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| *The Commerce Journal>>>Canada Taxes |
How much tax would I owe in Ontario, Canada? |
I am currently on Ontario Disability and was approved for Canada Pension Plan disability. The funds from Ontario Disability are non-taxable but the CPP income is. However CPP does not withhold the taxes. They will withhold an amount I ask them to hold though. So CPP will be giving me $400/month or $4800/year (this is the max amount I could potentially get) How much should I ask them to withhold or how much should I put into a savings account for taxes? I want to be prepared at tax time so that I am not surprised If you have no other sources of taxable income then you would not owe any tax, as the $4,800 is below the basic personal exemption. If you have other income then it is possible that you would owe additional tax. |
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