• Hi Guest: Welcome to TRIBE, the online home of TRIBE MAGAZINE. If you'd like to post here, or reply to existing posts on TRIBE, you first have to register. Join us!

your 2005 tax refund

Lovely N Amazin

TRIBE Member
are you getting one? if so, saving or splurging? on what?

i hope to be getting back $2400. i'm putting the 2K in my ing account and converting the rest into euros for an unexpected trip to holland.


and you?
 

acheron

TRIBE Member
If you're getting that much back you either made a mistake or the government did.

I'm looking at about $1500 coming back but mainly because of an accounting error my company made when they switched paycheque companies mid-year.

oh, and I'm buying myself a new lens with part of it - but the rest is going toward the mortgage.
 

SJN

TRIBE Member
acheron said:
If you're getting that much back you either made a mistake or the government did.
um, NO

There are a myriad of reasons why someone might get that kind of return ($2K is actually a pretty small return). RRSP contributions, student credits, moving expenses, the list of possibilities is huge....
 

PRIMAL

TRIBE Member
SJN said:
um, NO

There are a myriad of reasons why someone might get that kind of return ($2K is actually a pretty small return). RRSP contributions, student credits, moving expenses, the list of possibilities is huge....

I've never even got close to that number. Screw you H&R Block. I need a real accountant.
 

SJN

TRIBE Member
obviously, it depends on a lot of factors....not least of which is how much you actually earn ($2k is a lot if you only earn $20k/yr, but not if you earn $100k/yr)...point is, returns are not just generated becuase of a "mistake" at some point during the year -- far from it actually
 
tribe cannabis accessories silver grinders

acheron

TRIBE Member
SJN said:
um, NO

There are a myriad of reasons why someone might get that kind of return ($2K is actually a pretty small return). RRSP contributions, student credits, moving expenses, the list of possibilities is huge....
Point being why would you allow the government to be your savings account and let them keep the interest on that much money? That's what I mean by a mistake.
 

skin deep

TRIBE Member
SJN said:
um, NO

There are a myriad of reasons why someone might get that kind of return ($2K is actually a pretty small return). RRSP contributions, student credits, moving expenses, the list of possibilities is huge....
Yeah, I've head of some people getting massive returns, just due to the way their HR dep't does taxes.

To be honest $2,000 - $3,000 on a tax return is considered low-end. I'm not saying that a tax return of that amount isn't nice, because it certainly is... but in my opinion, once you start getting "normal" tax returns [>$5000] you suddenly realize what you were missing before.
 

SJN

TRIBE Member
acheron said:
Point being why would you allow the government to be your savings account and let them keep the interest on that much money? That's what I mean by a mistake.
seriously, you have no idea what you're talking about
do you understand how RRSP's and tax deductions work?
 

Muffin

TRIBE Member
SJN said:
um, NO

There are a myriad of reasons why someone might get that kind of return ($2K is actually a pretty small return). RRSP contributions, student credits, moving expenses, the list of possibilities is huge....
you can deduct moving expenses?
 

Lovely N Amazin

TRIBE Member
acheron said:
If you're getting that much back you either made a mistake or the government did.
ha! my employer fucked up. i had that much taken off my contract for the summer when i switched to full time. because i was paid in a lump sum, that obviously meant i got paid that every two weeks, right? :rolleyes:

i barely earned $13 000 for the whole year ... i still don't sympathize with rich people who bitch and moan about high taxes but it's pretty disconcerting to see that amount of money vanish from your pay stub. i'm just happy to be getting it back.
 
tribe cannabis goldsmith - gold cannabis accessories

badkitty

TRIBE Member
obviously he doesn't.

anyways, the year i got my largest return so far was from the tuition carry forward.

now that that's over with i'm not expecting much.

maybe a tad, because i did make an rrsp contribution for the first time.

i'll probably squander it unwisely.
 

Lovely N Amazin

TRIBE Member
acheron said:
Point being why would you allow the government to be your savings account and let them keep the interest on that much money? That's what I mean by a mistake.
for me and all my broke friends, the govt can keep whatever interest it makes on 2K. granted we could learn to be more disciplined with our savings but ccra is still the best savings vehicle we have.
 

--[Zirca]--

TRIBE Promoter
Lovely N Amazin said:
i still don't sympathize with rich people who bitch and moan about high taxes
I don't follow how people get pissed off/bothered at people who do well for themselves. They have just as equal rights to be as mad as someone who makes less. It's pretty annoying when a min. of 30%+ of your pay goes to taxes. I understand why this is, but please... the primary driver for one's success/failure is yourself - the end.
 
tribe cannabis accessories silver grinders

Lovely N Amazin

TRIBE Member
how does the fact that i don't earn a lot of money mean that i'm not doing well for myself or that i'm bothered that someone else is? you claim to understand the intent behind progressive taxation but i still don't get the point of your post.
 

acheron

TRIBE Member
Of course everyone has exceptional years and you sometimes can't predict things like, say, a boon that allows you to invest more in your RRSPs, etc... But what I mean by allowing the government to earn interest on your money, and we all do it to a certain degree, is that with proper organization, you can prevent that from happening and maximize your earning power on money that should be yours until the government gets a hold of it at tax time. So for instance I have a co-worker who changed the withholding on his paystub to $0 (CPP and EI excepted) and he invests the money that would have been withheld in the meantime, and pays the full nut at tax time.
 
tribe cannabis goldsmith - gold cannabis accessories

Caz

TRIBE Member
i can't wait for mine, I'm thinking of getting metal legs.

It's a risky operation but it will be worth it.
 

SJN

TRIBE Member
acheron said:
So for instance I have a co-worker who changed the withholding on his paystub to $0 (CPP and EI excepted) and he invests the money that would have been withheld in the meantime, and pays the full nut at tax time.
Very few people have the resources or financial acuity (or would get substantial benefit) to plan their fiscal year in this way -- nor is it practical for many people (e.g., people whose pay is variable throughout the year, or move in an out of the workforce). On top of that, this can be a very dangerous thing to do -- without discipline, people who "under pay" their taxes during the year can find they get to the end of the year, now need to "true up" their taxes, and have squandered the money they set aside for this purpose.
 
Last edited:

the_fornicator

TRIBE Member
I really couldn't say how much I'm getting back. I always hope for about a grand, but last year I got a whopping $75.

if I do get a good chunk this year (which I should), it's going straight towards debt.
 
tribe cannabis goldsmith - gold cannabis accessories
Top