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dasuperstar 01-30-2012 08:42 PM
Question Regarding Income Tax Refund
 
I used this calculator to calculate my 2012 Tax Payable.

http://www.tax-services.ca/canadian-...or-canada.html

It shows that I need to pay $7,714 of income tax on a $45,000 income. If I got taxed above this would I get a refund?

For example

I got taxed $12,000 this year and my tax payable is $7,735 that means I will have a $4,265 refund?

Thanks

:badpokerface:

jackmeister 01-30-2012 09:48 PM
Quote:
Originally Posted by Plush (Post 7780223)
I used this calculator to calculate my 2012 Tax Payable.

Canadian Income Tax Calculator 2012 | Life Insurance Canada

It shows that I need to pay $7,735 of income tax on a $45,000 income. If I got taxed above this would I get a refund?

For example

I got taxed $12,000 this year and my tax payable is $7,735 that means I will have a $4,265 refund?

Thanks

:badpokerface:
simple answer = yes

long answer = no, you probably have a lot of extra income (interest) and credits that come a long way. if you're not too sure, buy a program that does the calculations for you, or pay someone to do it for you. do you have kids? lots of credits right there!

dasuperstar 01-30-2012 10:01 PM
Quote:
Originally Posted by jackmeister (Post 7780304)
simple answer = yes

long answer = no, you probably have a lot of extra income (interest) and credits that come a long way. if you're not too sure, buy a program that does the calculations for you, or pay someone to do it for you. do you have kids? lots of credits right there!
I'll take the YES :fullofwin:

I have 25k of school credit as well.

Hopefully I will get that 4k refund... wish me luck

tiger_handheld 01-30-2012 10:06 PM
tuition credits do not increase the refund. they make the payable 0 and that is it! the rest is carried forward.

dasuperstar 01-30-2012 10:47 PM
Quote:
Originally Posted by tiger_handheld (Post 7780335)
tuition credits do not increase the refund. they make the payable 0 and that is it! the rest is carried forward.
But in my situation will I get a refund? I'm dying/excited to know grrrr :ilied:


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