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02-28-2014, 11:16 AM
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#1 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
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| Income tax thread
Is that time of the year again. So fellow RS are you getting money from the gov  or have to pay 
I am not getting much back around $1000 but it isn't too bad.
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02-28-2014, 12:09 PM
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#2 | | 14 dolla balla aint got nothing on me!
Join Date: May 2004 Location: Surrey, BC
Posts: 692
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You aren't getting money from the government. You overpaid your taxes therefore you're getting a refund.
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02-28-2014, 12:16 PM
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#3 | | I contribute to threads in the offtopic forum
Join Date: Jun 2012 Location: Vancouver
Posts: 2,737
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Closest to $0 wins  $348 here.
Without going under  | |
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02-28-2014, 12:33 PM
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#4 | | Even when im right, revscene.net is still right!
Join Date: Dec 2003 Location: Vancouver
Posts: 1,398
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Going under is actually a win, it means you got a loan from the government tax free for a year. It's money you would've had to pay tax on anyways
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02-28-2014, 12:41 PM
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#5 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
| Quote:
Originally Posted by saveth  You aren't getting money from the government. You overpaid your taxes therefore you're getting a refund.
Posted via RS Mobile | It would be aorund like 0 if I haven't purchase RRSP so I guess is free money?
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02-28-2014, 03:14 PM
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#6 | | My homepage has been set to RS
Join Date: Apr 2004 Location: Vancouver
Posts: 2,248
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Paying is the win. Means you're in a respectable income bracket. Furthermore you didn't prepay enough and got a interest free loan for a year.
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02-28-2014, 03:16 PM
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#7 | | Rs has made me the woman i am today!
Join Date: Jun 2002 Location: Vancouver
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This is the first time I have maxed out my RRSP's, including everything accumulated from previous years. Looking to get a ~$5k return.
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02-28-2014, 03:19 PM
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#8 | | Even when im right, revscene.net is still right!
Join Date: Dec 2003 Location: Vancouver
Posts: 1,398
Thanked 235 Times in 78 Posts
| Quote:
Originally Posted by IMASA This is the first time I have maxed out my RRSP's, including everything accumulated from previous years. Looking to get a ~$5k return. | Maxing out your RRSP is only beneficial to you when you make more than the lowest tax bracket, otherwise, you're just deferring the taxes you owe the government
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quote:
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Originally posted by Miss_Girly
Bring some RS people with you to help u GANG BANG the guy!!
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02-28-2014, 03:45 PM
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#9 | | I contribute to threads in the offtopic forum
Join Date: Nov 2008 Location: Vancouver
Posts: 2,937
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| Quote:
Originally Posted by Mr.HappySilp It would be aorund like 0 if I haven't purchase RRSP so I guess is free money? | it's not free money, it's YOUR money to begin with. effective tax planning could have ensured you kept that money during the year, instead of waiting till tax time to get it back. Basically, you just gave the government an interest free loan. I don't know if I would call that a win Quote:
Originally Posted by Teriyaki Paying is the win. Means you're in a respectable income bracket. Furthermore you didn't prepay enough and got a interest free loan for a year. | Please clarify what you mean by a "respectable income bracket".
Paying or getting a refund does not mean you're in a higher/lower income bracket. The only thing it tells us is whether too much/little tax was deducted from you throughout the year. Anyone at any income level can owe or get a refund.
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02-28-2014, 05:43 PM
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#10 | | My homepage has been set to RS
Join Date: Aug 2002 Location: AB/BC
Posts: 2,217
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I think you have income tax and welfare mixed up. Welfare is where you get money from the government. Bill 77 states all companies must send out vaseline with your t4
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02-28-2014, 10:38 PM
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#11 | | I contribute to threads in the offtopic forum
Join Date: Dec 2003 Location: Vancouver
Posts: 2,777
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| Quote:
Originally Posted by bobbinka it's not free money, it's YOUR money to begin with. effective tax planning could have ensured you kept that money during the year, instead of waiting till tax time to get it back. Basically, you just gave the government an interest free loan. I don't know if I would call that a win | Do you go up to children and tell them santa clause is not real?
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02-28-2014, 11:14 PM
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#12 | | Head Moderator
Join Date: Dec 1982 Location: Great White Nor
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Did my taxes a couple weeks ago and the first try came out to me owing roughly $2000. Thought it looked wrong, so I redid it and now I'm owed just shy of $600. Only reason why I'm getting a refund is because I cashed out one of my RRSP accounts last year and I had my bank take a few extra dollars to dump towards the taxes just in case I had miscalculated at the time.
