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-   Vancouver Off-Topic / Current Events (https://www.revscene.net/forums/vancouver-off-topic-current-events_50/)
-   -   Anyone filed their income taxes yet? And how much you got back or owe? (https://www.revscene.net/forums/639177-anyone-filed-their-income-taxes-yet-how-much-you-got-back-owe.html)

freelunch 04-03-2011 08:37 PM
Grossed 96K, getting 5K back

AWDTurboLuvr 04-04-2011 09:56 AM
Quote:
Originally Posted by syee (Post 7362476)
Why doesn't it seem right? If you don't have any deductions then you're paying just the right amount of tax.

As several people have mentioned already, getting money back isn't necessarily a good thing - it just meant you overpaid the government. Having to neither pay or get a refund is probably where you want to be. You get the most money in your pocket with every paycheck and you also don't have to pay come April.

With that said, I'm getting back $7600 this year. Most likely because I put in close to 20k into RRSP's this year. I'm going to have to look into taylor192's suggestion on the T1213. I'd prefer money in my pocket on payday rather than a lump sum in April.
Agree with the above. As well, if you contribute heavily through an employee RRSP, then a T1213 won't help you since you contribute pre-tax.

Meowjin 04-04-2011 01:12 PM
Quote:
Originally Posted by freelunch (Post 7374019)
Grossed 96K, getting 5K back
noone needs to know how much you made douche.

bloodmack 04-04-2011 01:16 PM
You guys keep saying its as good thing to owe or its bad to get back, i want some proof that it is a good thing to owe, cause the only reason I got money back was because of the deductions I qualified for. If there was no deductions to qualify for I would of owed alooot of money lol.

00EKNEWBIE 04-04-2011 01:30 PM
just filed mine last week and im getting $5664 back. gotta love write offs. the fiance is getting 2500 back!

freelunch 04-04-2011 08:44 PM
Quote:
Originally Posted by MajinHurricane (Post 7374919)
noone needs to know how much you made douche.
Its not that much really
Posted via RS Mobile

s300ae 04-18-2011 04:55 PM
did mine today using studio tax. it went fairly well, although my refund is $.42
thats right, 42 cents. i had to recheck it 3 times. and they wont even pay it out, anything less than $2, you do not get a refund

TheKingdom2000 04-20-2011 02:35 PM
Quote:
Originally Posted by freelunch (Post 7375662)
Its not that much really
Posted via RS Mobile
Err $96K isn't that much? I would say $96K is a pretty damn good salary.

How much do you make? The average person makes under $30K a year according to stats Canada. So this guy is making 3x that amount. I would say he's a lot more well off than a lot of people. Even though half of his money likely went to the government.
Posted via RS Mobile

maxxxboost 04-20-2011 02:38 PM
Quote:
Originally Posted by mx703 (Post 7400172)
Err $96K isn't that much? I would say $96K is a pretty damn good salary.

How much do you make? The average person makes under $30K a year according to stats Canada. So this guy is making 3x that amount. I would say he's a lot more well off than a lot of people. Even though half of his money likely went to the government.
Posted via RS Mobile
ignore the douche, he just wants people to respond to his posts

spoon.ek9 04-20-2011 02:40 PM
getting ~$23xx back. but that's only because i bought a butt load of RRSP's :(

TheKingdom2000 04-20-2011 02:52 PM
Quote:
Originally Posted by maxxxboost (Post 7400178)
ignore the douche, he just wants people to respond to his posts
Interesting. Lol, ok.

I don't do my taxes as my dad does it and he never explains it to me.

If you're a student how much can you claim for tuition and books? People are talking about carrying over tuition? My tuition this year is about $23K. So can I claim all of that to my taxes? Or will I have to carry some of that over?

Before that I was at ubc and my tuition was about $5-7K a year?

TIA
Posted via RS Mobile

Dragon-88 04-20-2011 02:58 PM
Ghey I owe $350 in taxes, becuase of my investment and didnt do any RRSP this year which hurt me.. For sure going to do some RRSP this year.

Meowjin 04-20-2011 03:41 PM
Quote:
Originally Posted by mx703 (Post 7400188)
Interesting. Lol, ok.

