Just filed my tax return…

It always amazes me how much I am able to get back every year…Andrew is considered a disabled dependant, and as a single parent, I am allowed to claim another child as “equivalent to spouse” (although it now has another name).  This brings my income down considerably and I am getting back all but $2000.00 of the income tax I had deducted from my paycheque this year.  I realize I am more fortunate than most.

Of course, almost all of it is going to debt repayment.  With the return I get we can completely pay off one credit card, all our property tax, and the dentist bill that we have for some work on Evan’s teeth.

I also completed Amy and Shane’s returns and they are getting a sizeable refund as well (about half the size of mine).  We are going to put a big chunk of that on another bill, put some into savings and then buy the over-the-range microwave that we’ve been wanting. 

We are also on track to pay off the line of credit as of the middle of May.  I will no longer have car payments starting the beginning of July.  This will free up about $725.00 a month in funds.  We’re going to snowball the $500 payments from the line of credit onto another credit card, and then split the other $225.00 up between a “car repair” fund for our older cars and savings.

I haven’t sat down to crunch the numbers as yet, but as soon as the tax return $$ comes in, I am going to sit down and make a plan as to how we’re going to pay the rest of the consumer debt off.  I can’t wait to share it all with you guys when I do.

Are you getting a refund this year?  What are you doing with it?

***don’t forget my giveaway that I posted yesterday!  I am giving away a custom made hat for you, or for someone you love!!

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2 responses to “Just filed my tax return…

  1. Very exciting plans for your return. It will be so nice to knock all those off your debt list. PLUS no car payment soon? woo hoo!!!

    • I know, eh? But my Cavalier is 11 years old with 180,000 kms on it…I think we have only couple of years left with the old girl. That’s ok though, 2 years without payments is about $5000.00. Yipee!!

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