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plonqWe sat down and filled out our taxes yesterday. We did not submit them, though, because we realized that we didn't have the forms for our 2021 RRSP contributions.
Even without that, we are looking at a moderate refund this year -- but only because we'd made some unusually generous charitable donations in 2020 (that's not to say that we don't normally make charitable donations, but we had a couple of extraordinary ones we made split over 2019 and 2020).
But without those, we'd have owed a sphincter-clenching amount of money in taxes this year.
I think.
I'm going to contact the guys who handle our mutual funds to ensure we're entering a couple of forms correctly. We've never had to deal with these particular forms before, but as near as we can tell, they represent capital gains that we were not expecting. Because, you know, we didn't sell any funds.
I think.
We had a Zoom meeting with them back in February to go over our portfolio and move things around. Not to sell anything, just to shuffle them around between funds.
They didn't warn us about this when we moved the funds around, so I am wondering if instead of moving money from fund A to fund B, he accidentally sold fund A and bought fund B instead. In that case we'd get soaked for capital gains on the one he sold.
As long as it keeps going up, we're fine. We'd have to pay the capital gains tax anyway. If the new fund tanks, though, then we're double screwed.
Even without that, we are looking at a moderate refund this year -- but only because we'd made some unusually generous charitable donations in 2020 (that's not to say that we don't normally make charitable donations, but we had a couple of extraordinary ones we made split over 2019 and 2020).
But without those, we'd have owed a sphincter-clenching amount of money in taxes this year.
I think.
I'm going to contact the guys who handle our mutual funds to ensure we're entering a couple of forms correctly. We've never had to deal with these particular forms before, but as near as we can tell, they represent capital gains that we were not expecting. Because, you know, we didn't sell any funds.
I think.
We had a Zoom meeting with them back in February to go over our portfolio and move things around. Not to sell anything, just to shuffle them around between funds.
They didn't warn us about this when we moved the funds around, so I am wondering if instead of moving money from fund A to fund B, he accidentally sold fund A and bought fund B instead. In that case we'd get soaked for capital gains on the one he sold.
As long as it keeps going up, we're fine. We'd have to pay the capital gains tax anyway. If the new fund tanks, though, then we're double screwed.
