This year I was so excited to file my taxes as I have been paying into RRSPs at Job#1 for the first year and I was also able to claim about $1000 in tuition from the courses that my company pays for. Much to my surprise…the government has decided I OWE THEM $500 this year because Job#2 was not taking a high enough percentage of taxes out of my pay in proportion to my total income. Needless to say I am having that fixed shortly and am filling out the paperwork to get them to take more out.
Thankfully I am still able to file for my Tuition Credit and am getting $2000 back from that so in total I’m still getting back $1500. I’m torn with what to do with my return. I know I will now not be able to replenish my savings account to what it was as I need summer tires which will run me around $600. Should I split the remainder between debt and savings? Or should I put the remainder back in my savings account and just keep plugging away at my debt? I still have a few more weeks to figure it out but I’d like to be prepared by the time the money hits my account!