So everything arrived last week and I finally finished my taxes. As expected the refund is less than I estimated without the couple of income trust and stock distributions, but money is money. I’m getting $700 and change back.
I’m looking forward to getting the refund. I’m also looking forward to getting my Assessment so I know exactly how much limit I have for my RRSPs so I can started planning for 2008 taxes. I already have a guesstimate but I just like to be totally sure.
One more thing to add about dividends from foreign sources. Like I said before this is taxed fully unlike dividends from Canadian corporations. However, remember when you get your dividends? And sometimes there is a deduction called Withholding tax? Claim tax credit for that so you don't end up paying taxes twice.
Tax Refund
Related Posts:
Tax Free Savings accountI noticed that the Tax Free Savings Account I opened with ING, is now officially a TFSA. I topped it up to exactly $5000 this weekend. I also did a quick browse on the CRA website to inform myself of the rules and penalties… Read More- Taxes doneThis weekend I sat down and did my taxes. 2008 was a crazy year for work, I was afraid to find out how much taxes I owed. It’s not too bad, but not so great either. Yes, I owe the government money. I am doing everything … Read More
- Preparing for tax season hitThis year I finished an old job and started a new one. There was a little overlap in pay cheques.I took on a part time job. They did not take any taxes because as far as they are concerned I haven’t reached the minimum tax … Read More
- New Trading AccountThey say Canada has five seasons: Spring, Summer, Fall, Winter, and RRSP season. So forgive me if I have RRSP on my mind lately. Here is where I am.Previously, my RRSP were all invested in a company group plan. When I left… Read More
- RRSP slipsI made a list of tax slips I should expect for the 2008 tax season. There was a lot going on this year, and I didn't want to miss anything. For T4 slips alone, I counted that I should get 5 (on account of the 5 jobs I had).… Read More
Posts
3 comments:
Oh $700 is a really nice amount :-)
$700 means at 3% interest you lost $21 because you gave the government an interest free loan. If you max out your RRSP's every year you should adjust your base tax exemption amount by 18%.
The goal is at the end of year to owe the government -$2. The government does not collect a tax difference of 2 dollars.
Even if your calculations are off (ie you made money on the market) and have to pay. You are still better off. You just got an interest free loan from the government. You can be owe the government taxes for a couple of years only. After this they will ask you to pre pay an estimated amount quarterly.
But no matter how you slice it you are better off.....
Good point, anonymous.
Post a Comment