I don't do my taxes as my dad does it and he never explains it to me.

If you're a student how much can you claim for tuition and books? People are talking about carrying over tuition? My tuition this year is about $23K. So can I claim all of that to my taxes? Or will I have to carry some of that over?

Before that I was at ubc and my tuition was about $5-7K a year?

TIA
Posted via RS Mobile
wait till you start making money. How long you can carry that over i'm unsure.

TheKingdom2000 04-20-2011 09:04 PM
I actually just talked to my dad and he said he used the rest of my tuition for his and my moms income tax.

I guess you can do that?
Posted via RS Mobile

goo3 04-21-2011 01:36 AM
I believe yes. I hope they paid for your tuition.

Why is it 23K?

fliptuner 04-21-2011 10:29 AM
Has anyone recieved their return/Notice of Assessment in the last few days?

If so, when did you file?

I had to wait until last week to file cause the company accountant was slow in getting my T4. Just wondering how long it's taking for things to process for you guys.

Thanks

will068 04-21-2011 10:45 AM
Quote:
Originally Posted by mx703 (Post 7400673)
I actually just talked to my dad and he said he used the rest of my tuition for his and my moms income tax.

I guess you can do that?
Posted via RS Mobile
At the same time, you can carry over the tuition credits you had to the future. So when you're making a substantial amount of $$$, you can use the tuition credits when reporting your taxes.

will068 04-21-2011 10:46 AM
Quote:
Originally Posted by fliptuner (Post 7401233)
Has anyone recieved their return/Notice of Assessment in the last few days?

If so, when did you file?

I had to wait until last week to file cause the company accountant was slow in getting my T4. Just wondering how long it's taking for things to process for you guys.

Thanks
Last year, I submitted in the last day. I got the Notice of Assessment in June.

TheKingdom2000 04-21-2011 01:52 PM
Quote:
Originally Posted by goo3 (Post 7400981)
I believe yes. I hope they paid for your tuition.

Why is it 23K?
yeah, they did pay for my tuition so I guess it's fine they take the credits.
i'm in chiropractic college now and that's how much tuition is.

josayeee 04-21-2011 09:13 PM
Quote:
Originally Posted by mx703 (Post 7401436)
yeah, they did pay for my tuition so I guess it's fine they take the credits.
i'm in chiropractic college now and that's how much tuition is.
There is a maximum allowed to be transferred to parents each year. So most likely you will have carry forwards of tuition tax credits to use in future years when you have income.
Posted via RS Mobile

goo3 04-22-2011 03:24 AM
Quote:
Originally Posted by mx703 (Post 7401436)
i'm in chiropractic college now and that's how much tuition is.
i hear ppl say there's no science behind it.. they just kind of make it up.

How do you respond to this? :fullofwin:

OTG-ZR2 04-22-2011 08:02 AM
Quote:
Originally Posted by fliptuner (Post 7401233)
Has anyone recieved their return/Notice of Assessment in the last few days?

If so, when did you file?

I had to wait until last week to file cause the company accountant was slow in getting my T4. Just wondering how long it's taking for things to process for you guys.

Thanks
Filed about 3 weeks ago... Received my notice earlier this week.:fuckyea:

fliptuner 04-22-2011 11:18 AM
Thanks

So I'm guessing 3-4 weeks which is cutting it pretty close since it would be nice to get before vacation. Then again, it's also good to get it after spending a bunch of money.

twitchyzero 04-22-2011 12:42 PM
filed today..refund is $6xx
my poor man's GST/HST quarterly credit is bumped up to around $180 starting July
poor student FTW?

73KK3N 04-30-2011 01:27 AM
Just playing around with my tax return at Netfile, pretty simple since I only have T4 and T2202A (tuition) to worry about.

Quick question, why is it that when I don't enter anything for tuition my tax return is substantially higher than when I put in my tuition amount + months of full-time & part-time studies? (Difference is almost a $1000 dollars)

And since it says that you can use tuition credits from previous years for future income taxes, should I just not bother entering a tuition amount and use this year's amount for next year?

*More info* income is roughly $9000 whereas tuition is roughly $1500.


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