Debt...

IdRatherBeSkiing

Sherbet is NOT and NEVER WILL BE ice cream.
Oct 11, 2008
27,230
13,833
168
Toronto, ON
I got a 2% rate on my car loan. paid off over 7 years. Same length of time as the extended manufacturer's warrantee. It replaced the previous car loan when old car was totaled.
 
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scotchandcigar

All I wanted was some steak
Feb 13, 2009
23,407
18,657
168
Vacationland
10 years ago dropped my mortgage from 5.25% to 3.875%. Never thought rates would get even lower, we're talking about re-re-mortgaging. Even though there's only 4 1/2 years left on our 15-year, it may still make sense.
Just refinanced my mortgage to 2.875%. But I have quite a bit more than 4 1/2 years left. At least I have no car payments.
 

JHDK

Release Robin's Bra
Oct 11, 2008
28,632
13,303
168
40
Hyrule
Got my tax return today! That was quick, it only took 8 days. It's not a very big return, only $202, but considering how I was convinced I was going to owe money this year, I'm very happy with it.
 

IdRatherBeSkiing

Sherbet is NOT and NEVER WILL BE ice cream.
Oct 11, 2008
27,230
13,833
168
Toronto, ON
I've always wondered why we have to file at all. The government knows how much we make. Our RRSP contributions have our SIN number as do our investments. All they need to do is add it to charitible donations and the government knows everything. They could just process that and give you back some or send you a bill. If there was something out of the ordinary they could have a form or website you could enter that,
 

scotchandcigar

All I wanted was some steak
Feb 13, 2009
23,407
18,657
168
Vacationland
I've always wondered why we have to file at all. The government knows how much we make. Our RRSP contributions have our SIN number as do our investments. All they need to do is add it to charitible donations and the government knows everything. They could just process that and give you back some or send you a bill. If there was something out of the ordinary they could have a form or website you could enter that,
The IRS knows nothing. They know my payroll income, but that's it. They don't know my mortgage interest, investment income, number of dependents living in my house, business expenses, charitable contributions, HSA balance, medical expenses, student loans, town fees... Do I need to go on?
 
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IdRatherBeSkiing

Sherbet is NOT and NEVER WILL BE ice cream.
Oct 11, 2008
27,230
13,833
168
Toronto, ON
The IRS knows nothing. They know my payroll income, but that's it. They don't know my mortgage interest, investment income, number of dependents living in my house, business expenses, charitable contributions, HSA balance, medical expenses, student loans, town fees... Do I need to go on?
In Canada, Revenue Canada knows all that. Because the firms that send me the T3 also send a copy to Revenue Canada. My T4 is usually preloaded and retrieved by my tax software via government website. There isn't really anything other than charitable donations that they don't already know.
 
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scotchandcigar

All I wanted was some steak
Feb 13, 2009
23,407
18,657
168
Vacationland
In Canada, Revenue Canada knows all that. Because the firms that send me the T3 also send a copy to Revenue Canada. My T4 is usually preloaded and retrieved by my tax software via government website. There isn't really anything other than charitable donations that they don't already know.
Yes, here in 'Murica, the gub'mint gets a form for each of those things too. But there's not a guy at the IRS who sits there, and says "oh, here's another form for Bob, let's put them all together".

When we sold our house to build this one, we got a letter 2 years later, saying that we owed almost $200,000 in back taxes. Let me repeat that: two-hundred-thousand! As it so happens, the closing lawyer didn't submit some forms, so the IRS took it upon themselves to assume that 100% of the sale price of the house was profit - as in no mortgage, and no primary residence exemption. So that's just one great example of how well the IRS can figure things out on their own.
 
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IdRatherBeSkiing

Sherbet is NOT and NEVER WILL BE ice cream.
Oct 11, 2008
27,230
13,833
168
Toronto, ON
Yes, here in 'Murica, the gub'mint gets a form for each of those things too. But there's not a guy at the IRS who sits there, and says "oh, here's another form for Bob, let's put them all together".

When we sold our house to build this one, we got a letter 2 years later, saying that we owed almost $200,000 in back taxes. Let me repeat that: two-hundred-thousand! As it so happens, the closing lawyer didn't submit some forms, so the IRS took it upon themselves to assume that 100% of the sale price of the house was profit - as in no mortgage, and no primary residence exemption. So that's just one great example of how well the IRS can figure things out on their own.
I had a case where I never got a copy of a T3 or T5. I got a note 9 months later saying I owed about $1000 to Revenue Canada and they included the copy of that form. A bit faster than 2 years. And still paper. But it could be done electronically and that would make it instant and mean I wouldn't have to spend 3 hours once a year cursing at the government for ripping me off so much.
 

HecticArt

Administrator
Oct 19, 2008
49,832
17,485
168
Toledo, Ohio
The gub'mint knows exactly how much you're entitled to get back. They make the tax codes sooo confusing that they count on people screwing up their returns and not collecting everything they are entitled to.
 

IdRatherBeSkiing

Sherbet is NOT and NEVER WILL BE ice cream.
Oct 11, 2008
27,230
13,833
168
Toronto, ON

HecticArt

Administrator
Oct 19, 2008
49,832
17,485
168
Toledo, Ohio
Does anybody know about this? We just got a check out of the blue.

I just got my third one not too long ago.
When do I get stimulated.
My wife and son are still waiting for theirs. But will take forever to get through 2 postal services.
Then they have to convert it to Euros. That’ll take months!