I don't necessarily think one of us is better than the other but based on the criteria that was apparently ignored (and should be changed), I felt by those rules I should have been higher. Also, I don't believe people should be punished because the Tio program decides to make you face certain people who may or may not help build credit. I certainly did not choose my opponents but it appears that I have been penalized for "being lucky". I also have no qualms saying you're better than me but if so, just barely.
Now for a juicy bit I have been preparing all day at work to type (well, maybe not all day)!
Did you know...
-You may be imposed a penalty (20% of your total net income for tax purposes) if you do not do your taxes twice in a four year period. Made $2000 in the summer? Hope you don't mind paying $400 of that to the government!
-You may be given jail time for not doing your taxes?
-If you owe the government money, you are charged a 5% interest penalty plus 1% interest per month (compounded)! It can compound to very scary amounts! Is it worth staying in the dark?
-If you have been in university or college for years, you have thousands of tax credits unused! They have an INDEFINITE (critical!) carry forward period. It could very well drop you to a lower tax bracket and have a large amount of taxes recoverable!
-Even if you did not need to pay for tuition, just for attending school, you get credits!
-If your parents paid for your tuition, don't you owe it to them to transfer some of your schooling credits to your parents ($5,000 annual limit)?
-A RRSP (Registered Retired Savings Plan) is really important for your retirement!
-Your RRSP has an annual contribution limit (18% of previous year's income or a set amount which is approximately $18,000 - whichever is lower) which is carried forward if unused but you will have an annual contribution limit of $0 if you do not report your income. (18% x No Income Reported ie. $0 = $0)
-If you are a low income earner, you get Sales Tax credits paid directly to your bank account quarterly? Mine is roughly under $100 quarterly and my grandmother's (I did her taxes) is just over $150. Perfect for buying stuff like... weed.
-Even if you have NO net income for tax purposes, you still have MUCH to benefit by filing taxes.
-You get credit for charitable donations that can be carried forward 7 years. I fund a child and donate to another charity so I have credits just waiting to be used!
Scared yet?
So what do you need to get started on your taxes? Easy!
1) Get your bank account's branch number, institution number, and your personal account number. This can be obtained by going to your bank or finding it on a personal cheque.
2) Your SIN number, and other personal details such as your name, address, and birthdate.
3) Any relevant forms like your T4 and T2202a.
4) Other relevant items such as donation receipts and non-Post Secondary School issued transit tickets.
Now you're all set. Happy filing!
I will be receiving a $120 refund from our lovely government for only 30 mins (maybe less) of work! Awesome!