Income Tax Rate
May 23rd 2003, 4:41 pm
#1
Guest
Posts: n/a
Income Tax Rate
Hello,
Can anyone shed some light on how a person is taxed on his or her Income?
I receive my first monthly pay and find that I need to pay 42% tax rate.
Where can I find more detailed information on income tax? Thank you.
--
Peter Wu
Powered by Microsoft Windows XP [Version 5.1.2600]
Can anyone shed some light on how a person is taxed on his or her Income?
I receive my first monthly pay and find that I need to pay 42% tax rate.
Where can I find more detailed information on income tax? Thank you.
--
Peter Wu
Powered by Microsoft Windows XP [Version 5.1.2600]
May 23rd 2003, 6:03 pm
#2
Guest
Posts: n/a
Re: Income Tax Rate
You find your job within a month? Fantastic
Peter Wu wrote:
>
> Hello,
>
> Can anyone shed some light on how a person is taxed on his or her Income?
> I receive my first monthly pay and find that I need to pay 42% tax rate.
> Where can I find more detailed information on income tax? Thank you.
>
> --
> Peter Wu
> Powered by Microsoft Windows XP [Version 5.1.2600]
Peter Wu wrote:
>
> Hello,
>
> Can anyone shed some light on how a person is taxed on his or her Income?
> I receive my first monthly pay and find that I need to pay 42% tax rate.
> Where can I find more detailed information on income tax? Thank you.
>
> --
> Peter Wu
> Powered by Microsoft Windows XP [Version 5.1.2600]
May 23rd 2003, 6:16 pm
#3
Guest
Posts: n/a
Re: Income Tax Rate
In article , James wrote:
> You find your job within a month? Fantastic
I was just lucky.
But I am confused by the tax system in Canada. Can you help?
--
Peter Wu
Powered by Microsoft Windows XP [Version 5.1.2600]
> You find your job within a month? Fantastic
I was just lucky.
But I am confused by the tax system in Canada. Can you help?
--
Peter Wu
Powered by Microsoft Windows XP [Version 5.1.2600]
May 23rd 2003, 6:44 pm
#4
Guest
Posts: n/a
Re: Income Tax Rate
I haven't had any income in Canada yet ( actually haven't moved to
Canada yet ). So I don't personally have any experience with Canada's
tax system. However, based on the conversations that I had with my
friends living in Canada, 42% is way too high, unless you make a lot of
money, e.g., more than a hundred K ( I guess ). In US, you need to fill
a W-4 form which helps you determine how many tax allowances you can get
and will help your employer determine how much they should deduct from
your pay stub adequetly, not too much, not too less. I hope in Canada,
you have something like that to fill out. Check it out. But anyway,
every penny you overpaid to the "tax agency" will finally get back to
you by means of the "tax return" that you will file once every year. It
is just your money temporarily sleeping in someone else' pocket. The
drawback is you will not receive interest for that part and your ability
to spend more is deferred until you receive the refund.
Peter Wu wrote:
>
> In article , James wrote:
>
> > You find your job within a month? Fantastic
>
> I was just lucky.
>
> But I am confused by the tax system in Canada. Can you help?
>
> --
> Peter Wu
> Powered by Microsoft Windows XP [Version 5.1.2600]
Canada yet ). So I don't personally have any experience with Canada's
tax system. However, based on the conversations that I had with my
friends living in Canada, 42% is way too high, unless you make a lot of
money, e.g., more than a hundred K ( I guess ). In US, you need to fill
a W-4 form which helps you determine how many tax allowances you can get
and will help your employer determine how much they should deduct from
your pay stub adequetly, not too much, not too less. I hope in Canada,
you have something like that to fill out. Check it out. But anyway,
every penny you overpaid to the "tax agency" will finally get back to
you by means of the "tax return" that you will file once every year. It
is just your money temporarily sleeping in someone else' pocket. The
drawback is you will not receive interest for that part and your ability
to spend more is deferred until you receive the refund.
Peter Wu wrote:
>
> In article , James wrote:
>
> > You find your job within a month? Fantastic
>
> I was just lucky.
>
> But I am confused by the tax system in Canada. Can you help?
>
> --
> Peter Wu
> Powered by Microsoft Windows XP [Version 5.1.2600]
May 23rd 2003, 7:04 pm
#5
Guest
Posts: n/a
Re: Income Tax Rate
42% ?!!!
What Province are you in and what income level are dealing with here?
Maybe your employer is withholding too much. If it is the case then you'll
get overpaid money back anyway after filing tax return.
Look here for current tax calculator:
http://www.ey.com/global/Content.nsf...2_Personal_Tax
--
../..
