Well the taxes are finally all filed and the results are in. I was wondering how our job action would affect my return and how DH's work switch and having to cash out bonds and transfer them would affect him.
He did well. A return of $1247. I am not sure what his plans are for his money. He gets cranky when we talk about it.
My return is just over a thousand. $1024 to be precise.
Surprises - In Canada we have a deduction for children being involved in fitness activities. Up to $500. DS1 exceeds that amount all the time so we have no trouble getting receipts to claim that full amount. My surprise was that he is NO longer eligible for it. Apparently you have to be under 16 by January 1 of 2010. He had turned 16 two months earlier. I went online to the site to double check this and was sad to see it was correct. The credit is to encourage parents to get their children active and offset some of the costs of activities. Apparently the 'powers that be' only care if your children are active up to 'under 16', or Grade 10, for my son. After that, it's like they are saying 'fine! be slugs!! be unhealthy'.
I was disappointed, partly for the lack of being able to claim it, but more for the realization fitness only matters so long. Canada is big on promoting In Motion and being active. I think there should be those $500 for all ages. people of all ages could claim their gym memberships (if they went) or rec leagues.
What will I do with the money? - When it comes I will put $600 down on my vehicle loan and kill off another month's payment. The rest I am safeguarding for unexpected last minute expenses for DS1's trip. I know things will come up and I don't really have a pool of cash to cover that.
Fitness Monday
13 hours ago
10 comments:
Congrats on your return!
yay for getting a refund! I know your not suppose to like tax refunds but I love getting one.
Getting money back is awesome! I know a lot of PFers say it's not, you know interest free loan to the government, blah blah blah. But I would so rather see a deposit in my bank account than a withdrawal:)
That's a great return! We're getting a refund as well. Sucks about the credit stopping at 16 though. I didn't know that. Our eldest 2 (that live with us) turn 12 this year, so we only have a few more years left then.
I am with everyone else...I love getting a return and getting that lump sum deposited in my account!
Nice return! Sucks that there is an age requirement for the fitness credit. I agree with you, it should be for all of us to encourage more active fitness.
Have fun deciding how to spend your refund.
I love tax refunds :) I'll be getting $700 back, which is actually more than I paid, because I overpaid CPP. I still don't know what I'm going to do with it though.
Thanks everyone. In theory I know my return should be reinvested in my RRSP or in my TFSA, but I am not quite at that stage yet.
Great news about a refund. Sometimes its best to do what you're doing to pay off other things. Mine was the same this year. I didn't know that the limit was 16 for the income tax return. I never claimed it for my kids, although I should have looked into it...
Perhaps you've talked about this more in detail in a previous post, but can you explain a bit about the separate finances between you and your DH? I know lot's of couples do this, but you seem very extreme (for lack of a better term) about it. I don't mean to offend… I'm just curious :-)
Anon, I talked a wee bit about it here.. http://shakingthemoneytree.blogspot.com/2012/03/in-your-40s-just-getting-started-thats.html
That is kind of how it started and evolved. Then too, we have become a less than blissfully happy couple and there are problems as a result of that.
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