The Tax Fairy Cometh

[05stroker]

Fairy... More like tax demon! What the hell is a refund?

 

[RED09GT]

I get a bunch back every year. I live in a lower tax province in Canada and work in one of the worst provinces for taxes.
I would way rather have that $350 per paycheck all year to keep debts at bay than have a 1 shot payback on the interest free loan that I gave the government. Heck, if I could pay half that on my mortgage every month, I would shave years off of it.
But instead, I will use it to finish my motor build and the rest will probably be spent paying something else that will come up at the time. It never fails...

 

[BruceH]

I get a bunch back every year. I live in a lower tax province in Canada and work in one of the worst provinces for taxes.
I would way rather have that $350 per paycheck all year to keep debts at bay than have a 1 shot payback on the interest free loan that I gave the government. Heck, if I could pay half that on my mortgage every month, I would shave years off of it.
But instead, I will use it to finish my motor build and the rest will probably be spent paying something else that will come up at the time. It never fails...

The last time I was in Vancouver BC the hotel bill had all kinds of extra taxes on it. Nicely itemized but they bumped the actual price up significantly.

IIRC I once read a report that the average Canadian ends up paying about 44% of their income to the government in the form of all the various taxes. And the government just keeps giving more away.

 

[GTAmuscle]

Mine is going to a bathroom remodel... and some from my checking account too

 

[RED09GT]

The last time I was in Vancouver BC the hotel bill had all kinds of extra taxes on it. Nicely itemized but they bumped the actual price up significantly.

IIRC I once read a report that the average Canadian ends up paying about 44% of their income to the government in the form of all the various taxes. And the government just keeps giving more away.

I work in Northern Manitoba and my paychecks for the first half of the year are 48% of my wage, the rest is taxes of various types. After employment insurance and the government pension plan is maxed out, it goes up to about 52% of my income. Every day I get to see hoards of locals walking the streets lit to the gills on my tax dollars.

 

[1fastTbird]

I'll be putting all couple hundred into the "new house savings fund."

 

[83-88T-Bird Guy]

Savings accounts make a little interest though. This is just letting uncle Sam spend your money all year then give some back.

I had a financial planner tell me that you ideally want to break even at tax time.

Perfect deal if you break even.

I used to be able to do that when married, but now that I am single and cannot have less taxes taken out of my checks, I get a fed. refund every year.

So I file as early as possible.

 

[83-88T-Bird Guy]

I might use my 2016 refund to put a 460/C6 combo into my 2005 V-6 Mustang