| EK9Hatch |
Its about that time of year again...
Are you getting a return or owing?
I'm getting a nice return and I plan on booking a trip down South here right away! :D
I haven't been down South before...so I'm ultra pumped! :)
Jamie |
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| chewy |
| I'm hoping for a huge return.. and hopefully use that money to save for another ride =) |
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| EK9Hatch |
Its nice, because I wasn't really expecting anything...and I'm getting back just over 3k :)
Jamie |
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| Talon_66 |
Im getting $4100 back...
I figure a few toys for the EVO from AMS, and a trip to Cancun :dunno: |
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| CKXtreme |
Liqour and whores.
Saving it. Well, most of it. I bought some new tires. |
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| MAPEX |
| owing 1000 bucks... |
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| GOT BOOST |
I am hoping to owe money this year! :D In fact I am sure I will be.
Mike |
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| Ruiner |
i dunno maybe some new taillights, couple pairs of FU Foglights...
i get enough back keep me happy. |
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| Ayeso |
quote:
Originally posted by GOT BOOST
I am hoping to owe money this year! :D In fact I am sure I will be.
Mike
Me as well.. if they give you money it means you overpayed all year with no interest ;) |
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| BigTrucker |
I owe big time, I'm just waiting for my accountant to give me the bad news
Anybody else here own a business? When you file to get your GST back, does the government always not return it until you pay your tax? They have always cut me the GST cheque first but this year they said they won't until they receive my payment for taxes owing in full. |
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| GOT BOOST |
quote:
Originally posted by Ayeso
Me as well.. if they give you money it means you overpayed all year with no interest ;)
ZING!!!
Another savy person on the forum! :D
Mike |
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| AuZZZie |
| How does everyone always get these fat returns.. I owe like $23.. I get back like $150 after my pissy RRSP contributions. |
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| Talon_66 |
quote:
Originally posted by AuZZZie
How does everyone always get these fat returns.. I owe like $23.. I get back like $150 after my pissy RRSP contributions.
I worked for 3 companies, grossly overpaid my EI and CPP contributions |
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| Invalid Zero |
Auzzie, there are plenty of people who work in the oil and gs industry who work for allot of money and work for lots of companies during the year. Every time they start with a new company they start paying CPP and IE from scratch, so much so that they may end up paying it 2 or 3 times over.
Also if you're working tons of overtime on shutdowns and such, you get taxed horribly. Now if you only work 6 or 7 months out of the year, you're going to get allot of that back. |
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| AuZZZie |
quote:
Originally posted by Invalid Zero
Auzzie, there are plenty of people who work in the oil and gs industry who work for allot of money and work for lots of companies during the year. Every time they start with a new company they start paying CPP and IE from scratch, so much so that they may end up paying it 2 or 3 times over.
Also if you're working tons of overtime on shutdowns and such, you get taxed horribly. Now if you only work 6 or 7 months out of the year, you're going to get allot of that back.
I didn't know that with the CPP and EI. Never thought of that. Cheers.
CPP is a joke though. Shits going to be gone by the time any of us get to cash in on it.
Reason i don't understand why my returns always suck is I get taxed HARDCORE on my OT. Would have thought i'd get that back when they realize thats not my yearly earning. |
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| Prudz_lude |
quote:
Originally posted by AuZZZie
How does everyone always get these fat returns.. I owe like $23.. I get back like $150 after my pissy RRSP contributions.
Students get most of their tax money back as well. All my friends are getting returns up in the 3-4k mark. Sadly i only get $500 |
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| bboybean |
| If I get anything back Itll probably go right to the wife.. :dunno: |
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| Prudz_lude |
| shit... i completely forgot about my infiniti t4.... i now only get $203 dollars. Just finished my taxes 5 min ago :( |
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| onestepback |
Woo! 280 bucks!
FYI, there is a government site that you can file them online for free if you earned under $20,000 last year and were a post secondary student. I will try and find the link.
http://www.ufile.ca/home/cfs.asp |
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| jordanturbo |
I will be donating it
All 1500 to the federal gov"t |
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| huntsean |
| Every year, whatever I get back, just goes into my bank savings account. In other words, just goes to regular yearly expenses & purchases. |
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| AudiInProgress |
I have no idea what I'll be getting back/owing.
I just got my T4 slip yesterday... But with my wife being in school now, and being fully dependant on me, and having no income... I think I get some breaks for that???
