I got another GST cheque in the mail a total of $65.00 which will get deposited in my TD account when I get the chance. I also got in the mail a T4A statement. To the best of my knowledge it looks like it has to do with the Canada Student Loans Program but I have never received anything like this in the mail before. So if anyone knows anything about the purpose of this form please let me know.
For a while I have been thinking about doing my own taxes. Many other PF bloggers do there own, but many others don't. I have been debating back and forth about it. This year I can't since there are forms that I fill out so my parents can use the tuition tax brake, as it does little for me. But next year I was thinking of doing them myself. I am definitely glad that I have an accountant for this years taxes since I now have a T4A form and other OSAP related forms that I have never dealt with before.
I have been musing about a few things over the last little while and I would like to bounce a few things off you. As everyone knows I have been working away at my line of credit. But I have been wondering if it would be better to switch focus on my OSAP. The reason for this is that it is a smaller number and the it would feel like a grand accomplishment to get at least one of my student loans paid off. The other thing is that because I have been focusing on my TD line of credit I have been only paying $50 towards my visa. While its doing down its slow... slow... slow progress. I feel strapped with it being almost at max. Another thing is that there are things coming up in the next couple of months that I will need to use the card for. It is easier to do this when the card is at 0$ since than your only budgeting for the amount you have put on it. So I am wondering if it makes seance to take a month off putting money into my student debt besides the min payments and just dump everything into my visa to get it paid off. Or should I wait until my tax return and use that instead of putting it into my line of credit. Or if it is large enough would it make more seance to dump the full tax refund amount into my OSAP which will knock a large chunk off. And make it feel as though its going down faster.
Do you see what I mean about musing over every thing. The other side to all this is that I feel like I am not making any progress because I only paid min. payments this last pay and put nothing into my funds. And when next pay roles around I might feel better about paying things down. As well I might be jumping the gun with everything because I haven't even put my revamped March budget to the test.
I think I might be suffering a bad case of the February blues complied with the debt fatigue.
For a while I have been thinking about doing my own taxes. Many other PF bloggers do there own, but many others don't. I have been debating back and forth about it. This year I can't since there are forms that I fill out so my parents can use the tuition tax brake, as it does little for me. But next year I was thinking of doing them myself. I am definitely glad that I have an accountant for this years taxes since I now have a T4A form and other OSAP related forms that I have never dealt with before.
I have been musing about a few things over the last little while and I would like to bounce a few things off you. As everyone knows I have been working away at my line of credit. But I have been wondering if it would be better to switch focus on my OSAP. The reason for this is that it is a smaller number and the it would feel like a grand accomplishment to get at least one of my student loans paid off. The other thing is that because I have been focusing on my TD line of credit I have been only paying $50 towards my visa. While its doing down its slow... slow... slow progress. I feel strapped with it being almost at max. Another thing is that there are things coming up in the next couple of months that I will need to use the card for. It is easier to do this when the card is at 0$ since than your only budgeting for the amount you have put on it. So I am wondering if it makes seance to take a month off putting money into my student debt besides the min payments and just dump everything into my visa to get it paid off. Or should I wait until my tax return and use that instead of putting it into my line of credit. Or if it is large enough would it make more seance to dump the full tax refund amount into my OSAP which will knock a large chunk off. And make it feel as though its going down faster.
Do you see what I mean about musing over every thing. The other side to all this is that I feel like I am not making any progress because I only paid min. payments this last pay and put nothing into my funds. And when next pay roles around I might feel better about paying things down. As well I might be jumping the gun with everything because I haven't even put my revamped March budget to the test.
I think I might be suffering a bad case of the February blues complied with the debt fatigue.
I think I would go with the higher interest debt and this is usually your CC, plus once you have paid it down it,s a good stand by for emergencies, but only if you can pay out the balance before interest goes onto it.
ReplyDeleteI am a great believer in a CC if it is not abused.
It's been a while, but I think that T4A statement is for you to claim the student loan interest as deductible.
ReplyDeleteI highly recommend buying UFile for $20 or $25 whatever it is (you can even file 4 other tax returns with others, so you can share the cost with other people), and filling in all the information according to the form and list.
You can enter in the form type and the details by box # and it calculates it all for you.
It tells you how to maximize your return and everything. It's pretty awesome.
thanks FB~ I have an accountant that I am using this year but I might look into Ufile for next year I saw turbotax on sale at a store the other day.
ReplyDeleteMaureen~ ya I am deff thinking about putting part of my tax return towards paying it off. But until then I am going to stick to my March budget and see how it works out for me at least for a month or two.
A T4A is used to tell you and the Canada Revenue Agency how much of certain types of income you received during a tax year. This includes research grants, scholarships and bursaries.
ReplyDeletethanks D!
ReplyDelete