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   Hello Shawn!   
      
   ** On Monday 18.01.21 - 12:41, Shawn Highfield wrote to August Abolins:   
      
    SH>   I struggle to pay the rent every month but yet still owe   
    SH>   them lots of money for income tax.  I make under min wage   
    SH>   when you break it down.  Just can't figure them out.  If   
    SH>   I made what socks made I wouldn't pay anything.   
      
   Socks?   
      
   If you're just managing the tax filing on your own right now, it     
   may be worth getting someone to do the next one for you so that     
   you do not miss out on any credits and new regulations.   
      
   As you are an independent contractor for your taxi work, make     
   sure you account for every damn thing that relates to an     
   expense: car wash and supplies, cleaning, safety equipment,     
   professional dues and fees, etc.   
      
   If you calculate under min wage, that would be about 24K, less     
   the 12K tax exemption, would leave about 12K taxable. But as you     
   reduce that with legitimate expenses, your resultant taxable     
   ought to be reduced further.  Even at 12K taxable, the taxes     
   could seem high around 2K.   Bottom line, try to factor 10% of     
   your weekly pre-tax dollars and keep that in a separate account.     
   Then when tax time rolls around, draw from that.   
      
   I've heard that a RRSA (registered retirement savings account)     
   is a pretty good way to offset the taxable owing.  Just stash     
   anything you can in there (it gets deducted from your taxable     
   owing.) Then, when you need some extra cash, you can withdraw a     
   certain minimum without incurring any penalties.   
      
   But look at me... I should be following my own advise. It's just     
   lately for me there is never enough cash to stash.  :(   
      
   I had about $100 (the minimum) in one RRSP savings account.  I     
   thought that I could just forget about it and the $100 would     
   still be there. But, no.  About 10 years later, it diminished to     
   under $10. Apparently, that one was subject to a yearly admin     
   fee and a percentage.  And, this was a solution that was     
   recommended by the damn bank!   
      
   So, am I pissed off that the bank just engineered their advise     
   so that they could just help themselves to $100?  Damn right.   
      
   --   
     ../|ug   
      
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