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Paying Taxes in Canada

Paying Taxes in Canada

Old Dec 20th 2008, 3:21 pm
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Default Paying Taxes in Canada

Question - How does paying Taxes work? and how much do you recommend we put aside to pay the Tax man at the end of the year.

I am assuming that you do not get taxed directly out of your wages therefore you need to put approx 25% away for the end of year? could you explain it to us, as my husband has accepted a Job over there and we do not know quite how it works. Your help would be appreciated
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Old Dec 20th 2008, 3:25 pm
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Default Re: Paying Taxes in Canada

Originally Posted by jackiewalters View Post
Question - How does paying Taxes work? and how much do you recommend we put aside to pay the Tax man at the end of the year.

I am assuming that you do not get taxed directly out of your wages therefore you need to put approx 25% away for the end of year? could you explain it to us, as my husband has accepted a Job over there and we do not know quite how it works. Your help would be appreciated
You assume incorrectly your husband will have tax deducted at source by his employer.

http://britishexpats.com/wiki/Payroll_Deductions-Canada

More information than you know what to with in the Canada Wiki: http://britishexpats.com/wiki/Category:Canada

Last edited by Steve_P; Dec 20th 2008 at 3:28 pm.
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Old Dec 20th 2008, 3:27 pm
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Default Re: Paying Taxes in Canada

Thank you, I was asking because I was told that you have to pay Tax at the end of the year is this correct?
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Old Dec 20th 2008, 3:31 pm
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Default Re: Paying Taxes in Canada

Originally Posted by jackiewalters View Post
Thank you, I was asking because I was told that you have to pay Tax at the end of the year is this correct?
If you owe any then yes if you don't then...

Most employed individuals do not owe at the end of the year in fact most get a refund.
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Old Dec 20th 2008, 3:34 pm
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Default Re: Paying Taxes in Canada

Originally Posted by jackiewalters View Post
Thank you, I was asking because I was told that you have to pay Tax at the end of the year is this correct?
You will have to file a tax return at the end of the year (in the New Year, actually). Any imbalances between the tax you have paid and what you owed get sorted then.
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Old Dec 20th 2008, 3:46 pm
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Default Re: Paying Taxes in Canada

Ahh Thank you I understand now.

Many thanks
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Old Dec 20th 2008, 6:50 pm
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Default Re: Paying Taxes in Canada

We got $3000 back earlier this year - our first tax return. OH worked a full year and I only worked p/t half way through the year so my remaining allowance shifted over to him.

Also got $2000 allowance for each of our kids (2). Other tax allowances we claimed for was paying for dental, prescriptions etc over and above what our insurance paid for, plus we claimed for our insurance premiums too.

OH claimed back for some tools and outdoor workwear and safety gear necessary for his job. I also claimed back for an adult learning course but can't remember if I got the allowance for the books or the tuition fees.
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Old Dec 21st 2008, 7:52 pm
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Default Re: Paying Taxes in Canada

We too got a refund after submitting our tax return (1st one) last year. It was no big deal - Now employer takes taxes as you might be used to. We simply went to HR Block (taxation franchise) put it all on their desk and said "sort it!" and they did - very easily, we'll do exactly the same this year too.
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