-rob
I guess I'd better go pickup QuickTax or something. Unless somebody has a better suggestion?
H&R block worth it? |
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| SRO_firefly1_0 |
i bought the Quick Tax premium this year, 30 bux less then it costs for Liberty tax service to do them for me.
20 minutes and i was done with another 10 minutes to file on-line... |
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| THUD |
Quick tax cause last year I left it in the hands of someone who sucked at it, and should be a few hours of math before that tallying up the year.
I gotta calculate all my hours and try to read my own wirting and get the expenses outta the way for meals and shit.
Don't really have an Idea if I get anything back cause I sliped into another bracket by a few bux, I would like to get a few bux back for the next car fund I got going. |
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| Ayeso |
| Im wagering I owe about... 4000-5000 or so... and 1600 or so in GST |
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| euro777 |
| 2 week vacation, time is booked off- just sitting back waiting for a last minute deal to jump on. |
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| AuZZZie |
quote:
Originally posted by THUD
Quick tax cause last year I left it in the hands of someone who sucked at it, and should be a few hours of math before that tallying up the year.
I gotta calculate all my hours and try to read my own wirting and get the expenses outta the way for meals and shit.
Don't really have an Idea if I get anything back cause I sliped into another bracket by a few bux, I would like to get a few bux back for the next car fund I got going.
That's when you open a GIC or make RRSP contributions. To put you back down into the lower tax bracket. That much i do know. I think..
:D |
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| onestepback |
quote:
Originally posted by AuZZZie
That's when you open a GIC or make RRSP contributions. To put you back down into the lower tax bracket. That much i do know. I think..
:D
Its past the deadline for that. Feb 29th was the late date to contribute. |
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| Prudz_lude |
quote:
Originally posted by Ayeso
Im wagering I owe about... 4000-5000 or so... and 1600 or so in GST
haha jesus cody that is insane. |
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| EEDZ |
| I know I won't get a whole lot back.. and It will most likely be stashed for next terms tuition costs. yay. |
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| newaccorddriver |
quote:
Originally posted by Ayeso
Im wagering I owe about... 4000-5000 or so... and 1600 or so in GST
you contract yourself out or something cody? usually contractors will do taxes a few times a year so it doesnt add up like that |
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| TrevorK |
| I actually get money back this year, like $2700, but that is because I already paid $10,000 in installment payments in 2007 for my extra income. |
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| cupcake |
I'm supposed to get about $4000 back this year. Something about an internship and all that jazz.
It'll probably just go into savings. There's really not much I'm looking to buy that I can't already. I guess it'll help out with the summer clothes. |
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| Driven |
| Going to bills... :mad: |
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| TrevorK |
quote:
Originally posted by AuZZZie
CPP is a joke though. Shits going to be gone by the time any of us get to cash in on it.
CPP has annual studies done on it to ensure funding levels are adequate for decades to come.
It has been determined that funding is sustainable well into the future, the last study I saw was going to 2030. |
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| Prudz_lude |
quote:
Originally posted by TrevorK
CPP has annual studies done on it to ensure funding levels are adequate for decades to come.
It has been determined that funding is sustainable well into the future, the last study I saw was going to 2030.
It is also distributed to the poorest of the poor first. If you are wealthy you won't be seeing those payments when you are older. The poor come first, then middle class, then the rich. If you are rich and make these contributions your whole life you are not going to be seeing much of it at all. I am with Auzzie on this one. |
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| Silence* |
| Going towards buying some goodies for the E36 :) |
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| TrevorK |
quote:
Originally posted by Prudz_lude
It is also distributed to the poorest of the poor first. If you are wealthy you won't be seeing those payments when you are older. The poor come first, then middle class, then the rich. If you are rich and make these contributions your whole life you are not going to be seeing much of it at all. I am with Auzzie on this one.
CPP is not restricted based on income level, so I fail to see how you can make a statement such as this.
With GIS and OAS your income level will play a role in what, if any, you receive from them. You also don't pay directly into GIS and OAS, it is government-sponsored social programs that come out of tax dollars.
CPP is completely different -> the more you put in the higher your return is (up until the maximum yearly figure) when you retire.
