Income Tax In!!

I got the mail today and I received my new mastercard. It includes the pay pass and the chip. It's pretty cool haha. Also in the mail was my income tax cheque!

Grand total of $2037!!!! How sweet is that? So I went to the bank to deposit the cheque. I was hoping the bank would still be open so that I could withdraw a large chunk of that cheque but it was closed so I had to go to the machine and they would only let me withdraw $1000.

That money is going toward my E-fund. If I have time tomorrow I will withdraw another $500 and totally fund it. I also transferred another $75 to Christmas/Gifts, $100 to TFSA, and $250 to Travel. I also want to take BF for supper this weekend. He has paid for a lot of dates lately. Annnnnd that will pretty much take care of my entire income tax return. Sure easy to get rid of money, but I feel it's going to responsible places. April has been a great month so far!

Now to update those side bars!

Added To The Funds

Today I put $150 to the Christmas/Gift Fund which brings me up to 87%. However I am going to withdraw about $200 shortly to purchase a wedding gift for my university roommate.

I also put $175 toward the Travel Fund which brings me up to 90%. I want to bring more than $500 though since I am beginning to think that may be a low number for a 3 week vacation. I am going to aim for at LEAST $700. If I come back with money that will be great to keep in the travel fund, but if I spend more than $500 I at least know I am covered.

My dad also did my income tax today and he said that I should be getting a pretty good return. He did not give me exact numbers so I'm not exactly sure what that means right now but I'm hoping it will help me contribute to the debt and funds! I'm just glad I don't OWE money!!

T4s Coming In

I have now received both of my T4s, and have received my interest on OSAP. I think that is all I have for tax time to come in. I am now wondering if there is a way to estimate what my income tax return will be. Any ideas? In 2008 I only worked 6 months and received a little over $400 back. In 2009 I worked 12 months so I'm hoping for more back this year. I'm anxious for it to come in to make some dents in debt repayment. I just hope I don't end up OWING money.

Are there any ways to estimate this before my taxes are all filed?

HST in Ontario...Hated Sales Tax??

That's what some people are saying.

I'm still not too sure what this means for us. But in Ontario the GST (5%) and the PST (8%) is going to be harmonized into ONE tax of 13%. Apparently this will create more jobs over the next 10 years, however it will also create more tax on somethings such as gas, funerals, haircuts, home heating fuel, and cable. This will take effect July 1, 2010.

For those of you from BC, you are also going to merge your PST and GST starting July 1st.

Things only subject to 5% GST include books, kid's clothes, footwear, diapers, kid's car seats/booster seats, and feminine hygiene products.

People that buy newly built homes under $400,000 will not be subject to extra tax. Buyers of new homes between $400,000 and $500,000 could claim a proportional rebate.

PST on hotel rooms is going to be 8% (instead of 5%) and is going toward marketing tourism in Ontario tourism regions.

Businesses will be given some credit from the government if they have to change their accounting systems.

As part of the proposed sales tax reform, cash payments would be provided to Ontario tax filers, in each of June and December 2010, and June 2011.

• Eligible families with income of less than $160,000 would receive 3 payments totalling $1,000.
• Eligible individuals who earn less than $80,000 would get 3 payments totalling $300.
• To qualify for the 2 payments in 2010, a 2009 tax return would have to be filed.
• To qualify for the 2011 payment, a 2010 tax return would have to be filed.

If this applies to you, make sure to do your taxes this year and next! I'll take it!

I'm not sure whether I like it yet or not, I just don't know enough about it. It seems fairly similar for things, 13% either way on most things.

Good news, it doesn't apply to coffee and donuts. Woohoo!