Tax Season – Tax Refund Plans


Most of my tax documents are in order.  I went home this weekend, and AM Dad looked over my taxes.

A couple of major mistakes on my part (I tried to claim an age amount – but that’s only for people who are 65 and older!), and some minor addition errors.  Darn.

So at the end of the day, my refund sits at a comfy $3502. Woohoo!  Happy Dance!

(Note: Even if I claimed for old age, I would have only gotten back another $400.  How crazy is that?  If I was a 65 year old woman, I probably don’t want to work and have done my share for society and I only get a measly $400 more than a $25 year old!? Hmmph.)

My mind was already dividing up the refund that I haven’t received, yet.

$1350 for car insurance
$1000 for my parents (I call this the Parent Fund.  My dad was thinking about going on a vacation close to home, and I wanted to help them out with the financial aspect of it.)
$600 for my Tax Free Savings Account
$300 for my ING Savings (I haven’t decided if I want to split this up between my different savings accounts – Emergency Fund, Freedom Fund, Vacation Fund, General Savings Fund, or put it all into one)
$250 for a splurge (I’m drooling over the netbook…)

Wow, look at that. I practically spent $3502 before I even got it! 😉

I’m going to make a deal with myself for the netbook.  I can’t shop for anything in April and May.  Then I can get it in June.

Isn’t she pretty?  *drool*

I may not get this one.  These babies are a lot pricier when they have fancy designs on them.  Or if they are designed by Vivian Tam.  But a gal can dream! 🙂

How are your tax refunds being spent?

5 Responses to “Tax Season – Tax Refund Plans”

  1. Jersey Mom Says:

    It’s great that you’re getting money back. Looks like a good allocation but why is your car insurance so expensive? We pay US$1070/year to insure BOTH cars.

    The netbook looks nice. I’m currently using my mom’s hand-me-down laptop. She’s always casting things off to me; I think it’s because she thinks I’m poor. =) I’d like to buy a new laptop at the end of the year if we have left over “buffer” money. We usually set aside a buffer for expenses like home maintenance, auto maintenance, work expenses and health related expenses.

  2. That is a nice refund! That netbook does look nice. My Mac is still running though, so I’m not going to give it up just yet. Once it dies in another year or so (I think 4 years is the typical lifespan of a Mac), then I’ll be in the market for one with a perty design just like that.

    I spent my tax refund (it was $1,400) on paying back my parents for something (lol!). Hopefully next year, I can enjoy my refund a bit more.

  3. @ JerseyMom:
    I’m super happy, too – even though I know it’s the equivalent of an interest free loan the government for the last year. It’s still money that I currently do not have in my account 🙂

    Oh! And I live in Ontario which has a pretty high premium for car insurance. I’m under my dad, and I split it with him 50/50.

    @Investing Newbie:
    My confession is that I just bought a HP laptop about a little over a year ago, and it runs beautifully. I want the Netbook because I don’t like to lug my laptop around (even though it’s not a mammoth like my previous one). It is definitely a splurge 😉

  4. eemusings Says:

    Awesome! That’s a pretty decent return.

    I haven’t had a refund in a few years 😦 have owed the last couple of times. Boo.

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