rjngo

^ do you have rrsp? it makes a difference once you have one...trust me

nashall

i got back 1400 and some change, but i owed 1200 for some missed t4's in 2004...so that really pissed me off cause i had to pay it with my refund..but oh well

imported_italstallion

no i have a resp though

imported_damdam

im lucky to get any....hahahaha

rjngo

what's resp? is it the same as rrsp?

imported_360_vortex

Registered Education Savings Plan = RESP

Registered Retirement Savings Plan = RRSP

no they are not the same

imported_badkarma

$1000 from 5 months of sitting on my *** at work!!! now I can finish my project. MUHAHAHAHAHA and im only 18!!!!

spracingsports

$400 here

imported_EK2NV

Im getting back almost $1400,i sent my tax return in the mail about 3 weeks ago,how much longer do you think i have to wait to get my cheque?

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

imported_gatherer

I got 450 back ...

imported_xray

Me = 4600 and change.
Mrs. = 6400 and change.

Me =
Mrs. =

imported_gatherer

look on the bright side...

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

electronblue

iTrader: (1)

How old are you?? I have an RESP for my 7 year old.

(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).

electronblue

iTrader: (1)

BTW, I'm not an investment advisor, nor a tax planner ... so don't ask.

imported_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?

electronblue

iTrader: (1)

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.

rjngo

michelle - nicely done! well you sounded like advisor there

J-SKI

WELL my taxes were done and with the travel allowance form i mentioned on pg 1 I got back $2041.01 and unlike mdonalds, I'm loving it!!!

can't wait till next year to do it again.

imported_SilverSleeper

Yeah my parents set up one when I was a kid. My aunt did the same thing but its not for education, I guess its a trust fund or something.