Quick question about Tax Refund

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investpro
Member since: Nov 06

Posts: 1628
Location: carl sagan's universe
Post ID: #PID

Posted on: 16-02-07 11:01:22

Quote:
Originally posted by sudesingh

Refund without RRSP = $4800
Refund with RRSP = $6400

Note: These numbers are approximate.

Can you clarify as to how you got these numbers? The person wishes to invest $5,000 into an RRSP.

I know of other vehicles but their time was up end Dec. 2006 to qualify for a tax return for that year.

Aurn
Member since: Jan 07

Posts: 76
Location:
Post ID: #PID

Posted on: 16-02-07 11:49:06

Quote:
Originally posted by investpro

Quote:
Originally posted by sudesingh

Refund without RRSP = $4800
Refund with RRSP = $6400

Note: These numbers are approximate.

Can you clarify as to how you got these numbers? The person wishes to invest $5,000 into an RRSP.

I know of other vehicles but their time was up end Dec. 2006 to qualify for a tax return for that year.

Thanks for all friends reply. I really appriciate as I learned many new things.
investpro, yes you are right. After reading all the postings I discussed further with my friend about RRSP and his point of view was to invest in Labour sponsered RRSP. Could you please let us know, is good idea to put money in LS RRSP, though there is big tax refund difference. What are the advantages/disadvantages

Regards

investpro
Member since: Nov 06

Posts: 1628
Location: carl sagan's universe
Post ID: #PID

Posted on: 16-02-07 14:03:52

Hi Aurn,

Glad I could clarify that for you. My handle isn't investpro for zilch

As I said before, the labor sponsored universe is full of extremely volatile funds. The only one I know of that is pretty stable is ROI.

Secured mezzanine financing. You won't see a 20% gain nor will you see a 10% drop in that fund

Any other questions please feel free to pm me.

sudesingh
Member since: Jul 04

Posts: 2085
Location: Toronto
Post ID: #PID

Posted on: 16-02-07 14:10:33

Quote:
Originally posted by investpro

Quote:
Originally posted by sudesingh

Refund without RRSP = $4800
Refund with RRSP = $6400

Note: These numbers are approximate.

Can you clarify as to how you got these numbers? The person wishes to invest $5,000 into an RRSP.

I know of other vehicles but their time was up end Dec. 2006 to qualify for a tax return for that year.

Based on the details provided the OP, I plugged the numbers into a tax software and that's what I got. Since the OP mentioned about being in full-time employment, I assumed he paid CPP & EI.

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Contributors: Aurn(3) sudesingh(3) investpro(3) chandresh(1) dp_jain(1)

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