Tax Questions, Including What could I expect for a tax return (Canada)?
My status is as follows: Total income nearing December 2008, is rounded off to: $10,050 (That's Both jobs combined, mind you - I work two). My medical expenses, (Dental fees and Brace payments) after union reimbursement is about 1,2-$1,300 (Deductions combined from both jobs, excluding unions dues) EI: $300.00 deducted CPP: $360 Deducted Union Dues: $630.00 Deducted Income Tax(1): $610.00 FED Tax: $515.00 Donations: $30.00 Other Medical Expenses: $140.00 And addition of Canada's Work Taxing credit. Question 2-3. I also tried the TaxTip Calculator ( http://www.taxtips.ca/calculators/taxcalculator.htm ) but had trouble filling and figuring it out, as this is only my third year filing, I used H&R previous times, and haven't any tax experience. I earned just under $8,500 last year, claimed $1,200 in medical expenses and recieved just over $800.00 in my return, can I expect to attain the same with my status - if not more??) Question 4. I also would like to ask, on the taxtip Calculator, where is the option for Federal tax, and Income tax - are they the same thing? I notice on one of my paystubs it says Income tax, the other Federal tax..Different things? CPP is that all around the same thing - a form of retirement? Do they mean CPP in a general, as a whole - is CPP just the same deductions off all paychecks. For Gst, if you say 'Yes' and get the quarterly installments (I chose yes) what if you choose no? does it matter, will it benefit your return on the next years filing? Or do you get nothing, and choose it if eligable? I am sorry I have so many questions, I am a novice in the extreme and would REALLY appreciate feedback on any of my many questions stated. Thank you for your time, :)
Public Comments
- Your best bet is to go to Quicktax.ca, which offers a free online filing system for incomes below $20,000. It has a really simple input that just asks you simple questions. Federal tax and income tax: same thing. You pay Federal and Provincial tax, but it will usually appear as just a single deduction on your pay stub (unless you are in Quebec...let's not go there) CPP is Canada pension PLan. Yes, retirement. It's not optional, and both you and your employer pay a portion of your wages into it. Check Yes for the GST. It's a silly box, actually. The only reason NOT to check it is if you are married (or common law) and your spouse is claiming it. If you do not qualify, you just don't get anything. You should qualify.
