I love Tax Time


Its that time of year, where everyone’s submitting their tax returns (hopefully) on time. I did mine the other day, and am quite pleased with the outcome.

First, I realized I made a bit more money in 2010 than I expected (yay), that I maxed out my RSP contributions (as expected), and had even more education deductions than planned (what I thought was ‘part time’ hours, was actually seen as ‘full time’ meaning higher deductions)

All in all, after all the info was entered, I came away with a $4,400 tax return. Its slightly less than last year, as I made more RSP contributions then (because of unused room), but its $4,400 to add to my financial plans. The money should be in my hands in the coming weeks.

(On a side note, I use ufile.ca to do my taxes online — no software, and its pretty straight forward. I highly recommend it. And, if you’re a student, you can find a student discount code somewhere)

Part of it, is already spent — one of the big purchases this year I was planning on doing, was replacing my laptop with a new MacBook — well, a couple weeks ago the new line came out, so I bought one. Now, I just need to sell the old one, for about ~$700.

The rest of the money, will be going into my RSP account. However, I’m still (really) tempted to dump it on my student loan.

How did you do this tax season? Better or worse than last year?