My Tax Refund

(source)

In my first run of my taxes, I determined that I can expect a return of about $1,500 – which is a pretty big chunk of money.  Here’s how I am planning to use it.

Top up my Travel Fund ($143)

I’d like to get my Travel Fund up to $4,000, and then I will stop contributing until I use it.  After I reach my Travel Fund goal, I can funnel the $250 a month I’ve been putting into my Travel Fund into my Emergency Fund.

Top up my Emergency Fund ($500)

I’d like to get my Emergency Fund up to $10,000, and then I will stop contributing until I need to use it.  I just picked $10,000 because it’s a nice round number, and it should last me at least 6 months of living expenses, should anything happen.

Contribute to my Tax Free Savings Account (TFSA) ($750)

I’m not sure of what to do with the cash I have in my TFSA.  I need to start doing some research and invest my money.  Ideally in some blue chip dividend paying stocks. That’s one of my goals for this year!

Go for Adventures in the City with BF ($107)

BF and I went on an adventure this Monday – we went for a nice walk to a new Thai restaurant I wanted to try. It’s called Khao San Road, and it’s opened by the same chef at my favourite Thai place in the City – Sokhu Thai. If you’re a Thai food lover – you have to check out their restaurant (Sokhu Thai).  Unfortunately for us, the restaurant was so packed that we didn’t even want to bother waiting (I’m sure it was more than an hour wait), and explored another place.

Even though I know that eating out is expensive, and not healthy, it’s something that BF and I really enjoy doing.  So we try to prioritize it.  So I am going to put a bit of this “windfall” for our adventures :).

Have you figured out how you will be spending your tax refund this year?

Cheers,


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12 Comments

Filed under Budget, Taxes

12 responses to “My Tax Refund

  1. Yup, I put my entire refund into my down payment fund… boring but the most practical 🙂

    Besides I just spent $280 on my hair from my regular income so I guess I could interchange it and say I used some of my tax money on my hair!

  2. Kayla

    Those sound like good places to put the money!

    I’m only expecting a refund of about $400. I’m still waiting on a T4! Isn’t that crazy? Some businesses..

  3. I would sell my soul for a tax return this year. I miss having them!! It’s like a savings plan, haha!

  4. Mike

    Lucky you! I still haven’t done my taxes but I’m pretty sure that a refund won’t be in the offing.

    For some info for your tfsa you may want to check out this site:
    http://www.wikinut.com/stocks-that-i-m-currently-looking-at-for-possible-investment.-part-1/j.i-gxvl/1s0vtzi1/

    Cheers!

  5. Looks like a great plan to me. I’m glad to see that you’re going to use some of the money for fun too! A good night out, with good food, is usually well worth the money spent.

  6. Ann

    Wow, lucky you! I’m just getting $100 back this year.

    • I’m aiming for a balance as close to $0 return as possible. It’s just because I maxed out my RRSP contributions that I’m getting money back.

      This just means that you lent the government less money than I did 🙂

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