March is the month we start to think about doing tax. When I started working part time jobs and my employers stopped cutting tax from pay cheques, I am not looking forward to do that chore.
Even though, I was trying to put money in RRSP, still I have to pay tax. Yeah, you heard it right, There is no refund, and on top of it I have to pay.
With an online calculator, if I put about $12,000 in RRSP, my taxes will be zero. With the annual income $28,000, how can I make this much RRSP contribution?
That is going to be a big challenge. Remember my first post? I should have places that money in the RRSP, right? So, that is a mistake.
I might be paying around $1000 as taxes in April when I finally submit it online. There goes income from March.
On a plus note, the last electric bill is is lowered. Last time it was $66. This time it is just $62. That is making me feel great. Waking early to finish cooking and line drying laundry just worked.
The budget is out and if you have kids less than 18 years old, check this calculator to see how much benefit you can get.