(Closed) Holy SH*T!!! Our worries are over….

posted 4 years ago in Money
Post # 3
Member
914 posts
Busy bee
  • Wedding: October 2013

Holy crap that is amazing!! Isn’t it amazing that things sometimes just work out in the most perfect way?

 

Post # 4
Member
926 posts
Busy bee
  • Wedding: April 2014

Congratulations! I pray that something like this (or even just a couple grand, lol) will happen to us. So envious of (but happy for!!!) you 🙂

Post # 5
Member
9174 posts
Buzzing Beekeeper
  • Wedding: August 2013 - Rocky Mountains USA

@sillysillybee:  lucky girl!!! That’s awesome!

Post # 6
Member
2251 posts
Buzzing bee
  • Wedding: August 2010

That is awesome 🙂 You obviously had some good karma coming your way!

Post # 8
Member
9625 posts
Buzzing Beekeeper
  • Wedding: September 2012

Wow, that’s awesome!  However, if you were here in the US and under the age of 59 1/5, over half of that would be decimated by taxes.  I hope that’s not the case in Canada.

Congrats on your windfall!

Post # 9
Member
1444 posts
Bumble bee
  • Wedding: August 2012

Holy crap, that is AWESOME!!!!

Post # 10
Member
2421 posts
Buzzing bee
  • Wedding: August 2015

Congrats! That’s awesome!

Post # 11
Member
11760 posts
Sugar Beekeeper
  • Wedding: November 1999

@sillysillybee:  Congratulations! That is amazing news! 🙂

Post # 13
Member
1869 posts
Buzzing bee

@sillysillybee:  Thats AMAZING!!!! I’m so excited for you!!! Make sure you put some away because you’ll have to pay income tax on it in the spring. It would be a good idea to check with someone about what % of income tax you’ll have to pay… you’ll likely be bumped up to the highest income bracket… Could be almost 40%, but I’d check on that before you make too many plans. However… after taxes you still have WAY more money than you did this morning and thats a miracle!

ETA – just saw your update – JACKPOT!!!!!!!!!!!!!!!!!

 

Post # 14
Member
9625 posts
Buzzing Beekeeper
  • Wedding: September 2012

@sillysillybee:  That’s great!  If we take any early retirement here (US) not only do we get penalized federal and state, but also get another federal tax hit at tax time.  Canada rocks!  😉

Post # 15
Member
9956 posts
Buzzing Beekeeper
  • Wedding: December 2012

TO @sillysillybee:  you said…

 If I have it straight paid out to me they will take $40,000 right off the top.  If I put it in a personal RRSP (that I can still access now) then I am safe.

True enough… BUT if you take any of the money out of the RRSP to spend you will be taxed to the hilt !!  (Higher than the standard tax rate… because YOU NEVER paid tax on that money up front via your Annual Tax Return… and actually got a “benefit” from the Govt because you chose to deposit it for your Retirement).

The one exception as I understand it is if you have never been a homeowner before and use the funds towards the purchase of a house, BUT then you have to replace whatever amount that is within a set period of time.

MY BEST ADVICE…

Find yourself a Canadian Tax Accountant NOW and let them explain to you all the Tax Obligations BEFORE you take any concrete steps on what happens to this money (such as putting it into an RRSP)

Because once you make a choice, and the money is transferred, you are responsible for the taxes if you need to then change your mind to move it / access it.

Hope this helps,

 

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