The Bride of the First House (bride) wrote,
The Bride of the First House
bride

I'm Too Stupid to Own Money

weather: light rain
outside: 14.3°C
mood: bleh
music: Lee Bartel/Daniel May - Cascading Comfort
I have a chunk of severance pay that I'm thinking I want to do something with. And by "doing something with", I mean an investment of some sort, not spending it. Although, it might be nice to finally go on my honeymoon. =}

I don't know if we can do that yet though. You would think this is a nice windfall and I'm in a sweet position, but because I found a job again so soon after being laid off, I'm essentially "double-dipping" right now and I'm terrified of the tax implications for 2005.

My salary plus the severance pay might put me over some kind of watermark for taxes. I'm talking to my Financial Advisor Guy about it tomorrow. But whatever I do with it, I think I'd like to keep it fairly liquid until I figure out exactly what I owe next year. Or if I tie it up in something, I want it to mature by January 2006 or shortly thereafter.

My first thought was to stuff as much as I can into our RRSPs right away because that's where any extra money of mine would go first anyway. It's the best idea if I wanted to bring my net income down. But if I don't know how much I owe, I don't want to put it all somewhere where I can't get it back.

I'd thought of just sticking it in my 2.5% savings account for now. 2.5% is pretty sad, but at least it's a notch better than the Between-The-Mattress-And-The-Box-Spring method of saving.

[Update - Wednesday, May 11, 2005]

The Financial Advisor Guy laughed at me =) "You've got TAX PROBLEMS!" he exclaims. "You're REALLY movin' up in the world!"

HAHA. XD XD Ben's great. He has a few ideas on what I can do to for Legal Tax Evasion. =)

Tags: financial
Subscribe

  • Today was Fun

    weather : sunny outside : 24.5°C mood : ... ... for certain values of "fun". =\ I won the Totally Weird &…

  • Quest for USD Account

    weather : partially sunny outside : 10.5°C mood : ... I was unhappy enough with TD Canada Trust that I closed both…

  • 2005 Income Taxes

    weather : cloudy outside : 8.7°C mood : contemplative Every year, around this time, I go out of my mind — this…

  • Post a new comment

    Error

    Anonymous comments are disabled in this journal

    default userpic

    Your reply will be screened

    Your IP address will be recorded 

  • 14 comments

  • Today was Fun

    weather : sunny outside : 24.5°C mood : ... ... for certain values of "fun". =\ I won the Totally Weird &…

  • Quest for USD Account

    weather : partially sunny outside : 10.5°C mood : ... I was unhappy enough with TD Canada Trust that I closed both…

  • 2005 Income Taxes

    weather : cloudy outside : 8.7°C mood : contemplative Every year, around this time, I go out of my mind — this…