There is no cutoff, if you contributed then you receive, regardless of income. |
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| Ayeso |
quote:
Originally posted by newaccorddriver
you contract yourself out or something cody? usually contractors will do taxes a few times a year so it doesnt add up like that
Yes I do, I have a seperate savings account I put a chunk into every payday automatically, so yeah its nicely sorted out. I usually end up owing less then I assume.. last year was only 6000 I thought it would be around 9-10 |
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| not-boosted |
| if what i worked out is right i will owe 5800 will find out for sure on Saturday :( |
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| Geofux |
| Whatever I get back is being saved ... or spent on either of my cars, or both... we'll see. |
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| JustinL |
| I'll be looking at a fresh set of R-compounds. |
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| SRO_firefly1_0 |
i forgot to say what i was doing with my return.
new front brakes and front wheel bearings for the firefly, and maybe a new camshft too. |
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| Inzane |
quote:
Originally posted by JustinL
I'll be looking at a fresh set of R-compounds.
Didn't you just buy a new set last year? Did you burn through a set in one season? |
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| JustinL |
quote:
Originally posted by Inzane
Didn't you just buy a new set last year? Did you burn through a set in one season?
Heheh they were used when I bought them and yeah, I almost finished them off at the nissan track day :D |
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| 2ndgenlude |
| probably pay off some debt. |
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| midnite |
quote:
Originally posted by GOT BOOST
I am hoping to owe money this year! :D In fact I am sure I will be.
Mike
I wish I was in this situation too, but my RRSP carry over from last year means I get money back.
Sucks knowing that the gov't was getting interest off my money when I could have been using/investing it. |
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| JordanJ30A5 |
| Summer tires. |
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| Ayeso |
quote:
Originally posted by midnite
I wish I was in this situation too, but my RRSP carry over from last year means I get money back.
Sucks knowing that the gov't was getting interest off my money when I could have been using/investing it.
I'm glad some people here realize the downfalls of getting money back.. its not like its magic free money.. its money you would have normally had before.. they just saved it up for you and used it at no cost to them... |
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| ozzmodan |
quote:
Originally posted by Ayeso
I'm glad some people here realize the downfalls of getting money back.. its not like its magic free money.. its money you would have normally had before.. they just saved it up for you and used it at no cost to them...
Without it though the majority of people would have a hard time saving up for big purchases. The only other way most people seem to afford things is with financing.
That said, unfortunately I racked up a $6900 refund between me & my wife, in spite of having my deductions reduced. I had a lot of first time/one time deductions in 2007 that couldn't be used for the T1213. It's all going back into the RRSP, Allan Jacobs FTW! (investment nerds might get that reference)
Kyle |
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| Ayeso |
quote:
Originally posted by ozzmodan
Without it though the majority of people would have a hard time saving up for big purchases. The only other way most people seem to afford things is with financing.
That said, unfortunately I racked up a $6900 refund between me & my wife, in spite of having my deductions reduced. I had a lot of first time/one time deductions in 2007 that couldn't be used for the T1213. It's all going back into the RRSP, Allan Jacobs FTW! (investment nerds might get that reference)
Kyle
Yeah I understand that... it makes people feel like its christmas all over again :D |
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| iLLlegal |
| half for some wheels and tires for the Z and half is going towards europe this summer. or i might just use it all for europe we will see! |
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| EK9Hatch |
Some of you guys crack me up...:rolleyes:
Thinking its so damn bad to get a refund and how "smart" you are for owing the Government money.
Honestly, who really gives a shit? I got a refund for about $2,700 this year.
The only way that I would have seen a real difference if I "invested" that money else where...would be in crack or something. Putting that money into a savings account or even stocks might have gained me an extra $100 or some shit. Not a huge deal to me.
If you are getting a $95,000 refund...then yes, something is wrong. But God...a few grand is fuck all.
Jamie |
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| Ayeso |
quote:
Originally posted by EK9Hatch
Some of you guys crack me up...:rolleyes:
Thinking its so damn bad to get a refund and how "smart" you are for owing the Government money.
Honestly, who really gives a shit? I got a refund for about $2,700 this year.
The only way that I would have seen a real difference if I "invested" that money else where...would be in crack or something. Putting that money into a savings account or even stocks might have gained me an extra $100 or some shit. Not a huge deal to me.
If you are getting a $95,000 refund...then yes, something is wrong. But God...a few grand is fuck all.
Jamie
Or maybe invest in another civic since that went as well for you as would doing crack!
