OT: Tax Changes for this Year? Big Refund?

[CanadianGuy]

Hi all..

About this time every year, I head to 'QuickTaxWeb.ca' and enter the information from my final paystub of the previous tax year as a guideline to what to expect for my tax liability (or refund)

This year, I'm seeing a pretty hefty, bigger than $500, refund. This seems odd to me. Three different tax sites gave the same result...

Is this to be expected? Were there tax changes that were THAT beneficial?

Knox

 

[brighteyes]

I am not sure I am dying to see what my refund is as well with all the tuition deductions I will have. I do not have all my receipts yet, but can I go to these websites and do an estimate or do I actually have to submit the return get a ballpark figure??

TIA

Stephanie

 

[CanadianGuy]

No.. you can do all kinds of 'what if' scenarios BEFORE you submit the return. Like I said, I just punched in the info from my final paystub of 2007 since I don't have my T-4 yet. (just to get an idea)

QuickTaxWeb keeps a big number in the upper left corner.. If the number is green it's a refund, if it's red, you owe!

Knox

 

[brighteyes]

Sweet!! I will punch in the approximates from my tuition etc to see if it benefits me to , am trying to decide if i should pay a lump sum towards my student loan even though it is interest free right now. But everyone says dont bother it won't increase your tax return. If not, I will just put it into a GIC or something and earn some interest in the meantime. Thanks.

Oh, the suspense.

Thank You.


Stephanie

 

[Momto4boys]

I've punched in our #'s and we owe a couple hundred bucks. I can't find where I can put in for child activites though so maybe it will even out.

 

[brighteyes]

What is this amount?? My net ytd pay or net pay less income tax paid???

Stephanie

 

[drag n' fly]

I believe the personal amount has increased also non refundable tax credits have increased also so yes it should be expected. We have not done ours yetr as we are still waiting for slips but we will get a refund also.

 

[CanadianGuy]

What is this amount?? My net ytd pay or net pay less income tax paid???

Stephanie

For the purposes of my guessing.. I used the "Total Pay" before taxes or deductions..

Knox

 

[CanadianGuy]

I believe the personal amount has increased also non refundable tax credits have increased also so yes it should be expected. We have not done ours yetr as we are still waiting for slips but we will get a refund also.

Thanks for the info!

 

[brighteyes]

I finished all the questions and saved my return but didn't print it or file it??? !!! Is this now considered finished?? I was figuring I could edit it once I received all my slips from school.

Did I just make a big mess?? lol Is there some way I can go and edit it with exact numbers when I get my tuition receipt??

Worried now....

Stephanie

 

[brighteyes]

Never mind, I found the EDIT button.

Thanks for the tip.


Stephanie

 

[CanadianGuy]

Glad you figured it out..

Without getting specific - are you happy with the results?

Knox

 

[brighteyes]

Very!!! I will have enough for tuition next year and to pay some bills.

However, if I don't get into college in the fall, I could save the rest of that money BUT i could also do my 2 week DISNEY trip THIS summer. That is the cheapest possible trip at a value.

I have to be patient and am waiting to see what happens with school though. For now the responsible side is winning out.

In a few months we will see which side won - responsible or DISNEY

Stephanie

 

[CanadianGuy]

You can see from the trip countdown in my signature which side won out for me..

--

Come on Lotto 6/49 -- $25 mill tonight!!



Knox

 

[brighteyes]

You can see from the trip countdown in my signature which side won out for me..

--

Come on Lotto 6/49 -- $25 mill tonight!!



Knox

If I wasn't worried about taking my DS12 out of school I would be going then too. That is just when I am done school.

It is all hinging on if I get into Social Services for fall and whether I accept or not.

I will go at some point, this year or next I am not sure yet.

Lucky you, I loved POP when I stayed there and not sure if I would stay somewhere else if it wasn't available.

I do have to cancel my ressie though for August as I don't know if I can go yet, and am still hoping on a better deal than 20% off.

I am wondering what the package deals are usually like when they come out?

Enjoy your vacation.

Stephanie

 

[cslittle999]

Knox, I don't know if you still have kids at home but there was a new $2000 non-refundable tax credit for each child under 18. If you didn't change your source deductions this could be the source of the refund.

 

[CanadianGuy]

I'm 'kid-free' .. so as pleasant as that deduction would be.. it wouldn't apply to me.

 

[cslittle999]

I'm too. I didn't think any of the other changes were big enough to make a difference. Unless it was a NB-only change that I don't know about. I just received my T4 from work. Maybe I will get a nice surprise when I plug the numbers in this weekend.

 

[BitsnBearsMom]

Hopefully that $2k per kid deduction will mean I pay less this year - that would be a pleasant surprise!! Is that on top of the fitness tax credit for kids??
tax time stinks when you are self employeed - but dh always gets a nice return!!

 

[cslittle999]

One thing to think about for 2008 is filling out a new TD1 form and giving it to your employer. This will allow your employer to build the new child tax credit into your payroll deductions. That way you take home more on your pay cheque instead of waiting for a tax return.