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Tax Calculation 

MADADKHAHVAHID
MADADKHAHVAHID
Posts: 19


Posted On: 12/2/2014
MADADKHAHVAHID
MADADKHAHVAHID
Posts: 19
How can I calculate my income taxes in Ontario for next year?

Regards
link
Moderator
Moderator
Moderator
Posts: 3728


Posted On: 12/3/2014
Moderator
Moderator
Moderator
Posts: 3728
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.

=====
Anna
Settlement.Org Content and Information/Referral Specialist, CIRS
Settlement.Org
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MADADKHAHVAHID
MADADKHAHVAHID
Posts: 19


Posted On: 12/4/2014
MADADKHAHVAHID
MADADKHAHVAHID
Posts: 19
and what is the meaning of "taxable income"?


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.

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


Regards
link
MelM
MelM
Posts: 226


Posted On: 12/4/2014
MelM
MelM
Posts: 226
You can find a good list of what taxable income includes here:

http://www.taxtips.ca/glossary/taxableincome.htm
link
Klaus
Klaus
Posts: 75


Posted On: 12/4/2014
Klaus
Klaus
Posts: 75
Hi,
and what is the meaning of "taxable income"?


Not all your income is subject to taxation as explained here:
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.


Other income from rent and lease, employment, self-employment and other sources are taxable though.

Generally spoken: unless you are very comfortable with what you are doing, it is a good idea to look for professional services such as H&R Block to help you with your taxes.

I hope this helps
Klaus
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