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+--- Thread: Taxes (/showthread.php?tid=10643)
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Taxes - laidman - 03-03-2006
Well I just finished my taxes online, and I'm getting $834 back, yay me, money I thought I never had.
How bout you?
Taxes - Casper - 03-03-2006
$629, deposited in my bank account today. Not bad, 9th business day since I submitted my return online...
Taxes - OAC_Sparky - 03-03-2006
Paid: $26,550 Refund: $5,820
That covers my property taxes with a $1000 to spare.
In one hand, out the other.... :blink:
Taxes - microbunny - 03-03-2006
i got 1200 refund
Taxes - DD1 - 03-03-2006
paid 34,000 got back 4800 now off to mexico
Taxes - 2001 ZTS - 03-03-2006
I haven't started yet but should be getting 4-5G back.
Taxes - torradan - 03-03-2006
Did better than I expected this year on taxes... got about $800 back... which of course, is 1) spent already, and not on the focus.
But she sure does have a nice wedding band now :/
Taxes - Focused - 03-03-2006
gettin' $1,100 back....all goin towards the paint job
Taxes - darkpuppet - 03-03-2006
How do you people get so much money back? Last year was the first year I actually got money back instead of having to pay...
I haven't done my taxes yet, but last year I paid $47,000 and got $2200 back....
This year is about the same, except I got a whole wack of project bonuses last year that I'll have to pay taxes on.. so I'm screwed.
Taxes - 2001 ZTS - 03-03-2006
darkpuppet,Mar 3 2006, 08:27 AM Wrote:How do you people get so much money back? Last year was the first year I actually got money back instead of having to pay...
I haven't done my taxes yet, but last year I paid $47,000 and got $2200 back....
This year is about the same, except I got a whole wack of project bonuses last year that I'll have to pay taxes on.. so I'm screwed.
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The big thing is the RRSP, besides reducing my taxable income right off the top it also keeps me withing the middle bracket. My preliminary calculation shows I pay about $16 in taxes on an income of $75. $20G was deducted so I get about $4G back. My RRSP contribution this year wasn't as high as it normally is either.
Someday you're going to have to find some time to talk to me about getting you a "strategy". I don't care how much you make or how big your bonuses are; you are paying far too much
Taxes - darkpuppet - 03-03-2006
^--- yes, I'm quite aware of this.. great earning potential, serious lack of saving potential.
Taxes - hardk0re - 03-04-2006
I know lots of people at my work signed up for this GLGI thing, pretty much a scam. BUT they are all getting HUGE returns this year. Basically works like you "donate" say $1000 to a church or charitable organization, then they "invest" the money say buy purchasing software in bulk on your behalf and give you this gift. You then I guess take that and donate it back to a second organization that gives you a tax reciept of fair market value for that donation of the gift. Typically you'd end up with tax reciepts up to 6000-11,000.
I know a scam when I see one and this sounds highly illegal, guys here have been screwing the tax system for the last few years with this.
For me, I use my rental property to write off allot of my home repair purchases, even appliances, and this typically gets me back 2000-4000.
DP: Not sure how much your making, but its looking like you A. make too much or B. pay too much. You drive a focus so I'm going to opt with B :D
Taxes - meford4u - 03-04-2006
My strategy is a little different than either Andrew or Steve. Andrew and yourself are somewhat self employed and must rely heavily upon RRSP's for a comfortable retirement.
Ford, gotta love em, gives me 85% of my net pay upon retirement. So I don't need alot of RRSP's.
But the business (photography) is a great avenue for writing everything off in moderation and has provided income tax refunds up to $10k in the past.
And get an accountant. Mine pays for itself every year with the increased tax refunds she gets me.
Taxes - euro_zx5 - 03-04-2006
meford4u,Mar 3 2006, 09:14 AM Wrote:And get an accountant. Mine pays for itself every year with the increased tax refunds she gets me.
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Ding ding ding! So does mine.
Taxes - habmann - 03-04-2006
Well i got about 2800 back. The focus might some a little bit of that, but bills and a new tv are gonna take up a good chunk.
Taxes - NefCanuck - 03-04-2006
My refund is going to vary based on what I decide to do about repaying the RRSP loan I took out in '03 to buy my place and what my health is like.
Because of my disabilities I get the Disability Tax Credit, which in my income bracket means about $600 or so as a refund. I don't have them give me the $ up front because frankly it means jack and squat on a per week basis.
Additionally, I match my employers RRSP contributions per week so that's another $5,200 off of my taxable income right there.
Now if I decide to put all of the RRSP contributions twoards repaying the loan, I'll get back a little under $600, owing to interest on some stocks I own. If I only put in the required repayment amount, then my refund will kick in at around $1400.
Of course clouding the picture is a doctors visit at the end of March, assuming all is well, then I'm free to decide either way. If it isn't however then I have to think long and hard about this because I'll have more serious issues to deal with <_<
NefCanuck
Taxes - paolo - 03-04-2006
Tax time will be a bit of a balancing act for me. I have to balance the books between my primary source of income: RCI, my part time: A&P/Metro, as well as my business partnership. Plus not to mention my RRSP contributions have to balance out my less than average income tax at the part time job. I have a lot of work ahead of me with my accountant. lets hope i see some returns this year.
Taxes - 2001 ZTS - 03-04-2006
meford4u,Mar 3 2006, 09:14 AM Wrote:My strategy is a little different than either Andrew or Steve. Andrew and yourself are somewhat self employed and must rely heavily upon RRSP's for a comfortable retirement.
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For retirement I'll sort of be double dipping. I also have a company pension but I joined it relatively late, that is after I stopped sailing and took the office job at age 35. Then there is the house equity thing. I'm covered pretty good.
Taxes - FociPhil - 03-04-2006
for the first tim eim paying, $1300!! if i take out a RSP lona for 2200 then i only pay $700. That is balls my friends.
Its all becuase my part time job took barely any tax off me, so the income from that put me into the next bracketm but the tax didnt match it.
Taxes - Frost__2001 - 03-04-2006
FociPhil,Mar 3 2006, 12:41 PM Wrote:for the first tim eim paying, $1300!! if i take out a RSP lona for 2200 then i only pay $700. That is balls my friends.
Its all becuase my part time job took barely any tax off me, so the income from that put me into the next bracketm but the tax didnt match it.
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Sounds like what Tim Horton's Typically dose to it's employees, I hate the way they do the Taxing at my work I tend to get screwed when it comes to tax season each year. I'll be lucky if I don't have to pay this year, I did only once and it was for $7.10 lol...... :lol:
Even with an RRSP that I have, in the last 7 years of being employed at Tim Horton's I'm floating between a typical refund of $120 ~ $10. :rolleyes: