We're getting about $4500 each, but mine will be kept to payback my employment insurance debt. So about $4500 from DH that we'll actually see.
Ours is high because I only worked half a year, but I just let them take the tax like I was working the full year. Too hard to fix that. Plus we get some grad retention money from the province (that's about $2K of it).
I can't imagine some of the numbers here, holy crow! I am hoping we don't owe but am preparing myself that we could owe 1k, which I hear is a fairly common number for people who have been on EI for a year - I am hoping it is less because we split the leave.
I can't imagine some of the numbers here, holy crow! I am hoping we don't owe but am preparing myself that we could owe 1k, which I hear is a fairly common number for people who have been on EI for a year - I am hoping it is less because we split the leave.
My leave is why our refund is big - they deducted like I was working 12 months, but I only worked 7 so my annual income was lower than normal. Hopefully you find the same! I think you get in trouble if your year off is a full jan-dec and EI doesn't deduct enough. Or a topped-up salary (gosh, I miss fed. gov't benefits).
I can't imagine some of the numbers here, holy crow! I am hoping we don't owe but am preparing myself that we could owe 1k, which I hear is a fairly common number for people who have been on EI for a year - I am hoping it is less because we split the leave.
My leave is why our refund is big - they deducted like I was working 12 months, but I only worked 7 so my annual income was lower than normal. Hopefully you find the same! I think you get in trouble if your year off is a full jan-dec and EI doesn't deduct enough. Or a topped-up salary (gosh, I miss fed. gov't benefits).
I was topped up for 8 weeks…but let's just say that the gross amount wasn't even close to the net amount, not even close.
I am very interested to see how it all works out…If I can get DH to log into his Service Canada account tonight I could probably do them tonight. If we got money back I might just die.
We don't even get to file until the fall because we have to wait until our Spanish taxes are done and that doesn't happen until May. We will probably have to pay some...last year $200, which is crazy since we have no US income :-(. Being taxed twice is no bueno!
We don't have all our papers yet, but I anticipate dh getting an awesome return. Not only has he added ds2 as a dependent, but thanks to my mat leave, I'm pretty sure I'm going to fall below the dependent income threshold as well I've got my fingers crossed for upwards of 3K
We are getting back 11500 from the Feds but owe NJ 1300 and NY 450.
DH is paid hourly and he is not paid for time off so it varies greatly. We also claims single because once we owed $10k when we filed married and he worked a lot.
We're getting $7800 back from federal between the 2 of us, and owed NY $220 combined. I adjusted our withholdings yesterday so now we play the "how much did it change" game for the next couple pay periods until I have it close.
Can my Canadian friends tell me how me having had a kid in 2014 will affect my taxes - does it help?
Has she been in daycare at all yet? If not, then I don't think much...
I haven't done my taxes yet but we got a reassessment notice in the mail for H's 2011 and 2012 returns and we owe $600. The most annoying thing is that they already charge you interest on that as if it had been accruing all that time. Like, we just found out about this, why should we have to pay that interest!
Luckily we still should come out ahead this year.
Nope…not at all…I figured it wouldn't make much of a difference income tax wise given that they are giving me $100 a month that I also have to add to my income figures, lol.
Has she been in daycare at all yet? If not, then I don't think much...
I haven't done my taxes yet but we got a reassessment notice in the mail for H's 2011 and 2012 returns and we owe $600. The most annoying thing is that they already charge you interest on that as if it had been accruing all that time. Like, we just found out about this, why should we have to pay that interest!
Luckily we still should come out ahead this year.
Nope…not at all…I figured it wouldn't make much of a difference income tax wise given that they are giving me $100 a month that I also have to add to my income figures, lol.
You get a non-refundable tax credit of $2255 per kid. So you come out ahead even with the $1200 income.
Nope…not at all…I figured it wouldn't make much of a difference income tax wise given that they are giving me $100 a month that I also have to add to my income figures, lol.
You get a non-refundable tax credit of $2255 per kid. So you come out ahead even with the $1200 income.
AWESOME! I will take it…and bonus that it is per kid, screw only having two!!!
(I kid, I kid, I am fairly certain we are done at 2, lol).
I have no clue. My goal is to finish my Quickbooks file this weekend so I can send it to the accountant next week.
I just assume I will have to pay lots. I get nervous spending at this time of the year because of what surprises the accountant will spring on me, on top of his fee as well.
I really hope this is the year my income goes up a lot so I can have a big tax cushion sitting around and not care what I owe in subsequent years.
Post by iheartbanjos on Mar 6, 2015 11:31:18 GMT -5
We owe a little over $13K. We both claim 1, own our home, have kids in daycare, and make a good portion of our income through commissions, which are taxed at a much higher rate. We've never owed before, so this was not something that we were expecting.
We did more investing this year in our Roth 401K than our regular 401K and DH received a very large bonus this year that was taxed at our regular tax rate, so we think those were the culprits. While $13K is a lot, this is sort of a bragplaint because we made much more in 2014 than we've ever made (sadly more than we'll make in 2015) so we don't think we need to do much adjustments to be prepared for this year.
Post by noodleskooze on Mar 6, 2015 11:54:10 GMT -5
We owe A LOT. But it's only once--my aunt and uncle generously loaned us a lump sum large enough to pay of DH's student loans, and then we will be repaying them interest free. So that large amount of money sucks, but it's much less than we'd be paying in interest over the next who-knows-how-many years.