by minimus 43 Replies latest jw friends
I would reward my family and friends and smite all my enemies.
(in Canada, you don't pay any tax on lottery winnings and you get it all in one lump sum without any penalties......but our lotteries don't go up anywhere near the amount that they do in the States)
in Canada, you don't pay any tax on lottery winnings
But you certainly pay income tax on the interest.
Edited by - JH on 19 January 2003 7:19:46
Mmmm, I like these fantasies! I'd pay off our house and cars, take a really nice trip to a beach, set aside enough for the kids to go to SMU, and then see what's left.
Nina
Buy minimus some better questions and...
Sincerely,
District Overbeer
JH:
If you don't work, it is as if you earned 20,000 a year. They will take off 30-35 % income tax.
They wouldn't take off that much. I lose approximately 30% of my gross income and I earn more than double of that amount... but I'm in a higher tax bracket. What they take also includes Employment Insurance, Canada Pension Plan, Canada Savings Bonds, my Hospital Pension plan and union dues. Those things wouldn't be included at all, if a person chose not to work, and simply wanted to live off the interest their money earned. The taxes, by themselves, on 20K per year is 17%. Plus you are allowed a certain amount of capital gain every year, which is how interest on banked money is classified, it is also taxed at a different rate.
20,000 x 0.83 = 16,600 ($319/week)
Don't forget the interest is usually one of those compound interest deals, so depending on how wisely a person invests, you can probably do ok with the 20K, particularly if you've paid off a mortgage and have no other major expenses.
My plan... win $2million... use $1million to pay off all my debts, have a nice vacation (including a few favorite friends) - apostofest in Maui!!, maybe buy a summer home in the Haliburton Highlands or near Lake Simcoe, make sure my kids get an education, and then live on the interest from the remaining $1million.
Love, Scully
If I won a million $,
Edited by - JH on 19 January 2003 7:18:16
You can get around 5% interest in the UK if you look hard enough and are willing to tie the money up for 10 years and thats cash, no risk on the stock market. I do still agree that a million doesn't go very far though.
Sorry, I didn't say what I would do;
I would buy a bigger house for myself, buy a bungalow for my mum, buy a car and a new motorbike and a jet-ski and invest the rest in the UK property market immediately after the next crash, then watch it quadruple in value over the following 8 - 10 years, while collecting rent on them.
Edited by - ballistic on 18 January 2003 16:50:5
I would invest most of it after buying my x a house to live in with my son, and I would pay off my boyfriend's house too. I would buy a new car, like a Honda prelude, and pay the insurance ahead of time for a yr or more. Set up a college fund for my son and savings too.
Then put the rest in the bank to get the intrest.
I would probably go and buy myself some clothes and take a trip to Disneyland with my son. I also would take my boyfriend to Scotland since he has been wanting to go.
If I was a JW and won, well, I would walk away since I hated being one anyway and with a million I could pay an elder off to loose my file LMAO, j/k.
Edited by - jesika on 18 January 2003 17:2:19
I have always loved that Barenaked Ladies song!
If I had a million dollars, I would open a Bed & Breakfast...that has always been one of my dreams!
