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Forum posts for Advice of the Day for February 7, 2006

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Posted by phduffy on Feb 07, 2006
Paul, are you still on hiatus or what

Yes.

Can I add....
Posted by Katie on Feb 07, 2006
Second (inaudible) quote of the day:

....................................................................

(picture Miguel holding back tears as he deals with the unpleasant surprise left in our toilet sunday morning).

Also, Paul, if you would like to pass this advice out by email, please let me know if anyone fesses up. Cause all the potential criminals are on your list.


??
Posted by Ophelia on Feb 07, 2006
..."Maybe if you put $1000 into RRSP, you would get $1500 back! That's like a free RRSP plus a bonus $500!!! "

How is it possible to get 150% return on your RRSP contribution??

Guess
Posted by mike on Feb 08, 2006
My guess on the RRSP thing is that you contribute just enough to get yourself into a lower tax bracket.

Right
Posted by phduffy on Feb 08, 2006
But the brackets don't work like that. It's not like you get a raise and then end up taking home less money because you were just below the tax bracket, and now you're above it.

ie, say the bracket is at 40k

and you make 40.5K

So, you pay the highest level of taxes on .5K, not the whole 40.5

So, when you contribute 1k to RRSPs, your taxable income is now 39.5, and yes, you're at the lower bracket, but all that income was already being taxed at the lower bracket.

Skidder Willer
Posted by corncobrob on Feb 08, 2006
They don't call her that for nothing!