About Me

Friday, March 25, 2011

Income Tax Time! Where to put it?

I gathered my forms and receipts to give to my dad who does my income tax. I told my parents the amount of income tax I paid and what I earned and they said that I will likely end up owing this year because so little income tax was taken off from my rec centre job ($14 total for 2010!).

I used one of those online estimators where you plug in some of the numbers on your forms and it showed that I was going to OWE just over $3600.

I was scared. However I also knew I had some saved up tuition credits and student loan interest so knew it would be at least slightly under that amount. Geeze, that would be half of my TFSA I'd have to pay!

Anyway, my dad filed my taxes and I ended up with a return of about $2000. Close to what I received last year. However now I have hardly any tuition credits or student loan interest credits left for next year so I will likely end up owing next year if I don't ask my employers to take off more income tax each pay period.

But now the "fun" part comes, what to spend it on?!?! I think I'll just end up saving most of it. I THINK I'm going to put $1000 into an RRSP, $500 to TFSA, $150 to Christmas, $100 to Computer Fund, and $150 to Travel Fund. There will still be about $100 leftover so that will go toward the necklace I've been wanting lol.

Hope it's delivered soon!

3 comments:

  1. I got about $7000 back this year. Because of a few extra deductions, I get the majority of my income tax back. Most of mine went to credit card debt, but I did leave a little bit back to go shoe shopping. My favourite black sandals that I have worn for 2 summers have bit the dust. In the summer, I wear sandals or bare feet...I dispise socks, lol.

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  2. That's a very nice return!!!

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  3. That's an awesome return. You can get that necklace you want finally now. :D

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