posted
I got mine. Posted yesterday, effective today. It's a good thing, too...my bookie was going to break my kneecaps if I didn't pay up.
Posts: 3354 | Registered: May 2005
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So I can pay bills bills bills Instead of spending it on my 30 birthday and making it my best Bday EVER.
Posts: 9942 | Registered: Mar 2003
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quote:Originally posted by twinky: Is tax on interest separate from tax on capital gains? Anyway, yeah, the TFSA is pretty sweet. I max out my RRSP contributions every year anyway, but I've also got savings outside of that and I'd like to put them in an investmet from which I could easily remove them -- e.g. to make a down payment on a house. The TFSA fits the bill perfectly.
Indeed.
Personally, I think the deal might be "too" good, I wouldn't be surprised if a future government was forced to change the rules since the current TFSA proposal doesn't even affect CPP and OAS. (normally, they get clawed back if you have taxable income, like from a RRIF)
(disclaimer that I'm not an accountant)
Tax on interest is different from tax on capital gains in the sense that they are taxed at different rates. Interest income is taxed at the same (high) rate as regular employment income, capital gains have a much lower rate as do dividends. Here's an example: http://www.taxtips.ca/marginaltaxrates.htm
So basically all I was saying is that, not only does the TFSA save you the smaller taxes on capital gains (minor yay), but also the heavier taxation on interest (bigger yay).
It didn't necessarily have to be that way, from what I understand there was a program a few years back where the first (some number like 100K) in capital gains was not taxed, but interest income was left unsheltered. The government killed it though.
Here we go:
quote: Wasn't there a capital gains exemption for a while?
Yes, there was. In 1985, the government introduced a capital gains exemption, where each Canadian did not have to pay any tax on capital gains up to a lifetime maximum of $100,000.
But the government decided to abolish the exemption as of February 22, 1994.
posted
Just checked my bank account and mine is in. This is that last I needed to buy a car! I'll be mobile again! (first time in ~2.5 years)
Posts: 636 | Registered: Apr 2002
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posted
Not here for me yet. My banker is checking my old account every day this week and she said she would e-mail me to tell me if it went in or not.
Posts: 1766 | Registered: Feb 2006
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posted
Still haven't gotten it. Still not visible on the site. I'm wondering if having my refund auto-deposited into two different accounts confused them enough that they're going to send me a paper check.
Posts: 37449 | Registered: May 1999
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posted
Yes, Tom, getting it it deposited in multiple accounts means a paper check... as (I just found out) does using Tax Prep software that charges you to e-file.
Mine will be mailed Jun 20th. I am not real happy about this.
Posts: 3846 | Registered: Apr 2004
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posted
Hmm. I wonder if that includes me. Where did you find that out? I just logged into my freefile vendor from last year, since I knew I wouldn't qualify for free file. Okay, I went and read the FAQ's and darned if I can tell. Well, it would have been nice, but I suppose we'll survive. I really wish my husband hadn't forgotten his motorcycle helmet that one time and needed to buy a new one.
Posts: 11017 | Registered: Apr 2003
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posted
What?? I used TurboTax this year, and so had to pay to e-file. Does that mean I won't get this till June?
Posts: 957 | Registered: Aug 2002
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quote:Originally posted by dkw: brojack, ours has arrived. Second group, direct deposit.
Yeah, but so did mine -- 1st group, direct deposit. I think that chart is a scam.
brojack, did you check the site's "where is my payment?" feature? It should give you an estimated date. Mine was right on target.
Posts: 32919 | Registered: Mar 2003
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Pooka, I called 800-829-1040, option 2, then option 3. It's the only way I've found to talk to a real life person and find out what the deal is on your rebate. Of course there's nothing to be done... there's no appeal, there's no recompense, there's no recourse, but at least you can find out.
Unfortunately, I have more than a motorcyle helmet to worry about. I live on a shoestring budget and have been planning around this thing since they announced the dates. In the words of the coursers from "Snatch", I am "proper f**ked."
Posts: 3846 | Registered: Apr 2004
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posted
Sorry to hear that, Jim-Me. I had never really counted on the direct deposit dates until last week, and then it wasn't really counting on.
Posts: 11017 | Registered: Apr 2003
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posted
I'm sorry to hear that, Jim-Me This is kind of an inconvenience for me, but not a huge one. That sucks.
Posts: 957 | Registered: Aug 2002
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posted
Ours came in today. Goes right back to the guvmint to pay for Green Card application fees. The State giveth, the State taketh away, praised be the name of the State.
Posts: 10645 | Registered: Jul 2004
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quote:Originally posted by Stray: What?? I used TurboTax this year, and so had to pay to e-file. Does that mean I won't get this till June?
