Our daughter has very crowded teeth. We've known she would need braces since her adult teeth started coming in at around age 4. They didn't push out the baby teeth. Instead, the grown teeth came in *Behind* the baby teeth. She had two rows of teeth at the bottom as a result. I think they call this "dragon teeth". At the same time, her upper two baby teeth fell out, and it took a full year for the adult teeth there to grow in. She liked pretending to be a vampire during this time period!
She is self conscious about her teeth. She wants them "fixed". She has a couple teeth that are still completely in behind the others.
My dentist offered to do them, but to be honest, I'm not comfortable with a dentist doing orthodontic work. I'd rather go to someone who does them full time. An actual orthodontist. It seems there are only two in our town, so I asked for advice from friends and about 80% recommended one and 20% recommended the other.
Although I have good medical benefits through my employer, it does not include orthodontic treatment at all. Knowing braces would be in the thousands of dollars, I also knew that I wouldn't be able to afford them for the next couple of years. My father has offered to pay for at least part of them though, so I booked a consult with the orthodontist that came highly recommended.
The consult was very reasonably priced, at $50.00, which included any needed x-rays. We learned that not only are her teeth crowded, but that they don't align properly at all in the molars, and that she has an overbite. Apparently we will start noticing the overbite more once the teeth start straightening. She will need braces, and springs to go on the braces as well to correct all of this.
So...are you ready for the price?
$5800.00
(plus the $50.00 paid for the consult)
Payable as $300.00 for initial moldings, a $1500.00 downpayment, and then $200 per month for 20 months.
I'm thankful for proud grandfathers (my dad) who are willing to give generous gifts to their grandchildren to help pay for this!
Are orthodontic braces in the future for you or your teen? How are the prices in your city?
Showing posts with label finances. Show all posts
Showing posts with label finances. Show all posts
Monday, October 7, 2013
Sunday, December 2, 2012
Tax Withheld on RRSP Withdrawals
If you are in Canada, and are at a point where you need or want to withdraw money from your RRSP, please ensure that you are familiar with the rules of withdrawing it.
I've had a few income tax clients over the last couple of years who have been surprised to owe money on their income tax. The primary reason these particular clients owed money was because they withdrew money from their RRSP's but the bank/financial institution did not withhold enough tax on the withdrawal for their financial situation.
Minimum Tax Withheld on Withdrawals
The minimum tax that is withheld is dictated by Canada Revenue Agency.
If you take $5000 or less out, they withhold 10% in taxes.
If you take between $5000.01 and $15000 out, they withhold 20% in taxes.
If you take more than $15000 out, they withhold 30% in taxes.
(Note: These are the numbers for all of Canada, except Quebec, which withholds slightly more.)
Add to Income
The amount that is withdrawn gets added to your income tax as income. If you have other income from other sources (employment, investments, etc.), it is quite possible you are will need to have more money withheld for taxes! Or, alternatively, ensure that you are saving the money that you will owe on taxes in something that is earning you a bit of interest in the meantime.
Be Aware. Know Your Circumstances.
As long as you are aware of your circumstances, there will be no problem! You will make sure that either the bank or yourself withholds enough taxes so that you are not surprised come income tax filing time.
The problem is if you are not aware, and all of a sudden you realize that you owe a bunch of money as a result of withdrawing money from your RRSP's and you weren't aware that this would happen.
No one likes finding out that they owe money to the government.
Have you been surprised to owe money when filing your taxes?
I've had a few income tax clients over the last couple of years who have been surprised to owe money on their income tax. The primary reason these particular clients owed money was because they withdrew money from their RRSP's but the bank/financial institution did not withhold enough tax on the withdrawal for their financial situation.
Minimum Tax Withheld on Withdrawals
The minimum tax that is withheld is dictated by Canada Revenue Agency.
If you take $5000 or less out, they withhold 10% in taxes.
If you take between $5000.01 and $15000 out, they withhold 20% in taxes.
If you take more than $15000 out, they withhold 30% in taxes.
(Note: These are the numbers for all of Canada, except Quebec, which withholds slightly more.)
Add to Income
The amount that is withdrawn gets added to your income tax as income. If you have other income from other sources (employment, investments, etc.), it is quite possible you are will need to have more money withheld for taxes! Or, alternatively, ensure that you are saving the money that you will owe on taxes in something that is earning you a bit of interest in the meantime.
Be Aware. Know Your Circumstances.
As long as you are aware of your circumstances, there will be no problem! You will make sure that either the bank or yourself withholds enough taxes so that you are not surprised come income tax filing time.
The problem is if you are not aware, and all of a sudden you realize that you owe a bunch of money as a result of withdrawing money from your RRSP's and you weren't aware that this would happen.
No one likes finding out that they owe money to the government.
Have you been surprised to owe money when filing your taxes?
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