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01-30-2012, 07:42 PM
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#1
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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
Last edited by dasuperstar; 01-31-2012 at 04:27 PM.
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01-30-2012, 08:48 PM
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#2
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Revscene.net has a homepage?!
Join Date: Feb 2005
Location: Vancouver
Posts: 1,296
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Quote:
Originally Posted by Plush
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
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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!
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01-30-2012, 09:01 PM
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#3
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(7125 Viewing)
Join Date: Oct 2009
Location: Vancity
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Quote:
Originally Posted by jackmeister
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!
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I'll take the YES 
I have 25k of school credit as well.
Hopefully I will get that 4k refund... wish me luck
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01-30-2012, 09:06 PM
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#4
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MiX iT Up!
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Location: vancouver
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tuition credits do not increase the refund. they make the payable 0 and that is it! the rest is carried forward.
__________________
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Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt
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01-30-2012, 09:47 PM
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#5
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(7125 Viewing)
Join Date: Oct 2009
Location: Vancity
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Quote:
Originally Posted by tiger_handheld
tuition credits do not increase the refund. they make the payable 0 and that is it! the rest is carried forward.
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But in my situation will I get a refund? I'm dying/excited to know grrrr 
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