Ever wonder where your tax money goes?
Wonder no more! Money Sense had a University of Calgary grad student prepare an itemized receipt so you know exactly what you're paying for!
Federal Income Tax Receipt
Doesn't that make you feel better?
Showing posts with label Taxes. Show all posts
Showing posts with label Taxes. Show all posts
Wednesday, May 4, 2011
Wednesday, April 27, 2011
Tax Time
While yesterday was pretty decent from a productivity standpoint, it was kind of a slap myself upside the head from a financial standpoint. I finally submitted my taxes yesterday.
First things first, when you do a run through, check your numbers. Don't do what I did. On my tax dry run I calculated that I would be getting about $2000 back. On my actual taxes, the number came back closer to $500. Why? Apparently the first go around I had multiplied a line by .25 rather than .15 and didn't catch it. *facepalm* Watch those buttons.
You want to see me freak out about my job search? Take about a month's worth of mortgage payments away from me. That'll do it.
At least I don't owe this year.
After fighting with the H&R Block website for a bit I got my .tax file for uploading into NETFILE. In order to use NETFILE you need your social insurance number, birth date, and a 4 digit access code that can be found on your T1 form.
Do you think I could find my T1 form? I don't even remember getting it.
So I went to "My Account" over on the CRA website. I logged in there last year, so I should be able to get my info there, right? Wrong. They've reset everyone's usernames and passwords, so you have to register again.
Fine.
I typed in my social insurance number, my birth date, my current postal code, and line 101 from last year's taxes.
ERROR!
Crap.
I tried it a couple of times to make sure I didn't screw anything up (you get 5 before they lock you out), then I called them on their help line (1-800-714-7257)
I didn't know you could get a busy signal on an 800 number. Apparently it's possible, because I got it twice.
Fortunately I eventually got through and talked to a very sweet girl on the other end of the line. I told her my problem, ran through a flurry of identifier questions, and she figured out what the problem was. My postal code was wrong.
Apparently when you file your taxes the Canada Revenue Agency doesn't actually get the address on your form, and you have to go somewhere else to update your address after moving. I think I knew that at one point, but do you think I remembered that last year when I filed my taxes? Not a chance. Fast forward: I knew that I had filed my taxes using my current address last year, so I figured everything was hunky dory this year. Meanwhile the computer data base was waiting for me to input a postal code for an address that I never even filed a tax return at.
Because, you know, that makes sense.
This really seems like something they should be teaching in high school:
"These are the government agencies..."
"They don't talk to each other..."
"This is who you need to talk to if you do these things..."
It should all come in a little booklet you get as you leave high school, whether you graduate or not. Or be taught in those career and personal planning courses they make us do. Personally, I think this would have been much more useful than drawing a tree with my goals and aspirations on it. Or at least teach us the hard stuff during the day and make us draw the tree for homework. That's my take anyway.
Thankfully the girl on the phone gave me my access code so I could log in and file my taxes, so at least I filed them on time. That's the important part right now.
First things first, when you do a run through, check your numbers. Don't do what I did. On my tax dry run I calculated that I would be getting about $2000 back. On my actual taxes, the number came back closer to $500. Why? Apparently the first go around I had multiplied a line by .25 rather than .15 and didn't catch it. *facepalm* Watch those buttons.
You want to see me freak out about my job search? Take about a month's worth of mortgage payments away from me. That'll do it.
At least I don't owe this year.
After fighting with the H&R Block website for a bit I got my .tax file for uploading into NETFILE. In order to use NETFILE you need your social insurance number, birth date, and a 4 digit access code that can be found on your T1 form.
Do you think I could find my T1 form? I don't even remember getting it.
So I went to "My Account" over on the CRA website. I logged in there last year, so I should be able to get my info there, right? Wrong. They've reset everyone's usernames and passwords, so you have to register again.
Fine.
I typed in my social insurance number, my birth date, my current postal code, and line 101 from last year's taxes.
ERROR!
Crap.
I tried it a couple of times to make sure I didn't screw anything up (you get 5 before they lock you out), then I called them on their help line (1-800-714-7257)
I didn't know you could get a busy signal on an 800 number. Apparently it's possible, because I got it twice.
Fortunately I eventually got through and talked to a very sweet girl on the other end of the line. I told her my problem, ran through a flurry of identifier questions, and she figured out what the problem was. My postal code was wrong.