My parents used TurboTax and they received theirs last week, so perhaps not. I used TurboTax too, and am in the very last group, so I hope I'm still getting it direct deposited.
posted
I used TaxAct, so maybe there's something about how they process their payments that makes it look like a multiple direct deposit. The IRS person said they were just figuring it out themselves based on the calls that were coming in and they hadn't figured out exactly why, just that a large number of people who had to pay to e-file are in the "mail a check" category.
But the IRS web site specifically states that direct depositing your return into multiple accounts means you're getting mailed a check (down at the bottom) so, Tom is definitely in for a wait.
It says something about entering into a financial arrangement with your tax preparer in the next paragraph, so that may be why mine is in this category.
Posts: 3846 | Registered: Apr 2004
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posted
Argh. Turns out it doesn't matter what software I used, since I owed them money this year and used direct debit, I'll be getting a paper check. For whatever reason, they can't use that same account information to do a direct deposit.
Posts: 957 | Registered: Aug 2002
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posted
My social ends in the May 9th group. I wanted to update anyone who is interested that I received my electronic deposit yesterday.
Posts: 2445 | Registered: Oct 2004
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posted
My direct debit says "IRS" on the description line, so I'm hoping that means they just forwarded my information to the IRS rather than collecting the money from me and then disbursing it to the IRS, which I would guess creates the problem, if I had to guess.
Posts: 11017 | Registered: Apr 2003
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posted
To clarify, paying to e-file ONLY changes you to paper check IF you pay to e-file using your refund. (At least, that's how it's supposed to work.) If you paid with a debit/credit card to e-file with Turbo Tax, you will still get direct deposit.
Also, if you chose to get a "refund anticipation loan", that usually bumps you into the paper check category, too.
Posts: 21182 | Registered: Sep 2004
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posted
I just checked the mailing schedule, and if it comes by check, we will have just missed it to move/go on vacation.
Posts: 11017 | Registered: Apr 2003
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posted
I did not use my refund to pay to e-file, nor did I take a refund anticipation loan. I'm still going to have to wait til 6/20. Again, the IRS person with whom I spoke indicated that there was something at work that they didn't yet understand clearly.
posted
Jim-Me, it may be different for Tax Act users. From what I understand, TurboTax users who used debit/credit to pay should still get it via direct deposit, though. And some Tax Act customers who paid that way are getting thiers direct deposited, so I'm not sure what the deal is.
One other thing not relevant to your situation but that might be to someone else's is that if you filed your taxes after mid-March you may not get your payment on schedule. (Though some people are. It really seems almost totally random at this point...)
Posts: 21182 | Registered: Sep 2004
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posted
On year I found my refund check in my backyard. It was all torn and tattered, like that camp song about the billboard. I think it must have gotten blown out of the mailbox on a gusty day.
Posts: 11017 | Registered: Apr 2003
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What's kinda annoying is that the IRS didn't say ANYTHING about this until AFTER people started getting (or not getting) their money. You would think if they knew this was going to happen they could give some notice so people could plan accordingly.
Posts: 21182 | Registered: Sep 2004
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posted
Exactly. I think I'll still be able to make it but we won't be able to do as much as we thought.
Posts: 1766 | Registered: Feb 2006
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posted
Hey, brojack, cause for hope (at least a small amount): just read one woman's post that she had TT take out her fees from her refund-- and got her refund DD into her account the day it was supposed to (today) anyway. So again, it seems this is all completely weird and almost randomly people are getting or not getting DD according to some very strange rules.
Posts: 21182 | Registered: Sep 2004
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posted
I haven't seen/gotten mine. If it was coming by DD, we should have been the 9th. But we did owe, and I did pay the filing fee with a different account, and I filed on April 15th at about 11:15 p.m. So who knows, right? So flippin' exciting.
Posts: 11017 | Registered: Apr 2003
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posted
No moneys for me yet Guess it'll be late next month or early July. At least that gives me more time to think of something to do with it, though I suppose I should do the grownup thing and put it towards paying off the new car.
Posts: 957 | Registered: Aug 2002
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posted
My sister-in-law is lending us part of her check for our vacation. We'll have to back off a little bit but we'll still have a good time.
Posts: 1766 | Registered: Feb 2006
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posted
Rather, it was by direct deposit, in case anyone was wondering ;-) I filed our tax return with TurboTax.
Posts: 106 | Registered: Dec 2003
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It's a good thing, too...my bookie was going to break my kneecaps if I didn't pay up.
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Sorry to hear that, Jim-Me. I had never really counted on the direct deposit dates until last week, and then it wasn't really counting on.
