bank question
15-Jul-2003, 12:58 PM
#43
Registered User
Join Date: Apr 2002
Location: slingin' blow on the corner
Posts: 2,027
Originally posted by bbarbulo
Kevin, if you invest $1000 for one year at 5% elsewhere, you get $50 at the end of the year... that's over 12 months $4.16 in interest.... soooooo, you are giving up the possibility to make $4.16 monthly by leaving the money with the bank... however, it ALL charges are waived and you do a lot of banking, that's a pretty good deal.
Kevin, if you invest $1000 for one year at 5% elsewhere, you get $50 at the end of the year... that's over 12 months $4.16 in interest.... soooooo, you are giving up the possibility to make $4.16 monthly by leaving the money with the bank... however, it ALL charges are waived and you do a lot of banking, that's a pretty good deal.
15-Jul-2003, 01:02 PM
#44
Registered User
Join Date: Jun 2002
Location: Toronto
Posts: 250
Originally posted by 90EFHB
And that is not $50......remember Interest income is taxed at 100% so if your tax rate is 50%....you only really have $25......makes better sense to leave it there and avoid the service charges.
And that is not $50......remember Interest income is taxed at 100% so if your tax rate is 50%....you only really have $25......makes better sense to leave it there and avoid the service charges.
i've never reported my annual interest...and i've always made 30-60 bucks a year
and secondly if your tax rate is 50% the LAST thing u need to worry about is 5 bucks a month
15-Jul-2003, 01:12 PM
#45
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Join Date: Apr 2002
Location: slingin' blow on the corner
Posts: 2,027
Originally posted by sanjay
it's not REAALY taxed tho
i've never reported my annual interest...and i've always made 30-60 bucks a year
and secondly if your tax rate is 50% the LAST thing u need to worry about is 5 bucks a month
it's not REAALY taxed tho
i've never reported my annual interest...and i've always made 30-60 bucks a year
and secondly if your tax rate is 50% the LAST thing u need to worry about is 5 bucks a month
b. How do you think a 50% tax bracket doesn't care about $5?
Being in a tax bracket says nothing about whether you are rich or not. Now if you are stating rich people don't care I beg to diff as they got rich by being smart....not pissing money in the wind
15-Jul-2003, 01:20 PM
#48
Item writeoff is pretty restircted... tuition left over from last year... and that's it 
Is pimpin a legitimate business that I can write off stuff on? Cuz then I can amortize my chomed out Gatt and my bling, maybe even write off the caddy 
****, I'm so desperate... need a decent accountant to help with tax planning. And yes, I'll pay for the services, ain't **** free deez days...
Is pimpin a legitimate business that I can write off stuff on? Cuz then I can amortize my chomed out Gatt and my bling, maybe even write off the caddy ****, I'm so desperate... need a decent accountant to help with tax planning. And yes, I'll pay for the services, ain't **** free deez days...
15-Jul-2003, 01:50 PM
#49
Senior Member
Join Date: May 2003
Location: Ontario
Posts: 18,367
Do your parents own business? Or they are employees at a company? Ya if they own business they can write off a lot of stuff, like cars and food (like lunch and dinner), gas and stuff. Stuff that can be related to the business...
Or you could pimp out Neil, just don't give receipts LOL
Or you could pimp out Neil, just don't give receipts LOL
15-Jul-2003, 01:51 PM
#50
Registered User
Join Date: Apr 2002
Location: Cayman Islands
Posts: 1,172
Has anyone read my thread in the TCC EXCHANGE?
Oh look here it is: http://www.torontocivics.com/tccforu...threadid=26030
Sorry it's in the member's lounge for those of you who don't have access.
You can tax shelter life insurance and get a good break there. You can also claim medical expenses and get a tax break there as well.
Got any nieces or nephews or cousins? Why not open an In-Trust for Account for tax deferral purposes. Hehe!!
Oh look here it is:
http://www.torontocivics.com/tccforu...threadid=26030 Sorry it's in the member's lounge for those of you who don't have access.
You can tax shelter life insurance and get a good break there. You can also claim medical expenses and get a tax break there as well.
Got any nieces or nephews or cousins? Why not open an In-Trust for Account for tax deferral purposes. Hehe!!
15-Jul-2003, 02:02 PM
#51
Registered User
Join Date: Aug 2002
Location: Toronto
Posts: 507
register a bussiness, even if it brings in less money than you claim in expenses on you return, they give you the money back for other income you may have had like a regular job. The bussiness just has to have "a reasonable expectation of profit" I registered a bussiness that sells pets and suplies, and I can write of 10,000 in expenses, but only bring in 1,000 in revenue. That means I pay tax of 15% on 1000 and get back 40% of 10,000 if my marginal tax bracket is 40%
15-Jul-2003, 02:04 PM
#52
Senior Member
Join Date: May 2003
Location: Ontario
Posts: 18,367
Or just buy a **** load of RRSP before tax season. Even though it is limited, it still helps. I didn't buy enough last year and I ain't getting paid for my GST Refund this year cause my income went over the bracket!
That's 81 bucks for every 3 months! Money is money and I just lost 324 dollars!
That's 81 bucks for every 3 months! Money is money and I just lost 324 dollars!
15-Jul-2003, 02:16 PM
#53
Ya, problem is coming up with a viable business that will pay for itself yet allow for tax deductions... hmpfff I had a business too long time ago "Street Presence" to sell ricer ****... back in 1998/1999. Maybe I should take up that venture again. Problem is getting someone to supply stock w/o having to do the $15,000 buy in that Keystone now wants last time I heard.
15-Jul-2003, 05:29 PM
#55
Registered User
Join Date: Jan 2003
Location: on a race track
Posts: 17,846
bbarbulo speaketh to ElectronBlue...... she is a forcloser accountant of some sort ....I think I have no clue what shes does other then work as some sort of accountant doing a job I find interesting but can't remember.... and no I have not be drinking again....
