Hi, Guest
03-04-2006, 01:23 AM
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
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