Friday, July 31, 2009

Confused about income tax?

I just got a full time job as a summer student. I live in Ontario. I work 35 hours/week @ 9.36/hr. That works out to about $328/week. I have CPP and EI deductions, but Im worried because I'm not sure if I have to pay income tax. I go back to school in september and stop working.





My question is whether I have to pay income tax and what my total deductions will be.

Confused about income tax?
If your total earnings for the year are expected to be less than $9600, you can sign a declaration on your TD1 (which you'll fill out when you're hired), to have no income tax deducted. Make an honest estimate, it's illegal to lie.





Otherwise, for deductions, see


http://www.cra-arc.gc.ca/eservices/tax/b...


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