Quantcast
Doing taxes, refund dropped by 60% what do you think? - Beyond.ca - Car Forums
Results 1 to 16 of 16

Thread: Doing taxes, refund dropped by 60% what do you think?

  1. #1
    Join Date
    Dec 2005
    Location
    not calgary
    My Ride
    changes every year
    Posts
    5,369
    Rep Power
    45

    Default Doing taxes, refund dropped by 60% what do you think?

    Put in my income, got a refund of about 6k. Put in my wife's income, now under 2k total.

    Generally I wouldn't bat an eye, but I made 20k more than 2022 and she only made 2k more. The only difference from 2022 to 2023 is that I put in RRSPs for 2023.

    For reference I got back about 4k last year and my wife got back about 700. This year about 1600 for me and about 400 for her.

    I dont get how her income impacted us that much making only 2k more. Any insight on something like this before I file this? I'm sorry I know this is kind of broad and vague...

  2. #2
    Join Date
    Jun 2002
    Location
    Calgary, AB
    Posts
    1,991
    Rep Power
    30

    Default

    Don't enter your wife's income and collect the 6k.

  3. #3
    Join Date
    Dec 2005
    Location
    not calgary
    My Ride
    changes every year
    Posts
    5,369
    Rep Power
    45

    Default

    Quote Originally Posted by roopi View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Don't enter your wife's income and collect the 6k.
    Haha ya I thought about that for a second lol

  4. #4
    Join Date
    Jan 2019
    Location
    The Big Char.
    My Ride
    *The First*
    Posts
    4,136
    Rep Power
    100

    Default

    Carbon Tax.

    Quote Originally Posted by 03ozwhip View Post
    This quote is hidden because you are ignoring this member. Show Quote
    ... kind of broad and vague...
    Pic's of broad.

  5. #5
    Join Date
    May 2006
    Location
    Only 15min from Aspen!
    My Ride
    Nothing interesting anymore
    Posts
    8,406
    Rep Power
    100

    Default

    Quote Originally Posted by 03ozwhip View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Any insight on something like this before I file this? I'm sorry I know this is kind of broad and vague...
    The difference is how much tax your employers retained on paycheques. It sounds like they did a piss poor job of it last year, so you were giving the government an interest free loan. This year they only did a half-assed job, and you still gave the interest free loan.

    Quote Originally Posted by 03ozwhip View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Put in my income, got a refund of about 6k. Put in my wife's income, now under 2k total
    Assuming your used Turbotax or the like, this is because before you entered your wife's data, the program considered her a dependent. After you fill in her slips (giggity), she was no longer one.
    Last edited by Tik-Tok; 03-01-2024 at 01:39 PM.
    Quote Originally Posted by DonJuan View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Came back to ogle 2Legit2Quit wife's buns...
    Quote Originally Posted by Kloubek View Post
    This quote is hidden because you are ignoring this member. Show Quote
    They're certainly big, but I don't know if they are the BEST I've tasted.

  6. #6
    Join Date
    Aug 2004
    Location
    Calgary
    My Ride
    N/A V8, TTV6, DOHC N/A V6
    Posts
    3,196
    Rep Power
    43

    Default

    Very similar situation here, too.

    I did calculate everything out by hand using the forms feature to reference and double check.

    One thing is if your combined is above like 156k or something, your federal tax credits are clawed back as well. Don’t know the exact workings there.

    Yeah it doesn’t make sense to me either, lol.
    "The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."

    -H.P. Lovecraft

  7. #7
    Join Date
    Dec 2005
    Location
    not calgary
    My Ride
    changes every year
    Posts
    5,369
    Rep Power
    45

    Default

    Quote Originally Posted by Darkane View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Very similar situation here, too.

    I did calculate everything out by hand using the forms feature to reference and double check.

    One thing is if your combined is above like 156k or something, your federal tax credits are clawed back as well. Don’t know the exact workings there.

    Yeah it doesn’t make sense to me either, lol.
    Hmm ya i haven't heard anything about federal credits for over 156k, but I guess I don't pay attention to all that since this is my first year making more than that.

    I'm assuming that what is stated is correct but im pretty bummed out about it and glad(sad?) To hear it happened to someone else lol fuck.

