February 2018 Goals Review

  • Pay off CRA amount owing (~$1500) PASS! But now I owe them $815 for 2017 taxes
  • Start tackling line of credit debt (@ 6.7% interest) PASS!
  • Stick to Miscellaneous, Liquor and Grocery budget PASS!
  • Go to gym 20 times FAIL! I caught a cold and couldn’t work out for a few days
  • Not lose my shit at work FAIL! Not sure why I put this on here. Haha!
  • Negotiate at least 5% pay raise at my one year review under my boss’ private company (details here) MEH. Boss has been traveling so it’s been difficult to schedule meeting.

This wasn’t part of my goals for this month but I had 22 no spend days meaning no unnecessary spending such as buying a snack, wine, etc.

 

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I owe the CRA again. ☹

Ugh is all I have to say. After paying off over $20K of my CRA debt, I thought I’d never owe them again. Wrong! When I switched over to my boss’ private company, the incompetent business manager deducted the wrong amount for federal and provincial taxes for about 10 bi-weekly pay cheques before he noticed. He never gave me a pay stub which my friend pointed out that I am entitled to my pay stub for every pay cheque.

I calculated how much I’d have to contribute to RRSPs to offset the amount owing. Turns out I left out one entire monthly pay cheque from my old position and when I entered my numbers into the tax program, it said I owed $815. Ahh!!!!taxesI know it’s not entirely the business manager’s fault. I should have known never to rely on people for everything but I assumed he’d get it right since it is part of his job. But it’s also my job to be aware of everything that is going on. I’ve double checked my pay cheque for this year’s tax calculations and he is deducting the correct amount from my pay cheques.

I’m not going to file my taxes until this amount owing is paid off. I don’t want it to show up on my notice of assessment because I need to renew my mortgage in the summer. This amount isn’t the biggest in the world but it’s a little discouraging considering I had just paid off the amount owing to the CRA. Oh well, another lesson learned!

Why I didn’t want a diamond engagement ring

Yes, I know it’s Valentine’s Day and the timing of this post is cheeky. I just think love doesn’t have to be expensive, ok? Haha!

I do think diamonds are sparkly and beautiful for the record. It’s just not for me though. I can’t envision myself with a big, pricey, sparkly rock which is ironic because I feel like my big, sparkly rock is pricey. I am clumsy. I use my hands a lot. I lift weights. Plus, I wouldn’t feel safe wearing something that might catch the eye of someone who might want to take it off my finger. I also think they are extremely over-valued and I feel like money could be spent better elsewhere.

I had looked at rings before my fiance proposed mainly because he told me to. He wanted me to give him ideas of what I liked. Hell, I didn’t even know what I liked! I looked at man-made diamonds, alternative precious gemstones and diamond look-alikes.

The first one I sent him was a $90 ring with a diamond look-alike. I thought he’d pick that one for sure. He hit the jackpot wanting to marry a woman who was fine with a $90 ring! Haha! He ended up selecting the most expensive ring that I sent him (US$975).¬† It had an oval tourmalinated quartz stone with a diamond pave band as seen below. I did some reading up on tourmaline quartz and found out it is a crystal with healing properties. It grounds you and shields you from negative energy. I thought that was pretty neat.
Lumen Ring with Tourmalinated QuartzI got my wedding band off Etsy as seen below but in white gold. It was only $50 and I felt it would fit with the engagement ring since it has a notch where the stone would fit into.


I also got a silicone ring that I can wear at the gym. I got one for my fianc√© as well. I ordered it off Amazon for $20. I’ve been wearing it for 6 months now. So far, it’s held up well through lifting weights and rowing.
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I wish society didn’t have the expectation of diamond rings for engagements. There’s so much pressure on one party to save up money for something so expensive. Mother Nature has so much to offer that it’d be a shame if we focused solely on diamonds.

CRA debt paid off! $20.9K crushed in one year

Today was payday and I made the last payment on my CRA debt. I owed upwards of over $20,890 one year ago. Why? Because I listened to my money moron boyfriend at the time. He pressured me into opening up a trade name where we could write off expenses as “business expenses”. I knew it was wrong but did it anyway because I felt like I had no choice and I was being manipulated and emotionally abused. You can read more of the backstory here.

Of course, I got audited and put off paying off the debt for years and consequently, interest accrued at 5%. I made interest only payments for years and the balance remained the same. It wasn’t until I got a threatening letter from CRA that my ears perked up. I called my case manager and expected to be berated but she was the most lovely person to deal with. I wish I had called her sooner to deal with my problem head on instead of being an ostrich. I told her my absolute maximum I could contribute per month which at the time was $1300 but I put an average of $1667 per month onto the debt.

I feel somewhat free now. Now I can re-direct money that would have gone to the CRA debt onto my consumer debt.

February 2018 Goals

  • Pay off CRA amount owing (~$1500)
  • Start tackling line of credit debt (@ 6.7% interest)
  • Stick to Miscellaneous, Liquor and Grocery budget
  • Go to gym 20 times
  • Not lose my shit at work
  • Negotiate at least 5% pay raise at my one year review under my boss’ private company (details here)