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03-01-2016, 10:23 AM
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#151 | | I WANT MY 10 YEARS BACK FROM RS.net!
Join Date: Mar 2002 Location: ...
Posts: 20,300
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Originally Posted by radioman  Fall into a lower tax bracket? lol | Tax season 2016: 10 myths that mislead Canadians - Business: Tax Season - CBC News Myth 4: I should have refused that pay raise because it will bump me into a higher tax bracket.
Federal tax brackets for the 2015 tax year:
- Up to $44,701 — 15%
- $44,701-$89,401 — Tax rate 22%
- $89,401-$138,586 — Tax rate 26%
- Over $138,586 — Tax rate 29%
Source: CRA
Canadians face four federal tax brackets and up to six brackets provincially. But "bumping into the next bracket" just means that one's excess income in the higher bracket will be taxed at the higher rate. The higher rate does not apply to all of the person's income.
"All of the money you earned below the new tax bracket remains taxed at the lower rates," points out Edmonton-based financial educator Jim Yih in his Retire Happy blog.
"The bottom line is you should never, ever, ever turn down money. Enjoy every pay increase you receive without tax worries, and remember that those higher paycheques mean more money in your pocket." | 
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03-01-2016, 11:36 AM
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#153 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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Does anyone know with the T2200 form, work related expenses etc, can you claim parking?
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03-01-2016, 05:05 PM
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#154 | | I WANT MY 10 YEARS BACK FROM RS.net!
Join Date: Mar 2002 Location: ...
Posts: 20,300
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Originally Posted by Hondaracer Does anyone know with the T2200 form, work related expenses etc, can you claim parking? | https://turbotax.intuit.ca/tax-resou...d-expenses.jsp
Other Employment Expenses
In some circumstances, you might be able to claim “other” employment expenses as well. However, to qualify for this additional deduction, the CRA wants you to meet two special conditions. The first condition is that your employment contract requires you to pay the expenses, and the second is that you don't receive an allowance to pay the costs; or if you do receive an allowance, that your employer adds it to your total income. If you meet these two conditions, examples of some of the expenses you can claim include accounting and legal fees, transportation costs, office rent, supplies and the price of electronic devices -- and maybe even a rebate of any GST or HST taxes you paid when you purchased these items. Just note that allowable expense amounts differ based on whether you’re a salaried or commission employee: The CRA website provides a detailed breakdown of how much can be deducted for both employee types in a wide range of categories, from meals to lodging to parking.
Unlike the Canada employment amount credit, you must keep track of expenses for this deduction. Vancouver tax professional Darryl Francis reminds us that the expenses “must be directly related to your employment – for example, if you purchase supplies, they must be used for work and not for another purpose. You want to make sure you have documents, such as receipts or invoices, to prove your expenses so they can be verified if you’re ever audited.” If you claim expenses under this category, it's a deduction from income, which ultimately reduces your taxable income and can lower your total tax due. If you’re eligible, you can claim expenses under this category, plus the general employment amount credit. | |
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03-12-2016, 10:03 AM
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#155 | | I WANT MY 10 YEARS BACK FROM RS.net!
Join Date: Mar 2002 Location: ...
Posts: 20,300
Thanked 4,525 Times in 1,357 Posts
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03-21-2016, 02:41 PM
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#156 | | Throw yo paws in da air!
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did my tax this time with turbotax, literally had to punch in 4 boxes as its a basic t4 (income, ei premiums, cpp contributions, cpp earnings) and this time it says im only getting 80 cents back LOL havent filed it but did the steps to see what i would get in return.
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03-21-2016, 02:45 PM
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#157 | | .
Join Date: Nov 2009
Posts: 8,733
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Originally Posted by XplicitLuder did my tax this time with turbotax, literally had to punch in 4 boxes as its a basic t4 (income, ei premiums, cpp contributions, cpp earnings) and this time it says im only getting 80 cents back LOL havent filed it but did the steps to see what i would get in return. | atleast you're getting something back... did mine and i owe them $15 apparently  | |
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