What rate a person should be paying on their tax’s differs from person to person and depends on your taxable income minus your deductible expenses such as medical. Luckily at Catherine Barrie Accounting we have a quick and simple to use calculator that can help you to see approximately what tax rate you should be [...]
Income that doesn`t have taxes deducted such as: sale of shares or property, interest earned, dividends received, and others can leave you with a balance owing when you have your taxes completed. If you would like to avoid this you can ask your employer or pension to deduct more than the appropriate amount of tax [...]
Anyone who cashes in RRSP’s generally owes taxes. The RRSP’s are included in your taxable income. If you take out $5,000 or less, only 10% will be withheld for taxes. For amounts between $5,000 and $15,000, 20% will be withheld. Any amount over $15,000, 30% will be withheld. When the RRSP’s are taxed at these [...]
Often, people who have collected Employment Insurance during the year end up owing taxes because not enough tax is held back. Be sure to contact E.I. and make sure that they are using the appropriate rate based on your estimate of your total income for the year.
Some people receive income from many different sources once they retire. These sources can include CPP, OAS and other pensions. These pensions are usually in the dark about any other income you may have coming in, and as such, they do not take that income into account when deducting tax. If you have a general [...]
If you are working several part-time jobs at the same time, it is best to let your employer know otherwise you may owe some money when you file your taxes. Unless the employer knows about your other job and takes it into account, they will not hold enough taxes back. Everyone has a basic personal [...]