Tax!
#16
Re: Tax!
Hi
If you really want to know what you would take out, go to revenue Canada taxation, download a 2007 Federal tax, for Ontario and then work it out. You can find out what the deductions for EI and CPP from the Services Canada Web site.
If you really want to know what you would take out, go to revenue Canada taxation, download a 2007 Federal tax, for Ontario and then work it out. You can find out what the deductions for EI and CPP from the Services Canada Web site.
#17
Re: Tax!
Other lazy alternatives would be to go to www.ufile.ca and generate a fake tax return for free for your theoretical new income.
#18
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,683
Re: Tax!
The unreimbursed expenses must be more than $1,926 or 3% of net income (so after deduction of RRSP contributions). On an income of, say $50,000, that would be anything over $1,500. A tooth crown and a pair of glasses would get you into tax credit territory.
A feature of this tax credit is that it can be claimed for the aggregate spending in ANY 12 month period ending in the tax year so if you had a crown in July 2007 and bought the glasses in June 2008 you can claim both in 2008.
The OP is unattached and unbred. If she had a family the lower earning spouse could claim the credit far both parents and all children, so the credit kicks in earlier. If the children need expensive treatment such as orthodontics this can mean a sizeable tax credit.