Posted by Tim Stobbs on April 26, 2007
As I previously mentioned I was expecting a big tax refund this year. Initially I estimated I would be over $5000. Since then I have filed both my wife’s and my returns and now I’m waiting for my over $7000 tax refund. Yes it got that high. I’m not really happy about it and now I’m getting impatient for that money so I can pay off my furnace I installed last month.
I thought it might be useful to review where all these deductions came from and how I paid so much tax in the first place.
First off I paid too much tax due to a large bonus at my previous work place. Then with moving just after paying my CPP/EI for the year (basically I paid CPP/EI twice for the year, once at each job).
This is a few deductions I used:
-I moved over 1400 km which produced a $11,000 moving deduction
- I claimed partial northern living allowance for half the year to get another couple of thousand deducted
-My wife’s business income was low enough she paid no tax and transfered the remained of her basic deduction to me
-Then the RRSP’s also deducted another few thousand dollars
Overall I broke over $15,000 in deductions before I even used any tax credits to finish dropping my tax bill. Yet my biggest disappointment about filing my taxes this year was waiting for my T3 slips for my wife. I honestly got the last one on April 17th. To say I was a bit mad over the wait was a bit of an understatement. I just can’t understand why they can produce T4’s by the end of Feb, but I can’t get a T3 until mid April!