Questions re Tax Return in Canada
Feb 4th 2013, 2:37 am
#1
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Thread Starter
Joined: Feb 2005
Posts: 1,533
Questions re Tax Return in Canada
Hi
Although I have been in Canada since August 2010, this will be the first tax return that I will try to do on my own, so I need some advice please.
I understand that I have to record my earnings between January 2012 and December 2012. i worked from January 2012 until I was laid off in July 2012, I have a T4 for this period. Since then I have been claiming Employment Insurance. My question is, will I get a separate T4 for that, and although they have deducted approx $50 every two weeks from that as tax, does EI have some sort of lesser requirement with regard to the tax they take, or am I likely to owe CRA more money than has been deducted?
Anyone been down this route. I am not in a position to afford to get someone to do it for me this year unfortunately, as I have for the last two filing years.
Any help...gratefully received
Thanks in advance
Stef
Although I have been in Canada since August 2010, this will be the first tax return that I will try to do on my own, so I need some advice please.
I understand that I have to record my earnings between January 2012 and December 2012. i worked from January 2012 until I was laid off in July 2012, I have a T4 for this period. Since then I have been claiming Employment Insurance. My question is, will I get a separate T4 for that, and although they have deducted approx $50 every two weeks from that as tax, does EI have some sort of lesser requirement with regard to the tax they take, or am I likely to owe CRA more money than has been deducted?
Anyone been down this route. I am not in a position to afford to get someone to do it for me this year unfortunately, as I have for the last two filing years.
Any help...gratefully received
Thanks in advance
Stef
Feb 4th 2013, 2:43 am
#2
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Questions re Tax Return in Canada
Yes
No, it is just income.
Probably, but difficult to say without more details.
and although they have deducted approx $50 every two weeks from that as tax, does EI have some sort of lesser requirement with regard to the tax they take,
or am I likely to owe CRA more money than has been deducted?
Feb 4th 2013, 3:24 am
#4
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Questions re Tax Return in Canada
Just the opposite. EI is taxable income. It is added to your T4 income to calculate taxable income, then you get credit for the tax the EI people withheld.
