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| *The Commerce Journal>>>Canada Taxes |
How much should I reserve for the next tax year (Canada)? |
I started working as a full timer this year and I never pay too much attention to my taxes when I was a student. I want to reserve some money to pay my tax during the March/ April tax filing period. I know that the government takes part of our money from each paycheque for fed tax,, EI, CPP. How much do we still need to pay (approx) for the tax period, assuming my annual salary is less than $36,000 (plus no tuition, rrsp or any misc to reduce tax and living in Ontario)? Thanks for helping Assuming your employer makes all the right deductions, and you have filled in the TD1 (the tax forms they give you before you begin your job) correctly, you should not have to pay any more taxes at tax return filing time. To see if they have made the right deductions, use the CRA online payroll calculator. Nonetheless, I can tell based on the information you provided in the question (ie. no deductions whatsoever and assume gross salary $36,000) that your 2007 total income taxes should be $5,500. Your 2007 CPP and EI should be $1600 and $640. P.S. don't forget that if you pay rent or pay property taxes in Ontario, you can claim an Ontario tax credit. play it safe go 20% net If you are working full time I think we can safely assume you filled in your TD1 correctly and they are taking out enough CPP, EI and taxes...from your paycheque. If you would like to check it I've given you the CRA website, in the payroll area you can actually check a pay cheque to be sure, it will check deductions based on weekly, bi weekly, monthly, yearly etc. Have fun! http://www.cra-arc.gc.ca/tax/business/to... Assuming you filled out your TD1 correctly, and have had no other income (RRSP income is a big one people often forget about, since the bank does withhold a bit of money from it), you shouldn't owe anything. If you've been working more than one job, however, then you will likely owe, because the tables take into account the basic exemptions, plus only factor in one job's income at a time. call 1800 O canada for more info and go to the revenue canada site to learn more. http://www.cra-arc.gc.ca/menu-e.html... |
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