GST cheques?

[Gools]

Anyone know when we get our GST cheque rebates? I thought it was in October

[Quinn]

I got mine in October...

I always forget about them... end up using the funds to pay for traffic tickets. :confused:

[Beverly]

Quinn,

I have heard about your driving habits :eek: Slow down, man, and you'll get to spend your money on, well, reef stuff comes to mind :biggrin:

[Quinn]

Yeah I've turned down the dumb lately. One before last began to make some connections and since this most recent one in early fall I'm chilling out. Plus I'm not driving much anyways here in Lethbridge and to top that off my car has been out of commission for the last week, seems like the trannie. Might not be driving at all for a while. :rolleyes:

[muck]

Seems your car is hinting at you... :razz:

[BMW Rider]

Never get them. GST cheques that is, had a few of the fast driving awards though, but none recently.

[Canadian Man]

Never get them. GST cheques that is, had a few of the fast driving awards though, but none recently.

Yea Me either! On the GST cheques that is. :biggrin:

[Nemain]

The government prefers to keep my money as well :cry:

[Murminator]

How much are GST cheques????........I don't know anyone who gets one :crazyeye:

[muck]

Used to get them years ago.
Now I just pay more taxes and don't get the rebate... :sad:

[Quinn]

Isn't everyone supposed to get them? Maybe it depends on your income.

[EmilyB]

LOL, yes when you enter the lower middle class you don't get as many government subsidies. :lol:

[Quinn]

So what exactly are you saying here Deb, that I'm below the lower middle class? :evil: :wink:

[Doug]

GST rebates.



Yea right. :rolleyes:

[Dabbler]

So what exactly are you saying here Deb, that I'm below the lower middle class? :evil: :wink:

I think that is because you are a student right now...But you will always be upper class to us :lol:

I personaly think if you can suck the cash out of the goverment legaly go for it. But I have only received 1 GST cheque in my life time and prob never see one again :cry:

[Bob I]

So what exactly are you saying here Deb, that I'm below the lower middle class? :evil: :wink:

No just poor like me. I get them because I am old and poor, and learning how to make do on pensions and a part time job. :eek:

[LostMind]

I get cheques from GST, but only thru my company. Because we buy a ton of hardware in Canada, but resell our hosting service mainly to people out of country, so we are not liable to collect GST.

but personally, I have never received a GST rebate cheque...

[Gools]

What's going on here? I've gotten them since I was 16, I think 4 times a year, and like $80 a pop. And I don't live in no poverty join. I can't beleive how many don't get them.

[EmilyB]

http://www.cra-arc.gc.ca/benefits/gstc_incomes-e.html

[Canadian Man]

What's going on here? I've gotten them since I was 16, I think 4 times a year, and like $80 a pop. And I don't live in no poverty join. I can't beleive how many don't get them.

That's because you have to live in "the Peg" :razz: :lol: :razz:

[G1GY]

I've never gotten one either. :sad:

[Tarolisol]

I get them every 3 months or so, 56 dollers each.

[StirCrazy]

the last time I got one of them was in 1991 :rolleyes:

Steve

[kris_willard]

Not sure how you have been getting them since you were 16 according to the gove you can t get them till you 19. Mine are in the $125 range and im not poor either i prob make 35-45/yr depending on my bonus....

[G1GY]

Not sure how you have been getting them since you were 16 according to the gove you can t get them till you 19. Mine are in the $125 range and im not poor either i prob make 35-45/yr depending on my bonus....

If you've been making between 32,000 and 42,000 in the last seven years and depending on your family structure, your probably not entitled to anything. So if you did make 45,000 in any the last seven years I'm not sure how you got any kind of rebate in those years. :confused:

[kris_willard]

Def not been making that kind of coin for the last 7yrs, keep in mind not all of us reefers are dinosaurs :)
Last year i hit that and this year i should hit the upper end of that depending on bonus...we will see what comes this year when i do my taxes.

[G1GY]

Looks like your going to lose out then. :sad:

But the plus is you made more! :biggrin: (And you also paid more taxes!)

I'm not a dinasour either. I'm only 38 and still a spring chicken.


I've never had a GST rebate even when I've only worked a partial year. (I probably screwed up on my taxes or something. :sad: )

But here's a question that keeps me awake at night.

Why does a slight tax increase cost you two hundred dollars and a
substantial tax cut saves you thirty cents? :confused:


If anyone can answer this for me I'd be gratefull. :biggrin:

[albert_dao]

Looks like your going to lose out then. :sad:

But the plus is you made more! :biggrin: (And you also paid more taxes!)

I'm not a dinasour either. I'm only 38 and still a spring chicken.


I've never had a GST rebate even when I've only worked a partial year. (I probably screwed up on my taxes or something. :sad: )

But here's a question that keeps me awake at night.