It may not seem like a lot.... but over 10 years thats a large amount of money....
Which could have been used for something else that could have earned money all year round. |
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| EK9Hatch |
quote:
Originally posted by Ayeso
Or maybe invest in another civic since that went as well for you as would doing crack!
It may not seem like a lot.... but over 10 years thats a large amount of money....
Which could have been used for something else that could have earned money all year round.
Thanks for making cracks at my stolen car man...thats cool. Hopefully it happens to you someday ;)
Anyways, I understand what you are saying, but fuck...within a year how much do people spend on fucking cookies, coffee's, drinking, junk food, video games, movies, etc, etc. If you would have saved that money, put it into RRSP's, it would "really add up over 10 years"
Owing the Government money instead of getting back a grand or two doesn't make you a genius or mean you belong on Wall Street.
Jamie |
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| ozzmodan |
quote:
Originally posted by EK9Hatch
Some of you guys crack me up...:rolleyes:
Thinking its so damn bad to get a refund and how "smart" you are for owing the Government money.
Honestly, who really gives a shit? I got a refund for about $2,700 this year.
The only way that I would have seen a real difference if I "invested" that money else where...would be in crack or something. Putting that money into a savings account or even stocks might have gained me an extra $100 or some shit. Not a huge deal to me.
If you are getting a $95,000 refund...then yes, something is wrong. But God...a few grand is fuck all.
Jamie
True it may only be a few hundred dollars in interest lost this year, but the cumulative effect is over the years is outstanding. I have a book at home that has an exampe of an "average person" with an "average reufund" getting "average returns" & showed how much difference there is over 30 years if you invest the amount that isn't deducted off your paycheque. It was crazy, I'll try to find it & post it up. |
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| AuZZZie |
| I'm with EK9Hatch on this.. If your pinchin pennies that bad.. That's not a terribly exciting life if you ask me. |
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| Ayeso |
How so?
If you are pinching pennies so bad that you need that "huge" return every year then that is bad to buy something nice.
I buy almost anything I want at any given time... no penny pinching here. |
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| EK9Hatch |
I was going to spend $1,000 on a trip this week...but think if I put that into an investment and save it for 30 years. :rolleyes:
Jamie |
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| Ayeso |
quote:
Originally posted by EK9Hatch
Thanks for making cracks at my stolen car man...thats cool. Hopefully it happens to you someday ;)
Anyways, I understand what you are saying, but fuck...within a year how much do people spend on fucking cookies, coffee's, drinking, junk food, video games, movies, etc, etc. If you would have saved that money, put it into RRSP's, it would "really add up over 10 years"
Owing the Government money instead of getting back a grand or two doesn't make you a genius or mean you belong on Wall Street.
Jamie
It has happened to me more then once. Thank you, so I know all about it.
I agree if you saved every dime you would be much richer but my point is... 100$ cheque to save or invest is easy because its a small amount. When you get a return of 2k or more you feel the need to blow it and not save it.. see what im getting at here? |
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| AuZZZie |
quote:
Originally posted by Ayeso
How so?
If you are pinching pennies so bad that you need that "huge" return every year then that is bad to buy something nice.
I buy almost anything I want at any given time... no penny pinching here.
How is gettin a big return pinchin pennies?
You don't notice that money through the year.. It's nice when tax time comes to get an unexpected couple of grand in your lap.. Do you need it? Maybe not..
But if a stranger walks by you and gives you $3000 your gonna be thinking that was a good day.. |
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| Ayeso |
| I know... it doesnt effect me much but all those people that i know who struggle pay cheque to pay cheque would do quite well with another 100-200 per cheque.. thats my point. it doesnt effect people who make more money as much as the people who struggle |
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| GOT BOOST |
You end up paying the money in taxes regardless. Why would you want to wait a year to get money owed to you in the first place? You are always better off coming out with no return or owing money.
Think about it, is the Gov’t going to pay you interest, dividends, or give you capital gains on your money that you over paid in taxes?
I tell you what.. Why don’t you give me $2700.00 and I will give it back to you in a year with no interest, or no further gain to you. Mean while, I will take that $2700.00 and do something with it and make a few gains.
Lets look at what you are up against here.
1) Inflation eroding your purchasing power of that $2700.00
2) The fact that you just gave me $2700.00 of your money and now you will be excited to get it back in a years time with no gain to you.
