Friday, March 11, 2011

Dry Run

NA NA Na Na na na Na Na NA NA Na Na na na Na Na Tax Man!

Why I have that modified batman ditty stuck in my head, I don't know.

I've been wanting to do a dry run of my taxes for quite some time now, but I either a) didn't have the forms, or b) didn't have the time. I wanted to make sure I did it with enough time to spare so that I could set aside enough money to pay the taxes if it turned out I owed the government this year.

It looks like I don't :)

In fact it looks like I'll get almost $2000 back.

I'm ecstatically happy about this. That right there gets me half way to my emergency fund goal! By the time I get it I'll be sitting around 75% of my savings goal.

*happy dance*

This time last year, I wasn't even remotely close to being a happy camper. At. ALL.

I was working for a different company for my last set of taxes, and for whatever reason they didn't take enough taxes off of my pay cheque. Not even close! April rolled around and I was expecting quite a healthy refund. I had put THOUSANDS of dollars into RRSPs, I had the new homebuyer tax credit, I had last year's home renovation tax credit, you name it. But, even with all of that, I still owed the government money.

You did NOT want to be in the room with me when I worked that out.

Come to think of it, my face was about the same shade of purple as the sweater I'm wearing right now. Interesting.

Either way, it looks like this year won't be as painful. I really needed that. THANK YOU accounting department.


Money Rabbit said...

Good for you!!!! That's so exciting. I'm so nervous about what mine is going to look like, still awaiting two forms. I'm praying to God that I don't owe them money, but I'm pretty sure that with my leftover tuition/textbook amounts, I'll be free and clear. I'd be happy just to not owe, even if I don't get any money back.

The Asian Pear said...

That is awesome. Yay!

On a side note tho... What is your emergency savings goal?

Dolly Iris said...

I'm hoping I wont owe this year but I've got a sick feeling about it. We'll see. I actually have the last two years to file for and one Australia return in June. Ugh

Yay for getting so close to your Efund goal!

Cassie said...

@Money Rabbit - Net neutral is always better than owing! I hope you don't owe anything this year.

@Asian Pear - My goal is currently $4000. I set it last month when the layoffs went around. I'll go back to focusing on my debts once I have that set aside.

@Dolly Iris - My boyfriend is behind a couple years in filing too. I'm trying to convince him to use my tax software to catch up this year.