Why does a slight tax increase cost you two hundred dollars and a
substantial tax cut saves you thirty cents? :confused:


If anyone can answer this for me I'd be gratefull. :biggrin:


You think that's bad, I got one:

How come if you are entitled to a tax return, the Gov. is all over you to make sure it's right but if you screw up your taxes and owe them money because of it, no one is willing to put time into correcting it?

[StirCrazy]

keep in mind not all of us reefers are dinosaurs :)


Hey now carfull there big shooter :confused:

Steve

[LostMind]

Looks like your going to lose out then. :sad:


But here's a question that keeps me awake at night.

Why does a slight tax increase cost you two hundred dollars and a
substantial tax cut saves you thirty cents? :confused:


"they" never tell you who gets the substantial tax cut... All I know is I have to pay far too much taxes. If I lived in say.. Brunei, I would be a very happy man. My house would be completely paid off by now.

But no, bye bye 49.5% of my income :(

[kris_willard]

BUY RRSP"S! Why give your money to the government when you can give it to your self? You may not be able to use them right away but at least your not throwing you money out the window. In effect if your buying lots of RRSP's you income goes down and depending on how much you make...GST cheque!

[albert_dao]

BUY RRSP"S! Why give your money to the government when you can give it to your self? You may not be able to use them right away but at least your not throwing you money out the window. In effect if your buying lots of RRSP's you income goes down and depending on how much you make...GST cheque!


From my understanding, doesn't your eventual collection of these savings count as taxable income? I might be wrong, but if not, then you're not so much paying yourself back as delaying the inevitable rape. Come to think of it, if that's the case, the this is a horrible idea because of inflation...

I hope I'm wrong.

[kris_willard]

When you convert your RRSP's to a RIF they are paid back slowly to you so that you dont get hit as hard, Im not an acountant but i believe that when you do retire you pay less in taxes. Keep in mind that when you contibute you are also getting a tax return which in turn is like free money. Also you are being paid interest on you RRSP's until you retire as well as when they are being paid back to you in a RIF, so unless you keep your RRSP's in a non interest bearing account you should keep up to inflation plus some. JUST DONT TAKE THEM OUT BEFORE YOU RETIRE!

[G1GY]

In a perfect world it would work this way. Now what happens if you kick off a few years into retirement? (This is totaly possible.) Now whom ever you left your money to takes a super huge hit on the whole amount. (Government wins!)

Let's say you need some or all of the money before you retire and withdraw funds. Huge tax hit! (And the government wins again)

What if you need to withdraw more than your master plan has alloted for in your golden years? Guess what? Huge tax hit! (Guess who wins?)


I know people that have retired and did save up through RRSP's through most of their working life that say they wish they would have done things way different.

[kris_willard]

In a perfect world it would work this way. Now what happens if you kick off a few years into retirement? (This is totaly possible.) Now whom ever you left your money to takes a super huge hit on the whole amount. (Government wins!)

Let's say you need some or all of the money before you retire and withdraw funds. Huge tax hit! (And the government wins again)

What if you need to withdraw more than your master plan has alloted for in your golden years? Guess what? Huge tax hit! (Guess who wins?)


I know people that have retired and did save up through RRSP's through most of their working life that say they wish they would have done things way different.

1) Nope, not taxed on inheritance
2) Dont take out the rsp, borrow against it, and write off the interest.
3) If you plan on making what you making now when you retire why are you saving? And no its not a huge hit it will be the same if you had a job and made that much.

[G1GY]

Right now Canada, Australia and New Zealand are the only industrial countries without an inheritance tax. Do you think yhis is going to last forever? This is some thing that's been on the wish list of our greedy government for a while even if you don't hear about it allot. Fact is that ideas have been bouncing around on how to set up a better system than other countries.

Here's a link to the NDP Idea


http://www.nupge.ca/news_2004/n20jn04a.htm

Just something to think about.

:smile:

[kris_willard]

You can if and or but your way out of anything, but if RRSP's are so bad then why are they included in almost every long term financial plan? If you want to save for retirement and save yourself from paying anymore taxes than you absolutely have to, RRSP's are the way to go. Im not saying this is the only way to save your money but i can defineately help. I will also say that RSP's are not for everyone.

**EDIT** I just read the article and that is on ALL inheritance not just rrsp's so no matter where you put the funds your going to be taxed. As the aricle states:
"Only 2.5% of Canadian families would be affected by an NDP-style inheritance tax."
So odds are that this wont effect anyone that any of us know, if it were even to happen. The next point is that it is only taxed at 17% which is lower then almost all retirement pensions let alone what you are being taxed now (unless you are making less then 8k/yr). This would have no effect on the average canadian. So put your money in RSP's or in Securities or purchase revenue properties, if its over 1million you gunna get hit no matter what...

[EmilyB]

Just hope there's any RRSP money there after those baby boomers cash out.... :mrgreen: