# What are YOU doing with your tax return this year?



## katienaha (May 9, 2010)

Well...the big question.. you may or may not be getting a chunk of cash this spring (or you may have already). 

Whats your plans? Any investments? Purchases? Debt paying off?

Here's my plan. We got a large return from buying our first home last year, so the payoffs were grand... thank goodness!!

$200 goes to a friend we are buying some stuff for my car from. 18" aluminum rims with summer rubber on it, a towing package, and other tidbits (for my pontiac vibe, I need new summer tires, so this is a godsend! We will run the rubber off and once that's done, we'll sell the rims off, as they will easily grab 200 bucks on their own!). He got this stuff from his brother 2 years ago when he sold his vibe, and its been sitting in his shop (his buiness) since then. He wants it gone!

I also need a new windshiled in my car.. like bad. We meant to do it last spring, but then I tore my ACL and we had to drop 1600 dollars on my brace and I was off work and man... did we ever get behind.

$2-400 goes to the truck. It needs a new exhaust (need that for the gas savings!) and ball joints. These will be upgraded to the HD versions as the lift kit is on order. The truck already has its "summer boots" on (36" procomps) and they just need some more room. We do so much 4x4ing (and the hubby has been president of our 4x4 club for the past year, hoping for a second season this year) and he'll be using his xterra and I get to drive the cherokee this year. 

$4-600 goes to my parents.. finish paying them off for buying our Washer and Dryer on their Sears card! Thanks mom and dad!

...hmmm and birthday gifts! Keane wants a new bow for his birthday this month, for hunting. His target bow is honestly 12 years old.. he bought it in grade 9 or 10 and has been using it ever since. I think he deserves a new one that'll hopefully put a bit of food on the table too!

I am vying for a kayak for my birthday in May, so both of us will be taking a fair chunk out of our tax return, but both our wants are practical, as we do a lot of outside sports, and Keane will be getting a kayak too eventually, as I'd like to make paddling the Bowron Lake chain an annual thing. 

The rest.... credit cards or purchase a Canada Savings Bond. My payroll bonds have saved our butts in the past, and investing in about a 500 dollar bond just seems intellegent to me.


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## TomC (Apr 21, 2010)

katienaha said:


> The rest.... credit cards or purchase a Canada Savings Bond. My payroll bonds have saved our butts in the past, and investing in about a 500 dollar bond just seems intellegent to me.


 Always pay off credit cards before buying bonds. Interest wise, it makes sense. With the extra, buy silver. Its going to go up. Currently it is just over $40 U.S. (Strictly my own, amateur opinion.)


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## Nicklfire (Apr 21, 2010)

going to save mine.. so when my wife goes on mat leave we will have some cushion lol


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## effox (Apr 21, 2010)

Savings as well.


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## rescuepenguin (Apr 21, 2010)

TomC said:


> Always pay off credit cards before buying bonds. Interest wise, it makes sense. With the extra, buy silver. Its going to go up. Currently it is just over $40 U.S. (Strictly my own, amateur opinion.)


I agree 100% Tom, but you always need some money stashed to pay for unexpected bills, or to carry you through if you lose your income for a period of time. Last year when I was off, it took a month to see any money come in, while 3 insurance companies argued over who was gonna pay me and how much. Then they all paid the same week, a month after I stopped work.

As for my refund? Not this year, the money from the insurance companies was not taxed at source. I owe this year, paying it out of next paycheck. My wife pays every year since she claims the child tax credit, which you pay tax on.


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## Nicklfire (Apr 21, 2010)

Yea my wife would have had to pay cause she claims the child tax credit as well.. the only thing that saved her is getting back into the black because we claim for paying 500$ for daycare through the school each month.


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## CRS Fan (Apr 21, 2010)

Didn't really get one this year. I gave my ex most of what little I got because without her tax credit I probably may have owed !

Sheesh.

Stuart


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## Mferko (Jun 8, 2010)

i got 1600 and alrdy spent it all on my new tank + tropheus


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## katienaha (May 9, 2010)

one of my friends ended up paying off her entire student loan with Caterpillar stocks. Of all things random to invest in, it really paid off for them! 
We are thinking of doing something similar, look at something slow but stable, and maybe something a little more moderately risky, but I agree.. debts need to go. 

Luckily we dont have a ton of debt, but in regards to my student loan through the bank, I can drop thousands of dollars in there and not be able to pull back out of it, so if I was to use every bit of my tax return for say my student loan, I would still have no investment/savings for when my weeks are slow at work (which still happens time to time). This is also why I use CSB payroll deductions, when I just cant pay the bills any other way!


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## gmachine19 (Apr 21, 2010)

Payed my credit card, some went into savings and I also bought a new camera lens


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## Death's Sting (Apr 21, 2010)

I got back $5,400; invested it and another lump sum with Sun Life financial. I felt that I should of got more.. I have been paying $1,220/week in taxes since I started building BC place's roof.


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## NewGuy (Apr 22, 2010)

Death's Sting said:


> I got back $5,400; invested it and another lump sum with Sun Life financial. I felt that I should of got more.. I have been paying $1,220/week in taxes since I started building BC place's roof.


Well when you are making that much your tax bracket is pretty high.


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## jkcichlid (Apr 21, 2010)

Going to spend the $4000 on a 10th anniversary holiday this summer


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## Death's Sting (Apr 21, 2010)

NewGuy said:


> Well when you are making that much your tax bracket is pretty high.


I know but my YTD income isn't a lot since I only worked half the year. Thats why I feel I should of got more.


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## big_bubba_B (Apr 25, 2010)

i get 7000 nice being a trucker lol . gonna buy another rc car and get a deffrent t.v thats about it no bills so i am laughing dont have any debt


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## katienaha (May 9, 2010)

big_bubba_B said:


> i get 7000 nice being a trucker lol . gonna buy another rc car and get a deffrent t.v thats about it no bills so i am laughing dont have any debt


Good for you BBB!!! Save that money man, you wont want to be a trucker forever!


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## Illbuyourcatfish (Jun 3, 2010)

Put mine into the Everest fund!


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## mysticalnet (Apr 22, 2010)

buy shrimps


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## Mferko (Jun 8, 2010)

mysticalnet said:


> buy shrimps


your going to spend it on shrimps? all of it?


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## mysticalnet (Apr 22, 2010)

Mferko said:


> your going to spend it on shrimps? all of it?


no of course not, just a little bit, the rest I don't know, save it for a vacation or something.


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## Mferko (Jun 8, 2010)

mysticalnet said:


> no of course not, just a little bit, the rest I don't know, save it for a vacation or something.


soz wasnt sure, i blew all of mine on the hobby :S


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## poiuy704 (Nov 6, 2010)

New hot tub!!!!


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## Immus21 (Jun 14, 2010)

Spending it all then getting a bill back from the CRA saying I need to repay $1400 back to them....


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