is there a rough income tax calculation?
 

hey guys,

im about to do my taxes and i was wondering if there is a 'rough' calculation you can do to find out what you might get for your return

im 24 had 3 jobs over 2009, just wanna calculate it with my employment income vs. my income tax deductions...just basic.

is there a calculation for that?

look at line 22 of all your T4 slips. its income tax deducted which means you will get back as refund.

but it can all change if you make a lot of income

edited...coo

You can go to ufile.ca, and try their online tax program for free. You don't have to pay unless you want to use that to file your taxes.

http://www.ufile.ca/

woot 4K back...thats with two of the 3 jobs put in

a rough idea for the 3rd one off a pay stub lowers me $700...ghey

well 3300ish....still alright i guess

u can pm me ur details and i can punch it in my program and give u the result

i don't think u can get 3300 back, i've done hundreds of returns...and nobody gets that much back. if you're making less than $13000, you get the most money back

pm'd you...


3300 wouldn't be surprising, i got 3100 last year

i work shit loads of OT that never gets taxes properly, similar to last year

Or his work set it up to take more tax off each cheque.

BTW just want to point out that yes, getting a bunch of money every spring is great - it's like a bonus cheque. Problem is, it was always your money. You just gave the gov't an interest-free loan for the last year. I'm not trying to preach cause I actually really suck with money (something I've been working on) but you would be much better off getting the least amount of tax taken off and saving what you think you would normally be getting deducted and throw it in a savings account - at least you're making interest on it. Then just pay what you owe after you file each year.

ya, my job screwed up on all my time and a half and shit loads of doubletime i had...so im just getting that back...

im aware that it is my money in the first place....it just feels nice to get it back...oh well...its all going in my TFSA anyways.

Can someone confirm that I have to file taxes every year, regardless of whether or not I made any money last year?

I didnt work at all last year, so I have nothing to file. How does this work?

you should still file. it allows you to build rrsp contribution room, and there are automatic tax refunds you'll get regardless if you have income or not. as long as you have a sin number.

^bc tax credit ftw $75.00

do you stop receiving GST cheques if you make over a certain amount each year?

i never received a single GST cheque last year, or the first one this year.....

Yes, there is no refunded GST tax credit if you make a certain amount of money.

Also, I believe you need to apply for the tax credit each year... which is basically checking a box and filling out 2 or 3 lines in the form, if I remember right.

son of a bitch i hate making a lot of money!

Lots of people get more than that back, depending on how their paycheques get taxed, working OT, having lots of write offs (tuition, etc.)... ie. if you go to school for half the year then work for the other half, your paycheque will most likely be taxed based on your annual salary. Add that to write offs for school expenses and you're looking at a pretty big return.

don't forget RRSP's as well... i'm getting $6500 back this year :D