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How much money should I get back from taxes? (Canada)?

Taxes! We hate paying them, so let's discuss maximizing tax deductions!

How much money should I get back from taxes? (Canada)?

Postby adolf » Wed Dec 04, 2013 6:08 am

I know there are calculators for it but they all use words that I don't understand. Can someone please help me I will really appreciate it.

I live in Canada. I make minimum wage ($10.25/h) and work 40 hours a week every week with no holidays. I only pay federal income tax and EI, nothing else. I'm wondering how much money I should be refunded for a year of work, for financial planning reasons.
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How much money should I get back from taxes? (Canada)?

Postby verddun » Wed Dec 04, 2013 6:20 am

When you go to Walmart, buy something for $8.50 and give them a $10 bill, you get a "refund" of $1.50. If you give them a $20 bill, you get a "refund" of $11.50.

It's the same with taxes. The refund you get is the difference between what you owe and what you paid (the amount you had deducted from your paycheques throughout the year).

Ideally, this amount is zero. Why give the government an interest free loan? And, for most steady jobs with no outside deductions (medical, charitable, etc.), your refund should be close to zero.
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How much money should I get back from taxes? (Canada)?

Postby stiles26 » Wed Dec 04, 2013 6:24 am

Yes, there are calculators. If they use words you don't understand, then go to a tax advisor.

Since you have to fill out your own tax return (you did, didn't you?) you will have had to figure out the words then. And when you filled out your tax return (you did, didn't you?) you would have had a very accurate figure of your refund ... or the amount you owe.

If you didn't fill out your tax return, the answer is simple. You get nothing.

If you owed money, then you still owe that money, plus fines.
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