Why pay more for something then be excited to get a “return” in a years time with no benefit to you?
Give your head a shake man.
Mike |
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| ozzmodan |
quote:
Originally posted by AuZZZie
I'm with EK9Hatch on this.. If your pinchin pennies that bad.. That's not a terribly exciting life if you ask me.
Some of us don't make the $3600 an hour that is required to not make it worth the 10 mins worth of effort. You simply fill out a one page form, attach some supporting documents & set-up/change your automatic withdrawl to an investment account by the amount saved. How is that penny-pinching?
edit: for clarity |
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| EK9Hatch |
quote:
Originally posted by GOT BOOST
You end up paying the money in taxes regardless. Why would you want to wait a year to get money owed to you in the first place? You are always better off coming out with no return or owing money.
Think about it, is the Gov’t going to pay you interest, dividends, or give you capital gains on your money that you over paid in taxes?
I tell you what.. Why don’t you give me $2700.00 and I will give it back to you in a year with no interest, or no further gain to you. Mean while, I will take that $2700.00 and do something with it and make a few gains.
Lets look at what you are up against here.
1) Inflation eroding your purchasing power of that $2700.00
2) The fact that you just gave me $2700.00 of your money and now you will be excited to get it back in a years time with no gain to you.
Why pay more for something then be excited to get a “return” in a years time with no benefit to you?
Give your head a shake man.
Mike
Mike, seriously...its $2,700 dude. Not $270,000
How much do you seriously think you could gain off of $2,700 in one year? a few hundred? Big deal.
Seriously, a couple hundred means nothing to me and I couldn't care less. And I actually like having a nice little surprise at the end of the year.
Believe me, I HAVE investments... But I'm just giving my point of view on getting a couple grand back at the end of tax season. Imo, its not a big deal.
Everyone is entitled to their own opinion...so say what you will.
Like I said before, to get any real, short term gains for a few grand....you would need to invest in something illegal :p
Anyways, back on topic please!
I'm not putting my return into my RRSP's I'm using it for an all inclusive vacation and getting drunk on the beach! :thumbup:
Jamie |
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| AudiInProgress |
quote:
Originally posted by GOT BOOST
You end up paying the money in taxes regardless. Why would you want to wait a year to get money owed to you in the first place? You are always better off coming out with no return or owing money.
Think about it, is the Gov’t going to pay you interest, dividends, or give you capital gains on your money that you over paid in taxes?
I tell you what.. Why don’t you give me $2700.00 and I will give it back to you in a year with no interest, or no further gain to you. Mean while, I will take that $2700.00 and do something with it and make a few gains.
Lets look at what you are up against here.
1) Inflation eroding your purchasing power of that $2700.00
2) The fact that you just gave me $2700.00 of your money and now you will be excited to get it back in a years time with no gain to you.
Why pay more for something then be excited to get a “return” in a years time with no benefit to you?
Give your head a shake man.
Mike
:bowdown: |
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| 2ndgenlude |
| last year i recieved 2.10 or something. it was a good year. people just look forward to it just for a big expendable check. some people even take off extra taxes so their refund is bigger. i guess its a gov savings plan if your looking forward to a big return every year. even if the gov was using your cash for free :P |
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| GOT BOOST |
quote:
Originally posted by 2ndgenlude
last year i recieved 2.10 or something. it was a good year. people just look forward to it just for a big expendable check. some people even take off extra taxes so their refund is bigger. i guess its a gov savings plan if your looking forward to a big return every year. even if the gov was using your cash for free :P
Then why not stick your money in a sock under your bed? Every month, jam in another $150.00. Every April take out the sock and you can say OMG!!! I just found $1800.00 under my bed?
Same thing. :D
Mike |
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| JustinL |
quote:
Originally posted by GOT BOOST
I tell you what.. Why don’t you give me $2700.00 and I will give it back to you in a year with no interest, or no further gain to you. Mean while, I will take that $2700.00 and do something with it and make a few gains.
I see what you are saying, and your example is oversimplified to prove a point. I just want to point out the fact that you don't pay $2700 in a lump sum at the beginning of the tax year. If you did that as suggested at 4% interest (risk free) you would get $108 in interest (taxable income).
In reality most tax payments are made bi-weekly... so $103.85. At 4% this would get you $52.67 in interest also taxable.