Andrew Miller
Immigration Consultant
Vancouver, British Columbia
email: [email protected]
(delete REMOVE from the above address before sending email)
________________________________
"Peter Wu" wrote in message
news:[email protected]...
> Hello,
> Can anyone shed some light on how a person is taxed on his or her Income?
> I receive my first monthly pay and find that I need to pay 42% tax rate.
> Where can I find more detailed information on income tax? Thank you.
> --
> Peter Wu
> Powered by Microsoft Windows XP [Version 5.1.2600]
What Province are you in and what income level are dealing with here?
Maybe your employer is withholding too much. If it is the case then you'll
get overpaid money back anyway after filing tax return.
Look here for current tax calculator:
http://www.ey.com/global/Content.nsf...2_Personal_Tax
--
../..
Andrew Miller
Immigration Consultant
Vancouver, British Columbia
email: [email protected]
(delete REMOVE from the above address before sending email)
________________________________
"Peter Wu" wrote in message
news:[email protected]...
> Hello,
> Can anyone shed some light on how a person is taxed on his or her Income?
> I receive my first monthly pay and find that I need to pay 42% tax rate.
> Where can I find more detailed information on income tax? Thank you.
> --
> Peter Wu
> Powered by Microsoft Windows XP [Version 5.1.2600]
May 23rd 2003, 11:29 pm
#6
Guest
Posts: n/a
Re: Income Tax Rate
There is no tax bracket that high.
"Peter Wu" wrote in message
news:[email protected]...
> Hello,
> Can anyone shed some light on how a person is taxed on his or her Income?
> I receive my first monthly pay and find that I need to pay 42% tax rate.
> Where can I find more detailed information on income tax? Thank you.
> --
> Peter Wu
> Powered by Microsoft Windows XP [Version 5.1.2600]
"Peter Wu" wrote in message
news:[email protected]...
> Hello,
> Can anyone shed some light on how a person is taxed on his or her Income?
> I receive my first monthly pay and find that I need to pay 42% tax rate.
> Where can I find more detailed information on income tax? Thank you.
> --
> Peter Wu
> Powered by Microsoft Windows XP [Version 5.1.2600]
May 24th 2003, 3:53 pm
#7
Guest
Posts: n/a
Re: Income Tax Rate
In article , Nick B. wrote:
> There is no tax bracket that high.
I simply divided the income before tax by the net income and got that
rate.
--
Peter Wu
Powered by Microsoft Windows XP [Version 5.1.2600]
> There is no tax bracket that high.
I simply divided the income before tax by the net income and got that
rate.
--
Peter Wu
Powered by Microsoft Windows XP [Version 5.1.2600]
May 24th 2003, 4:06 pm
#8
Guest
Posts: n/a
Re: Income Tax Rate
Check what the deductions are for. I suspect there are a number of non-tax
deductions you're including - perhaps benefits, union dues, or other things?
Unless you're making well over $100K a year, there's no reason you should be
taking home that little.
It could also be that your employer is deducting far too much tax - which
means you'll get a considerable refund next year. As a banker, I wouldn't
recommend this as a good way to go since CCRA doesn't pay you interest on
the money they hold for you. Check with your payroll/HR dept. to make sure
you are being paid correctly.
"Peter Wu" wrote in message
news:[email protected]...
> In article , Nick B. wrote:
> > There is no tax bracket that high.
> I simply divided the income before tax by the net income and got that
> rate.
> --
> Peter Wu
> Powered by Microsoft Windows XP [Version 5.1.2600]
deductions you're including - perhaps benefits, union dues, or other things?
Unless you're making well over $100K a year, there's no reason you should be
taking home that little.
It could also be that your employer is deducting far too much tax - which
means you'll get a considerable refund next year. As a banker, I wouldn't
recommend this as a good way to go since CCRA doesn't pay you interest on
the money they hold for you. Check with your payroll/HR dept. to make sure
you are being paid correctly.
"Peter Wu" wrote in message
news:[email protected]...
> In article , Nick B. wrote:
> > There is no tax bracket that high.
> I simply divided the income before tax by the net income and got that
> rate.
> --
> Peter Wu
> Powered by Microsoft Windows XP [Version 5.1.2600]
May 24th 2003, 9:54 pm
#9
BE Enthusiast
Joined: Sep 2002
Location: Pickering, ON
Posts: 941
Re: Income Tax Rate
Read the detailed deduction info on your check stub. You should be having deductions for income tax, Canada Pention Plan, unemployment insurance, and any benefits from your employer that you pay a portion of (health insurance, life insurance, disability insurance, etc.). Tax is only a part of it but it does add up to a hefty portion.
