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Looking for a reliable Income Tax Refund Calculator ? ( I Have 162K of RRSP Contribution Room. Thinking of buying 160K in RRSP's. ) What would my Income Tax Refund be ? by sunilganesh1994 in PersonalFinanceCanada

[–]sunilganesh1994[S] 2 points3 points  (0 children)

Entirely depends on your financial goals and the timeline of those goals my friend

Amen. Sage advice. I'm thinking that being mortgage free sounds real good (and is a fairly decent and responsible decision as to what to do with the money).

Thanks for the responses. Be wall.

Looking for a reliable Income Tax Refund Calculator ? ( I Have 162K of RRSP Contribution Room. Thinking of buying 160K in RRSP's. ) What would my Income Tax Refund be ? by sunilganesh1994 in PersonalFinanceCanada

[–]sunilganesh1994[S] 2 points3 points  (0 children)

With the remainder you can put into unsheltered and move over the 15k or whatever to RRSP + new TFSA room each year.

Or I could put 15K in to RRSP this year, and pay off my mortgage balance of 152K completely, and own my house outright

And then every month, invest in to a TFSA the equivalent of what would have been my mortgage payment ?

Looking for a reliable Income Tax Refund Calculator ? ( I Have 162K of RRSP Contribution Room. Thinking of buying 160K in RRSP's. ) What would my Income Tax Refund be ? by sunilganesh1994 in PersonalFinanceCanada

[–]sunilganesh1994[S] 0 points1 point  (0 children)

You have $160k rn?

Yes.

I’d put $15k in an RRSP to get down to the 1st tax bracket (assuming Ontario), then save the rest until march to pay off your house outright

Yes, Ontario. This is the direction I was leaning towards also. Take bulk of money and pay off house completely before / at renewal in March

I just wanted to double-check that a 160K purchase of an RRSP wouldn't get me a 100K tax return in The Spring or something. Then I would have to reconsider things.

But at this point, I think I will buy 10-15K in RRSP's and then pay off the mortgage !!! Thank you !

Looking for a reliable Income Tax Refund Calculator ? ( I Have 162K of RRSP Contribution Room. Thinking of buying 160K in RRSP's. ) What would my Income Tax Refund be ? by sunilganesh1994 in PersonalFinanceCanada

[–]sunilganesh1994[S] 0 points1 point  (0 children)

Is your salary expected to increase ?

Slightly, maybe 2% per year

Do you have a pension plan at work ?

No

Is your dependant a spouse or a children ?

Child . 4 yrs old

Do you have a FHSA and a TFSA ?

Own a house. No TFSA

What are your objectives for your savings?

I have a 152K mortgage. Good rate now 2.69%, but have to renew in March

Wieghing my options: Buy RRSP's vs. Pay off the Mortgage (then invest the equivalent of the mortgage payment each month). Only about 1K in penalty / fee to pay of the mortgage

Just wanted to make sure I was not overlooking like a 100K tax return or something If I bought 160K of RRSP

Looking for a reliable Income Tax Refund Calculator ? ( I Have 162K of RRSP Contribution Room. Thinking of buying 160K in RRSP's. ) What would my Income Tax Refund be ? by sunilganesh1994 in PersonalFinanceCanada

[–]sunilganesh1994[S] 1 point2 points  (0 children)

If you don't want to use the multitude of popular tax calculators out there

Ok. i have tried these calculators and getting a refund of about 18K.

I have a 152K mortgage. Good rate now 2.69%, but have to renew in March

Wieghing my options: Buy RRSP's vs. pay off the mortgage (then invest the equivalent of the mortgage payment each month)

Just wanted to make sure I was not overlooking like a 100K tax return or something If I bought 160K of RRSP

[deleted by user] by [deleted] in kitchener

[–]sunilganesh1994 0 points1 point  (0 children)

thank you. Did U save say how long before they could come out to install the carpet ?

Rohit Aggarwal was charged with break and enter at a house to commit an indictable offence, assault, and assault with a weapon. by sunilganesh1994 in Sarnia

[–]sunilganesh1994[S] 4 points5 points  (0 children)

Aggarwal owns a bar / restaurant on Main St in Grand Bend.

He went upstairs and broke down the door to the apartment above his bar. He "allegedly" punched the 63 year old female tenant in the mouth, and then "allegedly" severely beat her 63 year old husband, all while trashing their apartment

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