The point you are making is still valid in that $52.67 is better than zero. |
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| Supra_devil |
quote:
Originally posted by GOT BOOST
You end up paying the money in taxes regardless. Why would you want to wait a year to get money owed to you in the first place? You are always better off coming out with no return or owing money.
Think about it, is the Gov’t going to pay you interest, dividends, or give you capital gains on your money that you over paid in taxes?
I tell you what.. Why don’t you give me $2700.00 and I will give it back to you in a year with no interest, or no further gain to you. Mean while, I will take that $2700.00 and do something with it and make a few gains.
Lets look at what you are up against here.
1) Inflation eroding your purchasing power of that $2700.00
2) The fact that you just gave me $2700.00 of your money and now you will be excited to get it back in a years time with no gain to you.
Why pay more for something then be excited to get a “return” in a years time with no benefit to you?
Give your head a shake man.
Mike
you say that same thing every year, but you know damn well that some peoples work doesn't allow to easily setup our taxes like that. |
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| Lukesky |
quote:
Originally posted by GOT BOOST
You end up paying the money in taxes regardless. Why would you want to wait a year to get money owed to you in the first place? You are always better off coming out with no return or owing money.
Think about it, is the Gov’t going to pay you interest, dividends, or give you capital gains on your money that you over paid in taxes?
I tell you what.. Why don’t you give me $2700.00 and I will give it back to you in a year with no interest, or no further gain to you. Mean while, I will take that $2700.00 and do something with it and make a few gains.
Lets look at what you are up against here.
1) Inflation eroding your purchasing power of that $2700.00
2) The fact that you just gave me $2700.00 of your money and now you will be excited to get it back in a years time with no gain to you.
Why pay more for something then be excited to get a “return” in a years time with no benefit to you?
Give your head a shake man.
Mike
I totally agree with Mike on this...
However, just for fun...
The only thing with that 2700 in tax Mike, is that it doesn't accumulate all in one shot. It's over time. If you get paid every two weeks, then with 2700 tax back, that means you were over taxed by 103.85 every paycheque.
Yes to grab 2700 bucks and invest it for a year would be alright.. but to start with $103 and go and go and go... after a year you really wouldn't be getting much out of it.
In the other sense... if every person in Canada pays that much over, then the Gov't can invest and get a huge amount back in that year... so if you hate the Gov't, then overpaying sucks.
Luke |
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| ozzmodan |
quote:
Originally posted by Supra_devil
you say that same thing every year, but you know damn well that some peoples work doesn't allow to easily setup our taxes like that.
How so? |
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| JustinL |
quote:
Originally posted by Lukesky
The only thing with that 2700 in tax Mike, is that it doesn't accumulate all in one shot. It's over time. If you get paid every two weeks, then with 2700 tax back, that means you were over taxed by 103.85 every paycheque.
Yes to grab 2700 bucks and invest it for a year would be alright.. but to start with $103 and go and go and go... after a year you really wouldn't be getting much out of it.
Didn't read my post eh? :) |
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| Lukesky |
AH! You're right.. it's the exact same thing Lol.
My bad :dunno:
Luke |
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| dwarfy123 |
| Hey guys, dumb question, but this is the first year I will be doing my taxes, since I am 18 now. How do I how much I get back or owe? I have my T-4 if that matters. |
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| Prudz_lude |
quote:
Originally posted by dwarfy123
Hey guys, dumb question, but this is the first year I will be doing my taxes, since I am 18 now. How do I how much I get back or owe? I have my T-4 if that matters.
you should have been doing your taxes since you got a job. If you got your first job at say 16 then you have to take all your old t4's (should have been sent through the mail to you by your previous employers) and enjoy some number crunching. Pray to god they taxed you correctly or over taxed you because you could end up owing taxes if they under taxed you. |
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| ozzmodan |
quote:
Originally posted by dwarfy123
Hey guys, dumb question, but this is the first year I will be doing my taxes, since I am 18 now. How do I how much I get back or owe? I have my T-4 if that matters.
You can either get tax software that'll quide you through the process (I use Genutax personally), or easier yet (but not as cheap) is just taking your T4 to H&R block & they'll figure it out. As a bonus the cost of getting your taxes prepared is in itself tax deductable.
