INCOME TAX

I am very eager to file my income tax return this year. I am brimming with anticipation. Why? Well, let’s discuss my income tax history. I’ve never made enough money in my entire life to have required me to pay taxes to the government at tax time. I’ve always received a refund. I’d like to see how the other half lives but there’s little I can do about that for now.

I am now making more money than I’ve ever made in my entire life. That’s not saying a lot for a guy that used to make $12.50 an hour but I digress. The government takes about 30% off every paycheque of mine. Because of the huge tuition and education credits I accumulated through grad school, I expect to get most of my money back come tax time. It should be the largest refund I’ve ever received. Most, if not all of it, will go towards my loan payments.

I can’t file my return just yet since I don’t have all the proper forms. None of my T-slips are in. Also, the CRA tends to make last minute changes to the tax forms. I usually wait until mid-March when the tax folks finalize the forms.

Since 1996, I’ve used Quicktax to help me prepare my return. It’s getting pricey at $40 now but I like how it carries forward all my financial info from year to year. Maybe I’ll get my family to pitch in some bucks since I’ve done all their returns since 1999. Seems fair enough doesn’t it?

On a related note, billionaire Mark Cuban gives his three investment tips for 2006. Now before you dimiss the link as some financial hooey that will make no sense, two of his tips are actually common sense type tips. It’s worth a read no matter if you’re a broker or a guy that stuffs his money into his mattress.

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