*shrug*
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02-28-2014, 11:15 PM
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#13 | | I contribute to threads in the offtopic forum
Join Date: Nov 2008 Location: Vancouver
Posts: 2,937
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| Quote:
Originally Posted by mr_chin Do you go up to children and tell them santa clause is not real? | only when i want a good laugh  | |
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03-03-2014, 10:49 AM
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#14 | | RS has made me the bitter person i am today!
Join Date: May 2005 Location: 604
Posts: 4,501
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Question:
How do I know or find out whether I claimed my T2202A (tuition/books)? I graduated 3 years ago and I can't recall if I claimed any T2202a's because I was told to "save it" until I get a larger annual income.....
Will I need to call the CRA to find out?
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03-03-2014, 10:58 AM
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#15 | | It's like going crazy when you're already nuts
Join Date: Aug 2005
Posts: 5,827
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Look up your tax returns from previous years? Or, you can access all that info online but you will have to sign up for an account on the CRA site.
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03-03-2014, 11:05 AM
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#16 | | I don't get it
Join Date: Jul 2013 Location: Vancouver
Posts: 432
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| Quote:
Originally Posted by IMASA This is the first time I have maxed out my RRSP's, including everything accumulated from previous years. Looking to get a ~$5k return. | X2 but I am predicting a return of 3k
Muneys I will not see as it will go back in. Posted via RS Mobile | |
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03-03-2014, 11:22 AM
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#17 | | The Brown Reason
Join Date: Jan 2007 Location: Whalley
Posts: 4,607
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finished taxes, and was ready to mail them -- happy about a fairly large return (..because... unemployed...)
then I opened my mail from friday and realized I owed about $600 worth of taxes from 2012
#firstworldproblems 
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Originally Posted by bcrdukes fuck this shit, i'm out | | |
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03-03-2014, 11:31 AM
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#18 | | I came, I saw, I conquered.
Join Date: Mar 2005 Location: Vancouver
Posts: 1,881
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Paid wayyy too much taxes last year!  | |
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03-03-2014, 11:51 AM
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#19 | | Banned (ABWS)
Join Date: Mar 2014 Location: Surrey canada
Posts: 17
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Yeah I have yet to file mine as well
Posted via RS Mobile
Posted via RS Mobile
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03-03-2014, 12:06 PM
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#20 | | I answer every Emotion with an emoticon
Join Date: Feb 2005 Location: somewhere
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I paid $90... DAMN
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03-03-2014, 12:23 PM
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#21 | | I contribute to threads in the offtopic forum
Join Date: Jun 2006 Location: not vancouver
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i have a feeling i have to pay this year, have over $20K in contract work that i didn't think was $20K!!!!
i have to wonder, if i made all that money 'extra', where the hell did it go, i sure as i hell don't have it now!!!
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03-03-2014, 01:49 PM
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#22 | | My homepage has been set to RS
Join Date: Oct 2007 Location: Vancouver
Posts: 2,362
Thanked 743 Times in 363 Posts
| Quote:
Originally Posted by eddy89 Question:
How do I know or find out whether I claimed my T2202A (tuition/books)? I graduated 3 years ago and I can't recall if I claimed any T2202a's because I was told to "save it" until I get a larger annual income.....
Will I need to call the CRA to find out? | sign up for an account on the CRA website and you can view how much you have left remaining.
I did this last thursday.
Although they will tell you that you need to receive a PIN by snail mail first before you can proceed. But you can preview or take a sneak peak at your account amounts still . Just look for that option.
__________________ Quote:
[23-07, 02:03] shawn79 i find that at vietnamese place they cut ur hair like they cut grass
[23-07, 02:03] shawn79 do u go to vietnamese places for haircuts
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03-03-2014, 01:50 PM
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#23 | | My homepage has been set to RS
Join Date: Oct 2007 Location: Vancouver
Posts: 2,362
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| SimpleTax: Free Canadian Tax Return Software is great btw. I still need to see my accountant as I have some business activity, but this is a great projection neverless
__________________ Quote:
[23-07, 02:03] shawn79 i find that at vietnamese place they cut ur hair like they cut grass
[23-07, 02:03] shawn79 do u go to vietnamese places for haircuts
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03-03-2014, 02:00 PM
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#24 | | RS.net, where our google ads make absolutely no sense!
Join Date: Sep 2008 Location: Rmd
Posts: 924
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I'm expecting a ~ 3K refund.
Yes, while I know I overpaid in taxes, at the end of day, cash is king, and all I know is that I'll have some extra money later this month.
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03-03-2014, 02:03 PM
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#25 | | Wunder? Wonder?? Wander???
Join Date: Nov 2013 Location: Burnaby
Posts: 200
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