Tax Refund
#73
Originally posted by jcrelaj
Screw all you ****ers who are getting money back..****in hell.
Im getting back a measly $11.00 and some change from the tightass government!
That wont even buy a replacement wiper blade for my car
Screw all you ****ers who are getting money back..****in hell.
Im getting back a measly $11.00 and some change from the tightass government!
That wont even buy a replacement wiper blade for my car
at least you arn't paying any money... my Dad is getting back 15 dollars... not a lot but he looks at the bright side
#74
Originally posted by italstallion
no i have a resp though
no i have a resp though
(definitions are given above)
RESP is not an income related savings plan, it is not tax deductible, but the holder only needs to pay tax on the interest income. The government adds 20% of your contribution to these plans, up to $400 per year. However there is a 20 year limit, where you need to be registered in a post secondary education program or that goverment contribution has to be paid back. Some RESP programs are a rip off, where if you don't go to post secondary you lose all interest earned over the years.
RRSP is related to income, you are allowed to put in 18% of your yearly income (it can also be retroactive for the years you have not contributed), you deduct the amount from your tax return and you are not required to pay tax on that portion. However, when you cash out the RRSP (except when using it for home buying and making appropriate repayments) you are required to pay tax on the entire amount at your current taxable rate. Basically the purpose of RRSP is a tax defferal, not avoidance. You are supposed to be saving it in your high income years (when your tax rate is high) and cashing it out when you are old (mostly in the form of a RRIF) at a lower income time when your tax rates are lower. Make sure your investments have a beneficiary in case of death (or bankruptcy), this deems them as insurance and do not fall to the estate for either probate or creditors.
RRIF = registered retirement income fund, All RRSP's are required to be converted to this by your age of 70. This is where you take payouts based on monthly, yearly, ect. payment schedule.
BTW I owe tax around this time every year (but I do not pay throughout the year).
#77
Originally posted by italstallion
lol i'm 19 my moms had a resp for me since i was very young, so now i dont pay for school.....but u seem shocked should i be getting more back?
lol i'm 19 my moms had a resp for me since i was very young, so now i dont pay for school.....but u seem shocked should i be getting more back?
#80
Originally posted by electronblue
I don't think you should be getting more back...I was just shocked because I already had a child of my own when they instituted that program. I was shocked at how much older I am. No offence to you.
I don't think you should be getting more back...I was just shocked because I already had a child of my own when they instituted that program. I was shocked at how much older I am. No offence to you.