Xref: utzoo ont.general:1017 can.general:1649 Path: utzoo!attcan!utgpu!watmath!watcgl!kim From: kim@watsup.waterloo.edu (T. Kim Nguyen) Newsgroups: ont.general,can.general Subject: Re: The Taxman Cometh for NSERC Award Recipients Message-ID: Date: 29 Aug 89 16:32:25 GMT References: <1989Aug24.111357.26686@jarvis.csri.toronto.edu> <6258@watdcsu.waterloo.edu> <11298@watcgl.waterloo.edu> Sender: daemon@watcgl.waterloo.edu Distribution: can Organization: PAMI Group, U. of Waterloo, Ontario Lines: 28 In-reply-to: ksbooth@watcgl.waterloo.edu's message of 28 Aug 89 23:38:53 GMT In article <11298@watcgl.waterloo.edu> ksbooth@watcgl.waterloo.edu (Kelly Booth) writes: [how to go about having tax withheld at source, for NSERC awards and for TAs and RAs] ... if the object is to pay taxes in advance without the hassle of filing quarterly payments with Revenue Canada, this could be the easiest solution. I don't think that having tax withheld is a good ideal AT ALL. Granted it makes it easier than to have to pay, say, in quarterly installments, but do you realize how much INTEREST you'd be LOSING??? The govt does not pay interest on the money it receives before April 30. You'd be far better off parking the money in T-bills or short term deposits rather than handing it over to Revenue Canada. As an aside, I never really thought much about it until it was pointed out to me -- you NEVER want to get a tax refund. The idea is to never have more withheld than you need to, ergo no refund at the end of the year. As above, the money you'd be getting back hasn't yielded ANY interest payments during the time it was in the govt's hands. -- T. Kim Nguyen kim@watsup.waterloo.{edu|cdn} kim@watsup.uwaterloo.ca {uunet|utzoo|utai|decvax}watmath!watsup!kim Systems Design Engineering -- University of Waterloo, Ontario, Canada