Can someone work out my excise return please?
(T4)My total income is: $11,383.00
Deductions:
Income Tax: $497.25
CPP: $383.92
EI: $203.42
*I Paid for 12 metropasses which comes to: $1,206.25
*I Paid rent for 12 months which comes to: $1,800.00
I also got interest from TD Bank for: $80.13 (I included this amount surrounded by the total income already)
I live in Toronto, so if someone can total the return, I'd appreciate it, I need to know how much my return would be.
Thanks!
Answers: Hi There:
In Ontario you would owe $263 surrounded by taxes based on your income. Your TTC Passes would generate a $187 levy credit. So you're down to owing $76 in taxes.
You salaried $497 in charge, so you'd get a reimbursement of $423.
You're rent might add a few more dollars into the mix, and you should be eligable for PST levy credits and the GST refund.
I won't multiply your exact return, but I can tell you that you'll attain all of your charge back.
The personal exception amount surrounded by Canada is $9600, which means that simply 1800 of your income is taxable. Without the provincial export tax credit for your rent, and the federal tax credit for your bus pass, your total tax bill is one and only $267, for a refund of $230.
However, the adjectives tax credit for your rent will probably decrease your provincial tariff owed to $0. And the transit credit gives you a federal excise credit of about $180. Because of these two credits, I surmise you'll get adjectives, or virtually all, of the $497 contained by taxes you paid vertebrae.
You can use the basic duty calculator here:
http://www.ey.com/global/Content.nsf/Can...
If you want to know your EXACT return amount, just enter your information into any of the tax preparation software suites. Most enjoy free returns for someone of your income. There is a list of them here:
http://www.netfile.gc.ca/software-e.html
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Deductions:
Income Tax: $497.25
CPP: $383.92
EI: $203.42
*I Paid for 12 metropasses which comes to: $1,206.25
*I Paid rent for 12 months which comes to: $1,800.00
I also got interest from TD Bank for: $80.13 (I included this amount surrounded by the total income already)
I live in Toronto, so if someone can total the return, I'd appreciate it, I need to know how much my return would be.
Thanks!
Answers: Hi There:
In Ontario you would owe $263 surrounded by taxes based on your income. Your TTC Passes would generate a $187 levy credit. So you're down to owing $76 in taxes.
You salaried $497 in charge, so you'd get a reimbursement of $423.
You're rent might add a few more dollars into the mix, and you should be eligable for PST levy credits and the GST refund.
I won't multiply your exact return, but I can tell you that you'll attain all of your charge back.
The personal exception amount surrounded by Canada is $9600, which means that simply 1800 of your income is taxable. Without the provincial export tax credit for your rent, and the federal tax credit for your bus pass, your total tax bill is one and only $267, for a refund of $230.
However, the adjectives tax credit for your rent will probably decrease your provincial tariff owed to $0. And the transit credit gives you a federal excise credit of about $180. Because of these two credits, I surmise you'll get adjectives, or virtually all, of the $497 contained by taxes you paid vertebrae.
You can use the basic duty calculator here:
http://www.ey.com/global/Content.nsf/Can...
If you want to know your EXACT return amount, just enter your information into any of the tax preparation software suites. Most enjoy free returns for someone of your income. There is a list of them here:
http://www.netfile.gc.ca/software-e.html