Kyle |
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| dwarfy123 |
| Cool, thanks guys, hopefully I can dig up all my old T-4s, I have been working since I was 14... Guess I shoulda got on this earlier lol |
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| ozzmodan |
quote:
Originally posted by Prudz_lude
you should have been doing your taxes since you got a job. If you got your first job at say 16 then you have to take all your old t4's (should have been sent through the mail to you by your previous employers) and enjoy some number crunching. Pray to god they taxed you correctly or over taxed you because you could end up owing taxes if they under taxed you.
I'm guessing if he had a part-time job he would fall below the basic personal exemption, so owing tax shouldn't be a big issue. It may be useful to file taxes for those years though, you may get some money back & you can get RRSP contribution room even if you didn't owe anything.
If you have to do multiple years & aren't familiar with the process, probably H&R block would be the way to go. |
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| GOT BOOST |
quote:
Originally posted by dwarfy123
Hey guys, dumb question, but this is the first year I will be doing my taxes, since I am 18 now. How do I how much I get back or owe? I have my T-4 if that matters.
Tax it to an accountant. The fee is tax deductible. :D
An good accountant will know all the ins and outs and are well worth their money. :D
I now pay $60.00 to file my returns and for him to do it. I drop off my reciepts, T4, etc and he does it. My time is worth alot more than $60.00 an hour to do it myself. :D
Mike |
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| dwarfy123 |
| So, is all H and R block needs is the T-4? I dont really keep my reciepts. |
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| ozzmodan |
quote:
Originally posted by dwarfy123
So, is all H and R block needs is the T-4? I dont really keep my reciepts.
They can do a return with all the T-???? forms you get (usually just a T-4). Keeping receipts for certain things helps to get the most money back. Usually those things include when you have to spend money to make money, invest in a registered plan, or give money away. This is a pretty wide generalization, but I'm guessing you're not falling into any of those categories anyways.
Accountants are certainly nice to use since they have more knowledge than most "tax preparers" & are usually working at the same place year after year. For a simple return however,like yours likely is, most anyone would probably do. |
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| Prudz_lude |
quote:
Originally posted by ozzmodan
I'm guessing if he had a part-time job he would fall below the basic personal exemption, so owing tax shouldn't be a big issue. It may be useful to file taxes for those years though, you may get some money back & you can get RRSP contribution room even if you didn't owe anything.
If you have to do multiple years & aren't familiar with the process, probably H&R block would be the way to go.
True, but even under the level of exemption, that $15,XXX, if the companies you worked for under taxed you you will still owe money. Just because you make under that minimum level doesn't mean you get to skimp on your taxes. If you are under however, there is a great chance you are going to get a refund. I was simply implying that he may owe money if the companies he worked for had shitty accountants :lol: |
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| Supra_devil |
quote:
Originally posted by ozzmodan
How so?
heres a perfect example, ME, and a lot of other construction/trade workers.
some of us work for many companies a year, working different shifts, different amounts of overtime, get raises mid year, etc. i have 4-5 T4's this year, worked 5-10's on some jobs, worked 5-10's with lots of overtime on another, worked 4-10's for a while, etc. plus theres lots of times you have days off from the weather, etc. And at the same time we get RRSP contributions based on hours worked and i have union dues based on hours worked as well, both of those are deductions.
if i was working a 9-5 job for the same company all year it would be simple to figure out what to deduct so i don't get raped on taxes each cheque. |
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| kevito_ |
Everyone at work tells me to go on fuckaction after my tax return comes back... but I think I'll just buy a CB600RR with full leathers... or maybe that yellow FD
*swoons* |
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| not-boosted |
| so i guess i didn't owe by the luck of the irish but the CRA has claimed all my return :D ! hahah i get fuck all ! WOOT! |
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| AudiInProgress |
| I haven't even filed yet... |
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| Geofux |
... my parents are going to be PISSED.
I might be buying another '71 850 .. but it's a spyder... with my tax return. |
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| JoshP2002 |
I picked up my first pair of rims / tires with my tax return, although two new tires are being mounted on the rear as we speak.
I had an accountant do it for $50 - Im pretty sure H and R did the bare minimum that they could when I went. |
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| Blackout-spec |
| im getting back 1700$. its going straight to my M3 fund. |
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| oldraven |
| Mine is paying off bills. |
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| AudiInProgress |
| Still haven't filed. |
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| gtaylor |
buying new brakes for the jetta.
wasnt as big as i hoped :( |
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