what do you guys do with your tax until you have to pay it?
 

I'm thinking of chucking it on my mortgage and then redrawing the amount at the end of the year so the interest is reduced on payments. Plus it will look great on a credit rating for the next homeloan I take out. What do you guys do?

You mean we have to pay taxes? huh? What? :1orglaugh

Find roulette at the casino and put it on black.

just tell the IRS that they owe you money! just dont get audited :1orglaugh

I have to pay tax at the end of each quarter, so I try to put most of it into a 4.75% p/a savings account near the start of the quarter.

Are home loans meant to be redrawn regularly?

as long as you have a redraw facility it's ok - they make money on the redraw fee, it's not much but they don't care. It would only be once a year, Plus I can't be assed getting taxed on the Interest from a high interest baring account.. it's shits me.
I guess the other thing im looking at is in 6-12 months when I want to buy another house the 6 months of bank account slips they'll want will show huge amounts of repayments each month.

Lucky you, revenue canada wants mine more often than quarterly. I can't do anything with what I keep, I pay taxes too often.

WG

Taxes back, lol. I owe! Starting thisyear, I'm doing extimated quarterly payments, should be fun. More $$, more problems

Spend it of course :)