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| *The Commerce Journal>>>Canada Taxes |
Teenager Work In Canada Affect Income Tax? |
So I am looking for a part time job over the summer but than I came over a problem with my family. They tell me not to work since it affects their income tax for some reason. I am almost 15 and I'm not sure that by me working would affect my family in anyway. Please tell me if it actually does affect my parents. Thanks, Tony Well, if your parents are divorced, then one of them might be claiming you as an eqivalent to spouse. Like the spousal amount, the amount they receive is reduced by the amount you earn. The amount is reduced in this way: If your dependant's net income (line 236 of his or her return, or the amount that it would be if he or she filed a return) was: $751 or less, claim $7,505 on line 305; more than $751, but less than $8,256, complete the chart for line 305 on the Federal Worksheet in the forms book to calculate your claim; or $8,256 or more, you cannot claim this amount. A compromise might be for you to provide them the equivalent amount that they might have received. You should probably check the CRA site for more details on how to calculate this amount. The maximum they would receive for this amount is approx $1,280, based on the projected tax rate for 2007. Source(s): http://www.cra-arc.gc.ca/e/pub/tg/5000-g... I don't know about Canada, but it in the US I'm pretty sure anyone that works who is under 18, is not affected by an income tax. If you don't work, your parents can claim you as dependent. If you work and earn income, the money they could claim would be reduced proportionately. For example, they could claim $1,800 when you are not working. Now you earn $800. The $1,800 would be reduced to $1,000 instead. So, if you work part time, your earning would not affect their income; instead, it would reduce the amount they could claim on you as dependent. |
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