Tax Calculation/Diane?

Hi sorry diane, im in ontario. I saw a previous posting you gave with this site but when I calculated it, it showed much more so not sure if I did it right!

Will the 9600 still be the same if we are temporary residents which we are. Have been here 18mths but still dont have landed immigrant status :-(

Not very good on this site either!

Thanks

You didn%26#039;t say what province you live in. For your husband%26#039;s income, taxes would have ranged from $6315 in Nunavut to $9274 in Quebec.

Here%26#039;s a calculator you can use to see how much taxes would be, with NO deductions, for your province:

http://www.ey.com/global/Content.nsf/Can...

He will pay less than that calculator shows because of the dependents, and if you live in a province that offers provincial tax credits for rent or property tax (most don%26#039;t). So I think he%26#039;s fine.

All of your taxes paid will be returned, because you made less than $960

Tax Calculation/Diane?

minor point to clarify. Think Diane made an innocent typo

The tax credits for your two children apply if they were born after 1990, not 1980.

Tax Calculation/Diane?

Everyone%26#039;s first $9600 of income is tax free (although CPP and EI deductions are still made). It%26#039;s called the Basic Personal Exception. The idea is that you need that much just for basic necessities, so there is no tax on it. So you will get all the income taxes you paid on your $5000 of earnings back.

In Ontario, the combined provincial and federal tax on $41,100 is $7142, before any tax credits. (When you use the calculator, make sure to hit the grey calculate button, or it shows taxes for the default $75000)

Your husband had almost that much income tax deducted. But he also gets tax credits for your two children, if they were born after 1980. Ontario has a property tax provincial credit, which also takes rent into account for those who don%26#039;t own. You%26#039;ll probably get a credit of a few hundred dollars for that. You may qualify for other deductions. Just read the description for every line when you fill out the forms. If you use tax software, it will ask questions to determine which deductions and credits you get.

Tax Calculation/Diane?

did you try using the online tax calculator? its actually a utlility which you can download. Great stuff and its free.

http://www.tipsity.com/finance/2008/free...