Apparently when you file your taxes the Canada Revenue Agency doesn't actually get the address on your form, and you have to go somewhere else to update your address after moving. I think I knew that at one point, but do you think I remembered that last year when I filed my taxes? Not a chance. Fast forward: I knew that I had filed my taxes using my current address last year, so I figured everything was hunky dory this year. Meanwhile the computer data base was waiting for me to input a postal code for an address that I never even filed a tax return at.
Because, you know, that makes sense.
This really seems like something they should be teaching in high school:
"These are the government agencies..."
"They don't talk to each other..."
"This is who you need to talk to if you do these things..."
It should all come in a little booklet you get as you leave high school, whether you graduate or not. Or be taught in those career and personal planning courses they make us do. Personally, I think this would have been much more useful than drawing a tree with my goals and aspirations on it. Or at least teach us the hard stuff during the day and make us draw the tree for homework. That's my take anyway.
Thankfully the girl on the phone gave me my access code so I could log in and file my taxes, so at least I filed them on time. That's the important part right now.
Wednesday, March 16, 2011
I'm Dreaming
Because the last couple days have been a little stressful, I really wanted to do something light and fluffy. Something fun and semi-useless. I say semi-useless instead of useless, because this exercise can give you real insight into where your priorities actually lie. Sometimes that's just as useful as money. So, inspired by Money Rabbit's What I Would Do With $100,000, and Krystal at Give Me Back My Five Bucks' What I Would Do If I Won $1,000,000: 4 Years Later, here is what I would do if I had $100,000:
Credit Card - $4,300 ($95,700 left)
So long sucker. Like a bad ex-boyfriend, I won't miss you when you're gone.
LOC - $11,000 ($84,700 left)
This is like the annoying kid brother to the aforementioned bad ex-boyfriend. Less directly spiteful, but I'll be happy to not have to deal with it again either.
Car - $9000 ($75,700 left)
I still plan to sell my silvery little lemon, but in the mean time I'd rather not have the monthly payments or inflated insurance on it either. Hello extra $450 a month...
Mortgage - $48,000 ($27,700 left)
My mortgage, while it is fixed, has multiple pre-payment options including one allowing me to put up to 20% of the total mortgage down on the balance every year. That chunk right there takes my mortgage out of the oh please don't let the rates get too high category into the *breathe* category. Ah the things you learn when you're young and dumb.
New Homebuyer's Repayment - $15,000 ($12,700 left)
Because when I put money into RRSPs, I want my tax money back dammit.
Emergency Fund - $5,300 ($7,400 left)
I'd plunk the money for my goal of $4000 in there, along with a little extra just for good measure. That puts my combined cash savings and investments between $9,000 and $10,000. I'd feel pretty good about that for the time being, as that gives me several months living expenses should I need it. Or a new furnace in January. You never know.
Renovations - $5,000 ($2,400 left)
I need to finish the flooring on my staircase, and the tile in the kitchen. After that, I should have enough money left to put up the other half of the fence in my back yard.
Pantry Restock - $400 ($2,000 left)
Assorted dried/canned odds and ends, as well as 1/2 a lamb from a farming friend of mine up north. Some containers to hold dried goods in an orderly fashion would be nice too.
Grandfather's Birthday Present - $250 ($1,750 left)
Because he deserves it. I don't know yet what the exact gift would be, but I can assure you it likely includes a large Tim Horton's gift card.
Grandmother's Birthday - $750 ($1,000 left)
It's my grandmother's 80th birthday this year, and the family is all getting together in BC to celebrate. That means flights and accommodation, along with a gift for my grandmother.
Wardrobe Restock - $995 ($5)
Right now the thing I'm most in need of are a pair of gum boots (rain boots, wellies, whatever you call them). The snow is melting around my place, and the water on the sidewalks gets quite deep in some places. Other than that, some good quality work clothes to kick a couple items off my list would be great.
Starbucks Chai Latte - $5 (I'm Out!)
Because, you know, I want one.
;)
*Misseda couple several others - Oops*
Paying Myself
Finance Say What
Debt Free Kid
Fabulously Frugirl
Little Miss Money Bags
Figuring Money Out
Hi That's My Bike
Credit Card - $4,300 ($95,700 left)
So long sucker. Like a bad ex-boyfriend, I won't miss you when you're gone.
