[dasuperstar]

I used this calculator to calculate my 2012 Tax Payable.

http://www.tax-services.ca/canadian-tax-calculator/income-tax-calculator-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]

I used this calculator to calculate my 2012 Tax Payable.

Canadian Income Tax Calculator 2012 | Life Insurance Canada (http://lsminsurance.ca/calculators/canada/income-tax)

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]

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]

tuition credits do not increase the refund. they make the payable 0 and that is it! the rest is carried forward.

[dasuperstar]

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: