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Old 12-16-2013, 09:50 PM   #1
carlnlisa
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Paid in full question

Hen the rest of the 2015 dates are released and we are able to book we are planning/hoping to have it all pain in full with in a month of booking. Is there and advantages or disadvantages to do doing this?
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Old 12-16-2013, 09:54 PM   #2
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Originally Posted by carlnlisa View Post
Hen the rest of the 2015 dates are released and we are able to book we are planning/hoping to have it all pain in full with in a month of booking. Is there and advantages or disadvantages to do doing this?
Well----- I answered you over on CC.
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Old 12-16-2013, 09:56 PM   #3
carlnlisa
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Well----- I answered you over on CC.
Haha yes you did, thought I would post on both just incase
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Old 12-16-2013, 10:12 PM   #4
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There aren't any advantages beyond your own thoughts to paying in full before your PIF date. Once you put down your deposit, your fare is locked in until you move the deposit, cancel or PIF, so all you're really doing is giving several thousand of your dollars to Disney to play with, rather than letting them earn money in your own pocket.
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Old 12-16-2013, 10:13 PM   #5
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The simple answer is no advantage at all to paying it off before your booking window opens. This is prior to the PIF date, unless you are a first-time cruiser.
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Old 12-17-2013, 07:31 AM   #6
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Hen the rest of the 2015 dates are released and we are able to book we are planning/hoping to have it all pain in full with in a month of booking. Is there and advantages or disadvantages to do doing this?
We always pay in full at the time of booking.
In my account, in Disney's account..doesn't really matter. Sure people say better to keep in your own pocket.

If its in my bank account I have to claim any interest I earn on it the end of the year on my income tax anyways..so it doesn't really save me anything!

I'd rather have it booked and paid and be done with it then have to worry about remembering the final payments date and so forth.
Plus being Canadian I always book when the Canadian $ is high to get the best exchange rate.

Do what you feel is appropriate for your family!
Its exciting to know that a vacation is booked and paid in full far in advance!
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Old 12-17-2013, 07:38 AM   #7
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If its in my bank account I have to claim any interest I earn on it the end of the year on my income tax anyways..so it doesn't really save me anything!
I see you are in Canada. It surprises me that they tax interest income at 100% up there.
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Old 12-17-2013, 07:48 AM   #8
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We paid in full right after booking, well in advance of the required date. The only disadvantage for me is that the money paid is not available to me now, no biggie. The advantage is that it is one less liability hanging out there. I hate debt, and an unpaid bill bugs me to no end.
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Old 12-17-2013, 07:54 AM   #9
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I see you are in Canada. It surprises me that they tax interest income at 100% up there.
I get the trusty T5 Statement of investment income every year.

And its to the penny of what interest we've accumulated in our bank accounts each year.

We do have the ability to open a Tax Free bank account but the deposit limit is $5,500 for 2013. It was $5000 for the past few previous years since it was started. Not a lot of money. Revenue Canada wants every cent then can get!
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Old 12-18-2013, 04:47 PM   #10
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I get the trusty T5 Statement of investment income every year.

And its to the penny of what interest we've accumulated in our bank accounts each year.

We do have the ability to open a Tax Free bank account but the deposit limit is $5,500 for 2013. It was $5000 for the past few previous years since it was started. Not a lot of money. Revenue Canada wants every cent then can get!
OK, but is the tax on interest 100%? Or is it taxed at your tax bracket of 15-29%?
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Old 12-18-2013, 05:13 PM   #11
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??? about this, and I may be wrong, but if you PIF aren't their more penalties if you cancel or change your cruise date?? Like I said, I could be wrong about that so hopefully someone on here would know more, but I always thought it was better to PIF closest to the PIF due date because you have a lot more flexibility in case something arrises in life.

I too hate bills, but I also like to keep my options open. So I do not see a benefit in PIF prior to the date it is due. IMO it isn't a bill until it is due. I would rather have the cash on my end because life has thrown me a few curve balls in the past and I would rather have the ability to change my plans if I need too. That is JMO though.

OP, Do what works for you but make sure there isn't any penalty if you have to change something between now and that PIF due date. Stuff happens, illnesses, death in the family, job changes, so if those unfortunate things do arise, make sure you have the ability to get that money back. Lastly, if you are concierge, know that your deposit is never refundable, so not sure what happens if you PIF on concierge in advance. You can move your deposit however without penalty. Good luck.
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Old 12-18-2013, 05:16 PM   #12
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??? about this, and I may be wrong, but if you PIF aren't their more penalties if you cancel or change your cruise date?? Like I said, I could be wrong about that so hopefully someone on here would know more, but I always thought it was better to PIF closest to the PIF due date because you have a lot more flexibility in case something arrises in life.
Penalties are based on the number of days before your cruise and do not depend on when you actually make your payment.
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Old 12-18-2013, 06:00 PM   #13
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If you have paid in full but are still before the penalty date (which is at or after the final payment date, except for suites and some special cruises), you can get a full refund if you cancel. It may take a few weeks, but you will get the money back. If you book a suite, the deposit is non-refundable.
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Old 12-18-2013, 07:15 PM   #14
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Penalties are based on the number of days before your cruise and do not depend on when you actually make your payment.
Good to know. Thanks.
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Old 12-18-2013, 07:35 PM   #15
carlnlisa
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We paid in full right after booking, well in advance of the required date. The only disadvantage for me is that the money paid is not available to me now, no biggie. The advantage is that it is one less liability hanging out there. I hate debt, and an unpaid bill bugs me to no end.
This is basically why we were going to pay in full ASAP I have OCD and need everything organise and set in stone or I panic
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