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Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

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Old 02-28-2014, 12:16 PM   #1
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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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Old 02-28-2014, 01:09 PM   #2
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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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Old 02-28-2014, 01:16 PM   #3
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Closest to $0 wins $348 here.

Without going under
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Old 02-28-2014, 01:33 PM   #4
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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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Old 02-28-2014, 01:41 PM   #5
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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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It would be aorund like 0 if I haven't purchase RRSP so I guess is free money?
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Old 02-28-2014, 04:14 PM   #6
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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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Old 02-28-2014, 04:16 PM   #7
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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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Old 02-28-2014, 04:19 PM   #8
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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.
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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Old 02-28-2014, 04:45 PM   #9
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Quote:
Originally Posted by Mr.HappySilp View Post
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

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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.
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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Old 02-28-2014, 06:43 PM   #10
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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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Old 02-28-2014, 11:38 PM   #11
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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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Old 03-01-2014, 12:14 AM   #12
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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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Old 03-01-2014, 12:15 AM   #13
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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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Old 03-03-2014, 11:49 AM   #14
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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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Old 03-03-2014, 11:58 AM   #15
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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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Old 03-03-2014, 12:05 PM   #16
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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.
X2 but I am predicting a return of 3k

Muneys I will not see as it will go back in.
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Old 03-03-2014, 12:22 PM   #17
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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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Old 03-03-2014, 12:31 PM   #18
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Paid wayyy too much taxes last year!
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Old 03-03-2014, 12:51 PM   #19
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Yeah I have yet to file mine as well
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Old 03-03-2014, 01:06 PM   #20
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I paid $90... DAMN
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Old 03-03-2014, 01:23 PM   #21
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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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Old 03-03-2014, 02:49 PM   #22
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Quote:
Originally Posted by eddy89 View Post
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.
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[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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Old 03-03-2014, 02:50 PM   #23
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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
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[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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Old 03-03-2014, 03:00 PM   #24
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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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Old 03-03-2014, 03:03 PM   #25
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HR Block has free tax software
https://www.hrblock.ca/services/tax_...x_software.asp

Same with Studio Tax
StudioTax - Canadian Personal Income Tax Software
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