????

i filed my 2004 taxes in feb and then my 2005 in march

i got $600 from 2004, $300 from 2005 and $300 in back-pay for gst checks :)

fully satisfied

im not to sure actually..

[krisamata]

736.xx back

i wont see it though, some is going towards my visa, and some back to mom for school


i get an extra bonus though cause my work is changing the pay schedule so right around when i get my refund i will be getting a 3 week paycheck...
yay!!!


i love rrsps and charitable donations

[Infidel]

Congratulations to everyone who is getting a fat return. You have all had the pleasure of giving the government an interest free loan rather then using it yourself...or better yet, saving it.

It is also a good thing to owe them over $1000 (I think) because you then get to make installment payments. So in effect, the government has given you an interest free loan, and gives you time to pay them back without charging interest, provided you make your installment payments on time.

If you really want to have your money work for you, setup a continuous savings plan into a mutual fund, or even a saving account. Saving even a little while you are young but possibly a little broke will have much greater benefits then saving and investing when you get older but have extra cash.

To get an idea of how beneficial compound interest is, try the RRSP Savings Calculator and other tools on http://www.bmoinvesting.com/
Keep in mind, RRSPs grow tax free, so the compounding effect is greater with RRSPs.

Other bank websites will have similar tools, and almost all banks now offer free financial planning and reviews. Take advantage of them and make sure retirement won't always be a dream.

[Revolver]

Originally Posted by mapleleaf4ever

RRSPs my Friend... RRSPs... My Friend at work is also a Financial Consultant. He explained to me the intricacies of compound interest with investments. Holy shit. Worth checking into for sure!

oh yeah i know, i had a healthy rrsp ast year but when i was stuck in brazil with no money i made a very large withdrawl.

[Skitzo_Style]

im afraid to do my taxes cause i feel i probaly owe them over like 1500 buck, so im gonna wait untill i get all of my t4'si(i got like 6 or 7 from last year), then i'll do it.

[Jingles]

Originally Posted by Revolver

refund?

pfft yeah right.

i make to much money.

i need some serious deductables....like some kids or shit...or mabey ill start up a buisness and flop to get a return on taxes next year.

Get a third world foster child, you feel good doing it, and they are a fantastic charitable deduction.
Next, automatic w/d for your RRSP - at least 50$ a month
Or, go back to school =)