Taxes

[brownie]

Me and my GF usually do our taxes online,just a question about hers.Is it possible for her return to go down after putting in her RRSP's and her student loan interest??I thought RRSP's and student loan interest would usually make it go up.She is not in a high tax bracket.Any advice.

Thanks Brownie

[BlackArcher101]

When you say go down....

do you mean the amount owing go down, or the refund go down?

[Sylvanfan]

Once again it depends on what your employer deducted during the year. If you want your best return see an accountant.

I'm steamed at the government for screwing me over on my move last year. Cheap s audited me and claimed $2500 worth of receipts I submitted weren't good enough for their liking. I pay these pricks like $25,000 a year in taxes and they nickle and dime me on legitimate expenses....God do I hate the government.

[brownie]

Her refund went down after putting in RRSP and student loan interest.Dont make sense does it???

[BlackArcher101]

Originally Posted by Sylvanfan

I pay these pricks like $25,000 a year in taxes

[albertGQ]

Originally Posted by brownie

Her refund went down after putting in RRSP and student loan interest.Dont make sense does it???

Maybe her employer deducted less income taxes from her paycheques in 2006 as opposed to 2005.

[Bobblehead]

Originally Posted by brownie

Her refund went down after putting in RRSP and student loan interest.Dont make sense does it???

Sounds like you have entered something wrong - RRSPs lower your taxable income. Without seeing exactly what the return looks like it is pretty tough to say what has happened.

[kipperfan]

Not to derail the thread.....but here is another question.....this is my first year having filed on online....how long does it ussually take to recieve your refund after it has been submitted online..........

[brownie]

Usually around 2 weeks

[albertGQ]

The thread starter does not provide enough information.
If this was a test, I would choose

E) There is not enough information to solve this problem

We don't know what her income was in 2006 versus 2005
We dont' know what other types of deductions she has
We don't know how much personal income taxes her employer deducted in those years

[OzSome]

Originally Posted by kipperfan

Not to derail the thread.....but here is another question.....this is my first year having filed on online....how long does it ussually take to recieve your refund after it has been submitted online..........

If you set up your Direct Deposit, it will take a lot faster to get the refund something like 7-10 days; otherwise waiting for the cheque takes about 3 weeks at least.

[brownie]

Originally Posted by albertGQ

The thread starter does not provide enough information.
If this was a test, I would choose

E) There is not enough information to solve this problem

We don't know what her income was in 2006 versus 2005
We dont' know what other types of deductions she has
We don't know how much personal income taxes her employer deducted in those years

As you enter all the info you can see what the refund will be.So after entering the RRSP's and loan interest the refund goes down.Just saying shouldn't it go up after entering that info???All her info is the same as last year except she actually bought more RRSP's this year.Dont make sense if you ask me.

[albertGQ]

Originally Posted by brownie

As you enter all the info you can see what the refund will be.So after entering the RRSP's and loan interest the refund goes down.Just saying shouldn't it go up after entering that info???All her info is the same as last year except she actually bought more RRSP's this year.Dont make sense if you ask me.

Sorry. I thought you meant her refund went down compared to last year. Now I realise it went down as you enter her RRSP's and loan interest

Yeah, that is #####ed up

I have no idea then

[Shazam]

Originally Posted by brownie

As you enter all the info you can see what the refund will be.So after entering the RRSP's and loan interest the refund goes down.Just saying shouldn't it go up after entering that info???All her info is the same as last year except she actually bought more RRSP's this year.Dont make sense if you ask me.

Double check. Are you sure you're entering the information properly?

[Mccree]

Originally Posted by brownie

As you enter all the info you can see what the refund will be.So after entering the RRSP's and loan interest the refund goes down.Just saying shouldn't it go up after entering that info???All her info is the same as last year except she actually bought more RRSP's this year.Dont make sense if you ask me.

Did you enter the RRSP as income? Did you enter it as a T4RSP or as a rrsp receipt.

Check line 207 of the Jacket and see if the RRSP amount is there. I think you might see her RRSP amount on line 129 which added it to her income.

RRSP deductions should be entered on schedule 7 of the income tax return.

[mykalberta]

Originally Posted by BlackArcher101

Thats less than 80K net income.

Not alot if you are employed full time downtown Calgary - and not as the dude who continually harrases me by the Macs at 4th and 5th.

MYK

[BlackArcher101]

Originally Posted by mykalberta

Thats less than 80K net income.

Not alot if you are employed full time downtown Calgary - and not as the dude who continually harrases me by the Macs at 4th and 5th.

MYK

I see... but unfortunately the majority of people aren't employed in downtown calgary.