Tuesday, December 6, 2011

Down Time Work

I'm rarely sick and when it happens, it is usually because I've overdone something and got out of balance. So I've spend a lot of time today clearing email clutter. It is amazing how much time it takes me. I aim to do it once a year but realized I hadn't done it last year. Multiply by 3 addresses and the process has eaten up lots of minutes. The day is flying by.

We got lots of good news yesterday. D got the numbers corresponding to his tiny raise and bonus. The raise is approx $30 per pay cheque. His bonus is just shy of $10K which surprised both of us. Don't worry, we are not complaining!

As mentioned in an earlier post, we have to put it into a registered savings vehicle in order for it not to be taxed at almost 50%. D told me he can only do it for 85% of it. The other 15% has to be taken as cash so therefore be taxed fully. The sheltered 85% will garner a tax refund which he will put towards the "car" portion of the recently consolidated mortgage/car loan.

I came home from work to find a Christmas card from my Capital One MasterCard. Inside was a $15 gift card to a department store. When have you ever received free money from a credit card company? Especially when the card is free? First time for me!

Later in the evening, D got an email from a department store we shopped at on the weekend stating we won our purchase! He filled out something online with our receipt code and voila, he won. Now, our purchase wasn't large or anything, under $40. It doesn't matter though!


  1. I'm curious how the bonus will be taxed. My understanding was that no tax would be withheld (from the 85% that is put into an RRSP), so there will be no tax refund, either.

    I'm also jealous because Capital One hasn't sent me a gift card (ever). But I haven't checked mail yet today...

  2. Hi Robert;

    I see what you mean and asked D to clarify what he knew.

    Others who have gone this route told him there is a 2 week window where you can call someone to transfer the 85% into a registered account held by the company and you are given a tax receipt.

    How much the tax receipt is for, we don't know. I've asked D to get clarification on that so we can make an informed decision. Thanks so much for pointing that out!

    Hope you received something cool in the mail yesterday.