FocusCanada Forums

Okay as the subject line suggests. I need some guidance in deciding what to do with my income tax refund this year.

Stats on the Focus 2005MY in service Sept '04, current mileage 29,450KM. Only one serious unscheduled repair, that being the fuel sender & pump. I'm looking at probably close to $3K for the extended warranty to 7 years/150,000KM at this point.

My refund is looking to be approximately $2300 if I only make the minimum required repayment to the Home Buyers Plan withdrawal of $1,330.

My mortgage stands at a little under $94K as we speak.

In terms of mods, I'm looking at doing the intake & exhaust (Steeda CAI & MBRP exhaust) and getting hood struts installed since I run the risk of beheading myself every time that I open my hood owing to Ford's placement of the hood prop <_<

Now I could also make the max repayment to the HBP based on my RRSP contributions ($4,100) which would lower the amount to be repaid to $15,900 over 14 years and still give me a refund of $1,200 or so, which would give me the cash to do most of the mods.

So, what say you all? I'm in no rush to make this decision, looking at late March until I get all the slips/receipts that I need anyways, but I wanted to hear some opinions.

NefCanuck

I would spend on Mod's before anything else. But that is only me.

take me out to dinner and we can discuss this better.

Thanks.












P.S. Pay off your house first and formost. After your house is paid off then you can play with your toys :) That's the boring way to spend your money

Pay for my house and I will let you visit it.

Ok, pay for yours first. Then take the extra 1200 and have a little fun.

Pay it back to your Home Buyer's Plan.

Not only are you paying interest on your RRSP loan, but you're not making interest on your RRSPs to retire on.

Pay that as quickly as possible!

darkpuppet,Jan 23 2006, 04:22 PM Wrote:Pay it back to your Home Buyer's Plan.

Not only are you paying interest on your RRSP loan, but you're not making interest on your RRSPs to retire on.

Pay that as quickly as possible!
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ding ding :lol:

send it to crazikev :D

it will give you good luck :lol:
money money money. :rofl:

Buy toyota stock.. lol

Donate it to FC.net for a tax write off next year!!!!1111 YAARRRRRRR!

if you spend it on mods, you deserve to be pimp-slapped!!!

throw it on your house, or maybe even a trip somewhere cool, dont spend it on the focus.

Companies offer extra warranties because they KNOW they will make money off of it (on average) NOT as a favour to their customers. Besides you have one of the "good" model year cars.

I have one of the "less good" model years, it's almost 6 years in and I have spent no where close to $3G's on R&M, maybe a couple hundred at most?

Spend it on that home plan or the mortgage.

well live a lil put half on the house and half for yourself. It's always nice to treat yourself but I'll agree with the others spending it on your car might not be the best.

home plan or mortgage all the way man..

Re-pay what you used for sure.

Minumum payment on the HBP since it's not costing you any interest and double up one mortgage payment. Then play with what is left.

Piss it away on beer and popcorn.

02ztsian,Jan 24 2006, 02:38 PM Wrote:Piss it away on beer and popcorn.
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POPCORN...phack, that wasnt in the poll!

popcorn popcorn popcorn

I VOTE 1 FOR POPCORN