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Saturday, March 19, 2016

Tax Time

I have had my papers ready for awhile but today was the first day DH and I both had time to take them in and get them all done.

I THOUHT I was ahead of the game. I gave DS1 his fancy papers at Christmas, to take into his college admin and get them to fill in and scan and send back to me. That was back to me by the end of the second week of Jan.  Ditto with DS2.  The forms fill in their college $ amounts, give me authorization to file on their behalf, as well as transfer some of their tuition back to me for credit on my taxes.

When we got there, it turns out there is yet another form Revenue Canada needs they boys to sign. Since DS2 was home, it was easy to get his signature. Less so with DS1.

DS2 gets almost nothing back, but he had little taken off his paycheques last spring, so that makes sense. DS1 gets about $1000 back, which I will just store away until he is ready to go back to college in the fall. 

My refund isn't bad. $1500 of it was thanks to the boys' tuition transfer. It will go straight into the college fund. In reality, that $1500 won't even pay for DS1's spring classes in US $, but I can't think of that.

My refund was enhanced with my medical expenses.  I got to claim some of my trips to the city for infusions as well as my prescriptions. I will make sure I keep careful track again this year of all those expenses.  I get $1400 back.    I would love to preplan where I'd like it to go, but everytime I do that, Murphy visits.

I could put it down on one of my planned savings goals. I could put it down on my College LOC.  I could save it towards flight costs for our visit to DS1 in the fall.  Heck for all I know my 21 year old washer and drier could give up the ghost.

It will be 3 or 4 weeks before the refund arrives, so all kinds of things could happen :-)

1 comment:

SAM said...

We are paying in due to my husband getting untaxed bonus moneys from corporate as opposed to his employer which is a franchise. I'm glad we treat it as bonus and set aside because this happens most years, except the three we had two kids in college.