Tuesday, April 03, 2007

Taxes -- Finished!

Sat down last weekend for my annual March/April tradition of filling out my income tax form and I'm pleased to report that it gets less painless every year.

The net result is a nice little refund for me (Thank you, RRSPs!) but what I really wanted to focus on is an obscure clause in last year's budget I had forgotten about that came up in my favour:

Line 363 -- Canada Employment Amount
Under proposed legislation, employees are eligible to claim an employment amount. Claim the lesser of $250 or the total of the employment income you reported on line 101 and line 104 of your return

For 99% of employed, tax-paying people, this means a $250 tax credit. I remember this news at the time of the 2006 federal budget but I had forgotten it until I sat down to file my return. As best as I can tell this was a Conservative attempt to reward any and all Canadians who have a job for being productive members of society. Seems like an obtuse way of going about it, but who am I to knock a gift horse in the mouth. Every little bit helps.

Postscript:Just a note that my net worth this month has hit another milestone by crossing through the $30,000 barrier. Doesn't really mean anything in and of itself, but I'm pleased with my progress and my long-term plan's progression. Slow and steady…slow and steady….

1 comment:

Monty Loree said...

Hey Growth In Value,
I saw your post over at CanadianCapitalist's blog and thought I should drop over.

We are running a Canadian Tour of Personal Finance blogs coming up on April 16.

I am looking for the first 10 personal finance blogs which want to participate.

This is similar to the Carnival of personal finance, if you're familiar with that.

If interested please do sign up at http://www.canadian-money-advisor.ca

Thanks and if you can, please tell a few Canadian Personal Finance Bloggers about the event!