Posted on: 15-02-05 12:47:14
Thanks for the reply on the previous posts. I was not calculating the tax i will have to pay in Canada and it looks like on a income of 5000 after tax i will get a take home of 3516. Is this figure approximately true.
Koi tax bachane ka tareeka nahin hai kya? Any way to save tax?
5000 income per year is not taxed as the basic deduction is 7796 for an individual
If 5000 is monthly , register for RRSP
-----------------------------------------------------------------
We will find a way or we will make one
Quote:
Orginally posted by Smiley
5000 income per year is not taxed as the basic deduction is 7796 for an individual
If 5000 is monthly , register for RRSP
I think the personal deduction for tax year 2004 is $8012.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
For Federal - $7484.00
For ON - $8044.00
Thanks.
-----------------------------------------------------------------
Live and Let Live. Together we can make a difference.
DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)
Quote:
Orginally posted by dp_jain
For Federal - $7484.00
For ON - $8044.00
Thanks.
Jain Sahib,
I believe for Federal basic personal deduction it is $ 8012
and for Ontario basic personal deductions it is $8044
The amount you mentioned is for deduction for Federal base amount for spouse which is $7484 with a maximum of $6803.
All these figures for tax year 2004
Regards,
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Orginally posted by Pramod Chopra
Quote:
Orginally posted by dp_jain
For Federal - $7484.00
For ON - $8044.00
Thanks.
Jain Sahib,
I believe for Federal basic personal deduction it is $ 8012
and for Ontario basic personal deductions it is $8044
The amount you mentioned is for deduction for Federal base amount for spouse which is $7484 with a maximum of $6803.
All these figures for tax year 2004
Regards,
Pramodji,
My mistake.
Thnx for correction.
-----------------------------------------------------------------
Live and Let Live. Together we can make a difference.
DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)
What is the basic percentage of income tax in Ontario for an income of 40K pa?
