So, I filed my taxes over the weekend . . . I’m expecting $18.00 back . . . so, all in all, a normal year. For the last ten years I have either had a small bill from the tax man or received a two digit refund.
This all started when I was I my last year of film school (film school . . . that helped *sigh*) and I needed a bit of cash to help finish the year.
So, I took advantage of the “lifelong learning program” which “allowed” me to “borrow” money from my RRSP (*spit*). As in, the government “let” me take “my” money out of “my” account.
All you have to do is pay the cash back over the next ten years. Since I was always running in the red, savings or even RRSP (*spit*) contributions was a pipe dream.
I was too busy focused on survival, then on getting myself out from under that large weight of debt.
I have been putting cash into my RRSP (*spit*) these past few years, at least something. This next tax time, (as in one year from now) I should have paid off that: blood oath/life debt/ RRSP (*spit*) life long learning “loan”.
My first mistake was putting cash into my RRSP (*spit*). My next mistake was thinking I could take money out of it. After all, once you put money in there it is not yours anymore.
The principle belongs to the government, any earnings belongs to the institute that you “invested” with. You as the average person will not make money in there, not when you compare it to inflation.
You are not supposed to, you are there as a vehicle for others to make money off of you while thanking them for doing so.
If I could figure out a way to close the RRSP (*spit*) out completely without a penalty, I would. There is almost nothing in there, nothing that will grow into anything worth anything when I come to “retire”.
Ah well, we shall see what tax refund I get, but part of me is expecting a bill, after all that’s what life keeps handing me . . . another bill to pay (whether it’s mine or not).
As always: Keep your head up, your attitude positive (at least try to) and keep moving forward!