TAX Question

[Tommy Boy]

Based on how much you make, how much taxes do you get back? Any one know the % scale you get back based on incomes?

thanks

[Redster]

Originally Posted by Tommy Boy

Based on how much you make, how much taxes do you get back? Any one know the % scale you get back based on incomes?

thanks

It depends how much tax you PAID to the government (how much was taken from you every paycheck).

[damameke]

I am not an accountant but I do know Canadian taxes is progressive.. more you make.. more you pay

having said that.. its what you can claim that you get back... (your tax base is based on your income, you can be in a high bracket(example 40 $ range etc etc) )and that is also based on family too.. child deduction.. tax credit.. gst credit etc etc RRSP contribution....charity donations.. political contributions...

Revenue Canada can help or check with an accountant

[e30jones]

yep, tax rates are marginal in Canada. Refunds and payments depend on the tax braket that you are in, and how much you have taken at source (on your paycheck). When you pay taxes on your paycheck you are basically pre-paying your yearly income taxes based on an estimate. If you pay too much, you get money back when you file. If you don't pay enough, you pay more when you file.

There are free tax programs out there you can download, and plug the info you have in now, see what you get. It will give you a pretty good picture of what you might owe/get as a refund.

Edit: www.studiotax.com -- never used it, but I'm pretty sure it's free.

[Deep 3.2TL]

www.ufile.ca

Create an account - fill out all your info and then play with the RRSP number to see what you return will be. You don't pay until you file. I use it every year to estimate my RRSP contribution, hasn't failed me yet.

I will with an accountant who always finds me more way to get money back.

[Tommy Boy]

thanks for the info...