Tax Return

[Surfbum84]

What did ya get? I got just shy of $11,000 which isn't too bad. What are ya gonna do with ur return? I'll probs just dump mine fully into RRSP's so I max out the amount I can contribute yearly...which then allows me this large tax return again next year.

It's pretty easy to get ahead in today's world if you manage your money efficiently.

 

[Keebler Elf]

How much does your RRSP cap go up each year?

 

[calloway]

I'd rather hobby consistently throughout the year by having less tax taken off my pay cheques instead of waiting once a year for a refund in order to have fun.

 

[Surfbum84]

I'm not self-employed. I'm in sales for a Fortune 500 company. Every year I just max out my RRSP's...do some other legal deductions that us salespeople can do...and go from there!

 

[SandStorM]

What did ya get? I got just shy of $11,000 which isn't too bad. What are ya gonna do with ur return? I'll probs just dump mine fully into RRSP's so I max out the amount I can contribute yearly...which then allows me this large tax return again next year.

It's pretty easy to get ahead in today's world if you manage your money efficiently.

11 k ? Is this guy serious ? Then my accountant sucks .. How can sum1 get 11k return ?

I barely even 1 k .. Sheesh !

 

[Rockslinger]

Hey guys, be careful if you file too early. Last year, I completed my return in mid-March and was so proud of myself. Just as I was ready to mail it, a stupid late T3 slip arrived and I had to redo all my calculations.

Query: Do you guys file paper or electronically?

 

[stang]

Live for the moment, go to Vegas.

 

[Rockslinger]

I'm not self-employed. I'm in sales for a Fortune 500 company. Every year I just max out my RRSP's...do some other legal deductions that us salespeople can do...

$11,000 is too large a refund. It means you were excessively withheld tax during the year. Speak to your HR department and ask them if they can reduce your tax deductions at source for stuff like RRSP's, auto expenses, Maple Leaf tickets, alimony, etc.

 

[ang]

I have not done my taxes yet, but last year I owed just over $13,000, ya and before anyone makes comments, I am self employed, straight comission. This year was my best year in 20 years, so I hate to see what I owe this year, good thing I do installments throughout the year, it lessons the blow.

I also max out every year and do LSIF for extra credits (30%), and this year there is alot of medical for a family member so that will help out too.

 

[Surfbum84]

See, I get my base salary which is taxed that the proper rate. But then when I get commissions and bonuses, they are taxed at the highest marginal rate. WHen you max out your RRSP's...then write off legitimate expenses such as phone and meals and supplies, $11,000 isn't that hard to get.

The key is to have a GOOD accountant who knows your industry and what you can get away with.

 

[Rockslinger]

Just send in the late T3 slip with a letter to CRA stating so and that you'd like them adjust your filed return accordingly.

Or....you can fill out a T1-ADJ form just for the change (the form won't show a re-calculation of your bottom line net or taxable income, or taxes payable) and send it in. CRA will do the rest.

I thought about the above but I owe taxes so I wanted to make sure I didn't get nailed for underpayment of my taxes.

 

[ang]

..

Do you ultimately owe because you missed or underpaid your instalments?

If so, you'll get hit with instalment interest and penalties.

If that's your case, you or your accountant needs to fine tune your instalments.

CRA usually will notify you of the prescribed instalments as a guide.

If you simply owe because you earned more than what your paid instalments were based on in the previous year, you won't get hit with instalment interest & penalties.

I owed because I make to much $, with no tax deducted at source, I have a hell of alot of deductions but just not enough to bring it down that much. Like I said I paid installements last year because of the blow at the end of the year...so we'll see...I'll let you know, but I am not doing them till May

 

[King Midas]

What did ya get? I got just shy of $11,000 which isn't too bad. What are ya gonna do with ur return? I'll probs just dump mine fully into RRSP's so I max out the amount I can contribute yearly...which then allows me this large tax return again next year.

It's pretty easy to get ahead in today's world if you manage your money efficiently.

I got $5,751. It's going towards the last of my debt and the kid's tuition.