LOC - $11,000 ($84,700 left)
This is like the annoying kid brother to the aforementioned bad ex-boyfriend. Less directly spiteful, but I'll be happy to not have to deal with it again either.
Car - $9000 ($75,700 left)
I still plan to sell my silvery little lemon, but in the mean time I'd rather not have the monthly payments or inflated insurance on it either. Hello extra $450 a month...
Mortgage - $48,000 ($27,700 left)
My mortgage, while it is fixed, has multiple pre-payment options including one allowing me to put up to 20% of the total mortgage down on the balance every year. That chunk right there takes my mortgage out of the oh please don't let the rates get too high category into the *breathe* category. Ah the things you learn when you're young and dumb.
New Homebuyer's Repayment - $15,000 ($12,700 left)
Because when I put money into RRSPs, I want my tax money back dammit.
Emergency Fund - $5,300 ($7,400 left)
I'd plunk the money for my goal of $4000 in there, along with a little extra just for good measure. That puts my combined cash savings and investments between $9,000 and $10,000. I'd feel pretty good about that for the time being, as that gives me several months living expenses should I need it. Or a new furnace in January. You never know.
Renovations - $5,000 ($2,400 left)
I need to finish the flooring on my staircase, and the tile in the kitchen. After that, I should have enough money left to put up the other half of the fence in my back yard.
Pantry Restock - $400 ($2,000 left)
Assorted dried/canned odds and ends, as well as 1/2 a lamb from a farming friend of mine up north. Some containers to hold dried goods in an orderly fashion would be nice too.
Grandfather's Birthday Present - $250 ($1,750 left)
Because he deserves it. I don't know yet what the exact gift would be, but I can assure you it likely includes a large Tim Horton's gift card.
Grandmother's Birthday - $750 ($1,000 left)
It's my grandmother's 80th birthday this year, and the family is all getting together in BC to celebrate. That means flights and accommodation, along with a gift for my grandmother.
Wardrobe Restock - $995 ($5)
Right now the thing I'm most in need of are a pair of gum boots (rain boots, wellies, whatever you call them). The snow is melting around my place, and the water on the sidewalks gets quite deep in some places. Other than that, some good quality work clothes to kick a couple items off my list would be great.
Starbucks Chai Latte - $5 (I'm Out!)
Because, you know, I want one.
;)
*Missed
Paying Myself
Finance Say What
Debt Free Kid
Fabulously Frugirl
Little Miss Money Bags
Figuring Money Out
Hi That's My Bike
Tuesday, March 15, 2011
Getting Stressed
I've pretty much come to the conclusion that my job security has all but run out.
Needless to say, I'm freaking out internally right now. I'd be lying if I said I wasn't crying at my desk this morning.
I came in to a very strongly worded email in my inbox this morning. The catalyst for the email was actually a misunderstanding, as the person writing it misread the report I wrote, but it gave me a pretty good feel for where the mindset at work is. I'm seriously afraid to make a mistake right now, lest it cost me my job.
I'm sending out feelers to see who in the industry is hiring right now.
To say I'm stressed out would be a LARGE understatement.
I think the only real uplift to my Monday was opening up my email and seeing a message from YoungandThrifty saying that I had won one of the copies of tax software from H&R Block. That was quite possibly the only thing that made me smile yesterday. THANK YOU! That software couldn't have possibly come at a better time.
It may possibly have come just in time for me to need my emergency fund.
Keep calm and carry on.
*laughing hysterically*
*crying*
Needless to say, I'm freaking out internally right now. I'd be lying if I said I wasn't crying at my desk this morning.
I came in to a very strongly worded email in my inbox this morning. The catalyst for the email was actually a misunderstanding, as the person writing it misread the report I wrote, but it gave me a pretty good feel for where the mindset at work is. I'm seriously afraid to make a mistake right now, lest it cost me my job.
I'm sending out feelers to see who in the industry is hiring right now.
To say I'm stressed out would be a LARGE understatement.
I think the only real uplift to my Monday was opening up my email and seeing a message from YoungandThrifty saying that I had won one of the copies of tax software from H&R Block. That was quite possibly the only thing that made me smile yesterday. THANK YOU! That software couldn't have possibly come at a better time.
It may possibly have come just in time for me to need my emergency fund.
Keep calm and carry on.
*laughing hysterically*
*crying*
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.
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.
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