Tag Archives: Canada

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!

Nickle and Dime

4 Jan

The Canadian deficit is growing bigger and bigger everyday.  Our government doesn’t know how to handle our hard earned taxpayer’s dollar, so they find ways to nickle and dime us as we start into the new year.

  1. Canada Post is increasing their postage stamps effective January 14, 2013.
  2. For BC residents, we are required to pay Medical Service Plan every month.  Effective January 1, 2013, rates are going up once again.
  3. Transit users are once again hit with a fare increase effective January 1, 2013.
  4. Expect a CPP and EI hike for 2013.  Your next paycheck will be lower in general.
  5. The new Port Mann bridge started their tolling system to pay off the $3.4 billion construction:  Tolls and Rates
    Be careful while crossing this notorious bridge, two weeks ago ice bombs were dropping on cars damaging several cars after the second snow fall of the season.  Police shut down the bridge for a few hours to de-icing the cables making sure it’s safe to drive.  Blame it on poor engineering design where the cables stretches across the car lanes.

    This morning, there was a 40 car pile up on the newly constructed Port Mann bridge due to icy road conditions.  Drivers couldn’t see the black ice as they drove across the bridge in the heavy fog.  Blame it on the maintenance crew.  Looks like the drivers involved in this incident will have to pay their deductible to ICBC.

    Decisions made in the government are always questionable.  They sure know how to make a mess of everything.  Look at the plagued Port Mann bridge, was it a $3.4 billion mistake?

    Luckily, I do not have to cross this bridge to work.  However, I did hit a patch of black ice on the small side road as I made a left and skidded towards the curb at a very slow speed… I was like UH-OH!  But I got away without a scratch.