Quick question about Tax Refund

Jump to Page:
< Previous [ 1 ] [ 2 ] Next >

investpro
Member since: Nov 06

Posts: 1628
Location: carl sagan's universe
Post ID: #PID

Posted on: 16-02-07 11:01:22

Quote:
Originally posted by sudesingh

Refund without RRSP = $4800
Refund with RRSP = $6400

Note: These numbers are approximate.

Can you clarify as to how you got these numbers? The person wishes to invest $5,000 into an RRSP.

I know of other vehicles but their time was up end Dec. 2006 to qualify for a tax return for that year.

Aurn
Member since: Jan 07

Posts: 76
Location:
Post ID: #PID

Posted on: 16-02-07 11:49:06

Quote:
Originally posted by investpro

Quote:
Originally posted by sudesingh

Refund without RRSP = $4800
Refund with RRSP = $6400

Note: These numbers are approximate.

Can you clarify as to how you got these numbers? The person wishes to invest $5,000 into an RRSP.

I know of other vehicles but their time was up end Dec. 2006 to qualify for a tax return for that year.

Thanks for all friends reply. I really appriciate as I learned many new things.
investpro, yes you are right. After reading all the postings I discussed further with my friend about RRSP and his point of view was to invest in Labour sponsered RRSP. Could you please let us know, is good idea to put money in LS RRSP, though there is big tax refund difference. What are the advantages/disadvantages

Regards

investpro
Member since: Nov 06

Posts: 1628
Location: carl sagan's universe
Post ID: #PID

Posted on: 16-02-07 14:03:52

Hi Aurn,

Glad I could clarify that for you. My handle isn't investpro for zilch

As I said before, the labor sponsored universe is full of extremely volatile funds. The only one I know of that is pretty stable is ROI.

Secured mezzanine financing. You won't see a 20% gain nor will you see a 10% drop in that fund

Any other questions please feel free to pm me.

sudesingh
Member since: Jul 04

Posts: 2085
Location: Toronto
Post ID: #PID

Posted on: 16-02-07 14:10:33

Quote:
Originally posted by investpro

Quote:
Originally posted by sudesingh

Refund without RRSP = $4800
Refund with RRSP = $6400

Note: These numbers are approximate.

Can you clarify as to how you got these numbers? The person wishes to invest $5,000 into an RRSP.

I know of other vehicles but their time was up end Dec. 2006 to qualify for a tax return for that year.

Based on the details provided the OP, I plugged the numbers into a tax software and that's what I got. Since the OP mentioned about being in full-time employment, I assumed he paid CPP & EI.

-----------------------------------------------------------------
SS
Reiki Grand Master

Contributors: sudesingh(3) investpro(3) Aurn(3) chandresh(1) dp_jain(1)

Jump to Page: < Previous [ 1 ] [ 2 ] Next >

Show Printable version

Send this page to a friend

Add to favorites

Discussions similar to: Quick question about Tax Refund
	Topic	Forum	Views	Replies
	RRSP - Are we eligible?	Financial Planning	2070	3
	Income tax refund - Money spent on education ( 1 2 )	Accounting and Taxation	2755	9
	Sticky: RRSP 101 (All RSP questions answered) ( 1 2 3 ... Last ) Tax benefits for Canadian Residents	Financial Planning	130028	121
	Borrowing to Invest ( 1 2 3 4 )	Financial Planning	8262	25
	Re: Question about RRSP ( 1 2 3 )	Financial Planning	5265	17
	spouser RRSP verses Own RRSP	Financial Planning	2158	3
	RRSP Mortgages ( 1 2 )	Real Estate & Mortgages	3147	9
	Quick question about Tax Refund ( 1 2 )	Financial Planning	3773	10
	help! I forgot to contribute RRSP for last year. ( 1 2 )	Accounting and Taxation	2914	10
	Maximise RRSP contribution??? ( 1 2 )	Financial Planning	2763	8
	Investing RRSP in Indian stocks	Business	2413	1
	tax return 2008 & RRSP ( 1 2 3 )	Accounting and Taxation	5636	20
	RRSP/Tax refund Question!!	General	2257	4
	Unused RRSP ( 1 2 )	General	3868	7
	Tax deductibe mortgage plan	Real Estate & Mortgages	2432	5
	RRSP withdraw without physical presence ( 1 2 )	Financial Planning	5164	10
	Spousal RRSP withdrawal under HBP	Accounting and Taxation	1801	2
	RRSP Question.. Please Reply	Financial Planning	4903	6
	RRSP limit ( 1 2 )	Financial Planning	2372	7
	Question about Tax Return	Accounting and Taxation	1482	2
	RRSP questions from a new immgrant ( 1 2 )	Financial Planning	5367	7
	Spousal RRSP and HBP	Accounting and Taxation	1909	3
	OVERPAYMENT OF RRSP	Financial Planning	2473	3
	How to maximize tax refund with RRSP	Accounting and Taxation	1581	1
	Question related to RRSP Unused Contribution ( 1 2 )	Financial Planning	2970	7

Charcha

Quick question about Tax Refund

Discussions similar to: Quick question about Tax Refund