Quote:
Originally Posted by Plush
Hello Folks,
Just finished school last December and started working full time last January 2011. I do have a 25,000 worth of tax credit 10,000 for national and 15,000
for BC. I'm wondering if I could get a full refund next year since I do have tones of credit or I need to buy RSP to balance it out. My current Federal Income Tax (T4) YTD Deduction is aprox 7k and would be 9-10k hopefully more by the end of the year.
Would I get a full refund when tax season comes?
Thanks  |
OP, you'll need to provide more information than this.
What's your anticipated total earnings in 2011 from all sources including interest, investments, etc.
What are your deductions ie. RRSP contributions?
You've indicated that you've finished school but will you be attending any other post-secondary education in 2011? If yes, how many full-time or part-time months will you attend in 2011?
What's your marital status? Single, married, or common law? If you're married or common law, will your spouse earn more than $11K in 2011?
I do commend you for considering your tax planning options now as opposed to February 28 when most people are in a panic to do some tax planning. Ideally, tax planning would be an ongoing process that should wrap-up prior to December 31 of each year.
Provide more info as described above and I, and perhaps other RS accountants, should be able to provide you with a tax estimate.
Feel free to PM if you'd like to keep your information confidential.