Tax Calculation 

MADADKHAHVAHID

Posts: 19

Hello,

Thank you for sharing your situation and question with us.

It may help to look at the 2014 tax rates to try and calculate some possible amounts.

As you may already know, the amount of income tax you pay depends on how much money you earned in the past year minus any deductions and credits.

Your income tax rate is based on a combination of federal and provincial tax rates.

If you are wondering how much income tax you may need to pay, you can find some helpful information in our Settlement.Org How much income tax do I have to pay? article.

You can also find some information on how to file your tax return in our Settlement.Org How do I file my tax return? article.

Some people prefer to have someone help them with their tax returns. If you would like to find someone who can help you with your tax return, you may find some helpful information in our Settlement.Org Where can I get help with my tax return? article.

I hope this information is helpful. Please let us know if you have further questions and if there is any follow up to your question/situation.

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Anna
Settlement.Org Content and Information/Referral Specialist, CIRS
Settlement.Org

Klaus

Posts: 75

and what is the meaning of "taxable income"?

You do not have to report certain amounts in your income, including the following:
•any GST/HST credit or Canada child tax benefit payments, as well as those from certain related provincial and territorial programs;

•child assistance payments and the supplement for handicapped children paid by the province of Quebec;

•compensation received from a province or territory if you were a victim of a criminal act or a motor vehicle accident;

•lottery winnings;

•most gifts and inheritances;

•amounts paid by Canada or an ally (if the amount is not taxable in that country) for disability or death due to war service;

•most amounts received from a life insurance policy following someone's death;

•most payments of the type commonly referred to as strike pay you received from your union, even if you perform picketing duties as a requirement of membership; and [...]

•most amounts received from a tax-free savings account (TFSA). For more information, see Guide RC4466, Tax-Free Savings Account (TFSA), Guide for Individuals.