  8. #8
    Join Date
    Jul 2004
    Location
    Calgary AB
    Posts
    2,443
    Rep Power
    54

    Default

    Household income versus personal income... It matters

  9. #9
    Join Date
    Aug 2004
    Location
    Calgary
    My Ride
    N/A V8, TTV6, DOHC N/A V6
    Posts
    3,196
    Rep Power
    43

    Default

    I’m praying Pollievre brings back income splitting.
    "The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."

    -H.P. Lovecraft

  10. #10
    Join Date
    Dec 2005
    Location
    not calgary
    My Ride
    changes every year
    Posts
    5,369
    Rep Power
    45

    Default

    Quote Originally Posted by tirebob View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Household income versus personal income... It matters
    Ya, like I said I don't usually bat an eye on it, it just seemed really excessive this time, because it was her income that impacted my return so much and the difference between her 2022 and 2023 is only 2k so how that cut me in half is beyond me.

    - - - Updated - - -

    Quote Originally Posted by Darkane View Post
    This quote is hidden because you are ignoring this member. Show Quote
    I’m praying Pollievre brings back income splitting.
    That would be amazing.

  11. #11
    Join Date
    Apr 2008
    Location
    Stampede Central
    My Ride
    is pretty sharp lookin'
    Posts
    2,270
    Rep Power
    34

    Default

    Did you compare how much taxes were withheld between her 2022/2023 T4's?

  12. #12
    Join Date
    Jul 2010
    Location
    Homeless
    My Ride
    Blue Dabadee
    Posts
    9,598
    Rep Power
    100

    Default

    Our tax code is way too complicated.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
    This quote is hidden because you are ignoring this member. Show Quote

    guessing who I might be, psychologizing me with your non existent degree.

  13. #13
    Join Date
    Apr 2009
    Location
    Calgary AB
    My Ride
    V8s
    Posts
    4,572
    Rep Power
    100

    Default

    Quote Originally Posted by Darkane View Post
    This quote is hidden because you are ignoring this member. Show Quote
    I’m praying Pollievre brings back income splitting.
    I really doubt that would happen, but that would be unreal.

  14. #14
    Join Date
    Jul 2010
    Location
    Homeless
    My Ride
    Blue Dabadee
    Posts
    9,598
    Rep Power
    100

    Default

    Our federal government is too far in the soup for tax revenues to go down.

    At this point we can only hope for spending cuts.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
    This quote is hidden because you are ignoring this member. Show Quote

    guessing who I might be, psychologizing me with your non existent degree.

  15. #15
    Join Date
    Jan 2008
    Location
    Upstairs
    My Ride
    Natural Gas.
    Posts
    13,332
    Rep Power
    100

    Default

    If spending stayed flat it'd be a miracle.
    Quote Originally Posted by killramos View Post
    This quote is hidden because you are ignoring this member. Show Quote
    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  16. #16
    Join Date
    Jun 1987
    Location
    SK
    My Ride
    Fit Dugan Signature (2016)
    Posts
    3,375
    Rep Power
    100

    Default

    Quote Originally Posted by killramos View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Our federal government is too far in the soup for tax revenues to go down.

    At this point we can only hope for spending cuts.
    When does your comedy routine hit the casino circuit?
    Originally posted by SJW
    Once again another useless post by JRSCOOLDUDE.
    Originally posted by snowcat
    Don't let the e-thugs and faggots get to you when they quote your posts and write stupid shit.
    Originally posted by JRSC00LUDE
    I say stupid shit all the time.
    ^^ Fact Checked

Similar Threads

  1. Stock option taxes and divident taxes

    By Gorilla in forum Real Estate / Finance
    Replies: 7
    Latest Threads: 06-01-2011, 11:13 PM
  2. doing taxes while overseas?

    By Dumbass17 in forum Real Estate / Finance
    Replies: 4
    Latest Threads: 11-06-2010, 04:58 PM
  3. Doing my own taxes need help with CCA

    By Redlyne_mr2 in forum Real Estate / Finance
    Replies: 4
    Latest Threads: 02-03-2009, 03:41 PM
  4. wtb: TAXES - somebody do my taxes for cheap!

    By brownskind in forum Miscellaneous Buy/Sell/Trade
    Replies: 7
    Latest Threads: 02-25-2006, 09:09 PM
  5. think you're ok if you have a stock wing? think again

    By boi-alien in forum General Car/Bike Talk
    Replies: 1
    Latest Threads: 02-21-2004, 01:08 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •