Archive | 2.33

To owe or not to owe

3 Apr

Spring is in the air.  Tax dead line is just around the corner!  Everyone dreads tax time.  Some are more complicated than others.  It’s just another chore for us all to do.  Did you gather all your miscellaneous/tax slips from 2012 to determine where you stand with the government?  To owe or not to owe!

Over the weekend, I entered all my information into Studio Tax.  Studio Tax is a free downloadable tax software for personal returns regardless of income that has been approved by CRA.  Since I am always looking for a way to save money, I started using Studio Tax since 2010 and it works like a charm.  Why pay for something when you can do it for free?  Sure, it might not be the most user friendly.  But in the end, it gets the job done right if you enter everything correctly that is.

Studio Tax churned out that I owed $13.38 (-_-)  This is a first for me!  I will be carrying back my net capital loss of $919.85 to my previous year.  Hopefully, I can get some money back from that later on.

For 2012, I did not contribute enough to my RRSPs to lower my income to avoid paying taxes!  I only put in $1064.  Pathetic, eh? Bottom line, if you don’t want to owe taxes, please contribute to your RRSPs to defer your tax payments.

After, I filed my taxes through Netfile.  I realized that Questrade did not send me the T3 for REI.UN!!  Hopefully, this will slip through the cracks.

Anyways, happy filings.  I’m done, out of mind, till next year!