Friday, July 31, 2009

Can someone help me estimate my taxes??

I made $14630- While being employed


Paid $1633.19 Income Tax


CPP $602.04


EI Premiums $261.82





I also made $4291 from Unemployment


Income Tax Paid $151





I also Paid $900.40 property taxes





I have one child whom I will claim as a dependant

Can someone help me estimate my taxes??
You grossed $18,921 in income.which would result in $2,026 in taxes. On the surface you would owe





On the surface you would owe $242, but ontario tax credits for property tax and PST would pretty well wipe out any amount owing. If I were to guesstimate I'd guess you'd get a small refund around $100.
Reply:You did not provide enough info





* What province do you live in?


* Are you a single parent? If so, then you will pay virtually nothing in taxes, because you get a huge deduction for your child (Line 305, "Amount for an eligible dependant", sometimes called "Equivalent to Spouse").





Lots of the tax programs are completely free to someone of your income. Ufile.ca, for example, is free for households making $20,000 or less. If you are single, you qualify. Therefore, you could do your taxes in an hour or so for free, and know exactly how much your taxes will be.


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