Monday, February 13, 2012

Taxes Filed!

Within the first couple of hours of the CRA opening the Netfile process again this year I'm filed away!

For the past couple of years I've filed my taxes on my own using Turbo Tax....this year I thought that since my refund was more complex than in previous years that I'd need to use a professional, but I got along just find on my own.

I even used Turbo Tax via Great Canadian Rebates and earned myself $1.80 in the process.  Small steps!

I claimed approximately $7,000 in moving/home selling expenses since I moved 400km from Toronto to Ottawa for work, and need to carry over another $2,000 approximately to 2012, I will be getting a hefty return.

$3,583 to be exact! (My average return is about $500-600, this is a one-off because of the deductions)

So, how will I be spending this chunk of change:
Starting balance: $3,583
RRSP - Regular Contribution: $2,275
RRSP - HBP: $500
Emergency Fund: $408
Travel Fund: $400

My regular RRSP contribution slacked off between April 2011 and January 2012, so I'm throwing a good chunk in that account to start building it back up.  With this repayment into my RRSPs under the Home Buyers Plan (I withdrew about $22,000 in February 2011) I'll have repaid my 1/15th for 2012.

If you're anticipating a refund, how are you planning on spending it?


  1. I did our taxes last night! We will be using it to pay off

  2. HOLY!! 3583!! I need to move I think lol.. I've never got one so high ever. I did a pretax calculation from H&R and I think I will get about 250 back this year maybe more because I can't remember if I have some tuition that was carried over from last year.. We will see..

  3. I spent in total about $9,000 on relocation expenses....from the Uhaul truck, to real estate commission for the buyer's agent, legal fees, to land transfer tax (claimed on next year's taxes).

    I'd rather have the $9,000 back in my pocket :)

  4. That's quite a refund lady! My refund will mostly be going to student loan repayment and a couple hundred will go in the travel fund for a vacation I'd like to go on in October of this year.

  5. I work for an international organization and have not paid any taxes in twelve years, except of course when I buy something. Good for me definitely, but not sure if it's good for my country! Still, I would not mind having some money back from wherever...