This week we’re excited to introduce Snippets: a short take on financial decisions and current affairs of our day to day. Long posts are great but let’s face it, we can only read so many and we can only write so much while juggling full time jobs and our personal lives. We do want, however, to offer a window into the decisions we make. Whether you agree, disagree or have advice to share, let us know if we’re doing it right or if it can be done better. Either way, do enjoy.
A recent survey conducted by Tangerine discovered that 59% of Canadians expect to receive a tax refund this year. BMO Nesbitt Burns gathers that 37% will use the refund to pay down non mortgage debt while 28% will choose to save it or invest.
We received a sizeable refund this year; over six thousand dollars, thanks to daycare credits and RRSP contributions. We’re throwing most of it into one of our TFSAs, to max out a 2014 contribution room. One down, another $5500 to go.
Are you getting a tax refund? What are you going to do with it?
I wish I was getting a tax refund but instead, I am paying $0 taxes for not having made any money last year.
Growing net worth and $0 taxes? I tip my hat to you!
We’ve done ours & received a half decent refund. Part of it paid off our life insurance plan for the year, the rest hubby & I split for our “fun” money for a while. I haven’t used much of mine, he’s went to a concert or two. 🙂
Oh life insurance, how I need to deal with you. I’d say that’s a good use of the refund. Enjoy the splurge; I’m sure it will be fun!
Speaking of time and taxes; I haven’t had any time to do my taxes this year and it’s looking like I’m going to be late filing for the first time ever. I tried to hire an accountant this year to help me mostly with the business side of things but it ended up being expensive, which I was ok with, but the time I would have to spend didn’t look like it was going to drop significantly and the person I was dealing with didn’t make their value proposition clear so I felt I was better off doing it myself this year.
I can’t say I love taxes. I don’t mind paying them for the services I receive, but I hate the complexity surrounding them and the time I need to invest just to give the government my money and to spend even more money if I want someone to help me do them. I’d much prefer a simplified taxation system that required no work on my part and I just gave my share of the money to the government. I know it isn’t that simple, but I wish it was!
I think you may just be in luck. The advent of the heartbleed bug should mean that you may have a little extra time to get your ducks in a row. You may not be late after all. Our taxes aren’t particularly complicated but I have a sneaking suspicion that I’ll likely end up on your side of the fence once I need to spend more time trying to figure out how to get back my hard earned money.