Give Me Back My Five Bucks

Currently browsing: tax refund

Lasik Eye Surgery…

I’m thinking about spending my tax refund in the spring on Lasik Eye Surgery.

Thoughts?

Pondering my RRSPs

If I keep up with my contribution pace of $662/month from now until December 31st, I will have contributed approximately $7,700 to my Retirement Portfolio (around $23-24k total).

My 2008 RRSP contribution limit is $9,685, so I’ll be well under that amount.

But … if I just stop contributing once I hit my $22k goal, then I’d have an additional $1-2k to save for other things (like a trip around the world, or my EF, or my Condo Down Payment).

Assuming I gross $45k this year, a $7,700 contribution would earn me a tax refund of $2,360 (according to Morningstar’s RRSP calculator). A $5,700 contribution would earn me $1,747. So to contribute an additional $2k above and beyond my $22k goal for 2008, I would “earn” an extra $613.

Hmm.

How I spent my tax refund this year

Well, my tax refund finally cleared into my chequing account, so this is what I did with my $4,485!

  • $750 – Travel Fund
  • $300 – Emergency Fund
  • $300 – Condo Down Payment Fund
  • $2,425 – Retirement Portfolio
  • $300 – saving for 1/2 May rent

The remaining $410 I used to pay off my Visa card for the month.

This isn’t the exact plan I had for my tax refund (I hadn’t anticipated throwing anything into my Travel Fund or Condo Down Payment Fund), but I’m satisfied with how I split up my money.

My sidebars and NetworthIQ have been updated! :)

Page 5 of 9« First...«34567»...Last »

Buy the Book!

A beginner's guide for Canadians looking to get their financial life in order. Get great info on budgeting and saving, RRSP's and pensions, investing types, insurance, and where to go for additional resources.

Recent Tweets

Instagram

  • Tofino sunsets are always amazing
  • Its been raining hard all day but a little sunhellip
  • We were treated to a pretty magical day on thehellip
  • Took advantage of the great weather and hiked out tohellip
  • Our cabin is in the perfect location  just stepshellip
  • Whenever were in Powell River our first stop is alwayshellip
  • Time to start planning this years adventure! If anyone hashellip
  • Midrun selfie during a huge downpour wetcoast tofino running

© 2017. Give Me Back My Five Bucks. All rights reserved. Powered by WordPress & Designed by Mike Smith