Sunday, August 2, 2009

Is my Canada Tax refund reasonable??

Ive made about 26300 in 2007.tax deducted about 3300.CPP contricutions 1100.EI premiums 473.


and so i went to H%26amp;R online to do my tax..and it calculated that i get back 279 dollars..wud this be reasonable?is it too low??i dont have any of those rrsp stuff..or any other of those things

Is my Canada Tax refund reasonable??
Without knowing your province we cannot give a complete answer. Even the tax cow isn't to be trusted.





It does look reasonable. I wouldn't be expecting to see a huge refund because you don't have any deductions or credits listed.
Reply:This site will tell you how much income taxes should have been deducted from your pay, assuming you get no deductions (dependent children, RRSP, etc)





http://www.ey.com/GLOBAL/content.nsf/Can...





The amount is different for every province, so I can't tell you yes or no right now. But your EI and CPP premiums won't get you a refund, unless you over contributed, which you most likely didn't. So it's just your income taxes that count here.
Reply:Looks reasonable. I just put those numbers in my tax program (for ON) and got a 97.58 balance owing. If you live in another province, it would be a different amount.
Reply:If your employer does your tax calculations properly, you should end up even. Usually large refunds (since you didn't contribute to RRSPs) are due to bookkeeping/accounting errors with your withholding taxes by your employer.





Your $279 refund is due to the tax changes announced last October that were not figured into your withholding taxes.





Your refund is right.
Reply:I have almost the exact figures as yourself and estimated about the same return. I was told by several people though that being an Austrlian (non Canadian), that I should get most of it back. I did have taxable refunds of about $1000 aswell which I should definately get back. I was situated in the BC province, don't how much of a difference it makes. I tried to do the tax myself and was told (by the Canadian Revenue Agency) to fill out a T1 Resident form, Federal Tax form and a BC Province form. I'm trying to find a place that doens't here in Melbourne but its a struggle. Doens anyone know where I can get it done? taxback.com charges to much, not even worth it. Any info on what do to would be much appreciated....?????

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