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Originally posted by Indian

Dear Mr. Chopra

Thank you very much.

I really appreciate your efforts.

Thanks again.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

Quote:

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Originally posted by Pramod Chopra

Quote:

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Orginally posted by indian girl

Hi! Actually, i am not sure to whom i should address this question. To the expert:

Kindly enlighten me about the deductions from income (taxes, health contributions etc.) for an accountant working in mississauga. Approximately how many percentage is deducted from the salary? I need this information badly.

Your response will be greatly appreciated.

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I waited for a 'Tax Professional' to answer this post but as no one came forward, I am giving you a rough idea.

In Canada, the income tax has various slabs. You have to pay 'Federal Tax' as well as 'Provincial Tax' on your income. The 'Federal Tax is same every where but the 'Provincial Tax' is different in each province. For simplicity sake we would talk about 'Ontario Province' only as you have talked about an accountant in Mississauga City, which is in Ontario.

Federal Slab are as follows :

Income up to $32,183 16%

more than $32,183 but up to $64,368 the tax is $5149+22% of the amount over $32,183

Income more than $ 64,368 but up to $104,648 the tax is $12,230 + 26% of the amount over $ 64,368

Similary the provincial tax slabs are as under :

Income up to $32,435 6.05%

more than $32,435 but up to $64,871 the tax is $1962 + 9.15% over $32,435

more than 64,871 the tax is $ 4930 + 11.16% of the amount more than 64,871

However, you get a personal deduction from both level of governments
upto $7756 and $7817 respectively. What it means is they will deduct this amount from your gross income and then apply taxes.

In addition to this you have to pay E.I (employment insurance) of around 2% (maximum of $800 app.) and C.P.P (Canada pension plan) of app. 5% (maximum of $1800 app.) and if you have a health plan with your employer, then an additional 2 to 3% of the pay you would have to pay.

So, if for argument sake if a person has a gross income of 50,000 then after the personal deduction of app. $7,800 he will have to pay tax of $5149 + $1962 + $3115 ( being 31.15% of app. $10,000 ($50,000 - $7,800 - $32,200) which is the 2nd slab) a total of around $10,226 plus another $4000 in EI, CPP and health plan.

However, you should visit the site http://www.ccra-adrc.gc.ca/tax/individuals to get the latest information.

I hope it helps.

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Quote:

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Originally posted by VJ

Quote:

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Originally posted by Pramod Chopra

Quote:

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Orginally posted by indian girl

Hi! Actually, i am not sure to whom i should address this question. To the expert:

Kindly enlighten me about the deductions from income (taxes, health contributions etc.) for an accountant working in mississauga. Approximately how many percentage is deducted from the salary? I need this information badly.

Your response will be greatly appreciated.

---

I waited for a 'Tax Professional' to answer this post but as no one came forward, I am giving you a rough idea.

In Canada, the income tax has various slabs. You have to pay 'Federal Tax' as well as 'Provincial Tax' on your income. The 'Federal Tax is same every where but the 'Provincial Tax' is different in each province. For simplicity sake we would talk about 'Ontario Province' only as you have talked about an accountant in Mississauga City, which is in Ontario.

Federal Slab are as follows :

Income up to $32,183 16%

more than $32,183 but up to $64,368 the tax is $5149+22% of the amount over $32,183

Income more than $ 64,368 but up to $104,648 the tax is $12,230 + 26% of the amount over $ 64,368

Similary the provincial tax slabs are as under :

Income up to $32,435 6.05%

more than $32,435 but up to $64,871 the tax is $1962 + 9.15% over $32,435

more than 64,871 the tax is $ 4930 + 11.16% of the amount more than 64,871

However, you get a personal deduction from both level of governments
upto $7756 and $7817 respectively. What it means is they will deduct this amount from your gross income and then apply taxes.

In addition to this you have to pay E.I (employment insurance) of around 2% (maximum of $800 app.) and C.P.P (Canada pension plan) of app. 5% (maximum of $1800 app.) and if you have a health plan with your employer, then an additional 2 to 3% of the pay you would have to pay.

So, if for argument sake if a person has a gross income of 50,000 then after the personal deduction of app. $7,800 he will have to pay tax of $5149 + $1962 + $3115 ( being 31.15% of app. $10,000 ($50,000 - $7,800 - $32,200) which is the 2nd slab) a total of around $10,226 plus another $4000 in EI, CPP and health plan.

However, you should visit the site http://www.ccra-adrc.gc.ca/tax/individuals to get the latest information.

I hope it helps.

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Hi Pramod,

I saw this post and thought to ask you, whether the same is to be considered for calculating the taxes in 2007?

Rgds,

Vj.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

Quote:

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Originally posted by Pramod Chopra

Quote:

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Originally posted by VJ

Quote:

---

Originally posted by Pramod Chopra

Quote:

---

Orginally posted by indian girl

Hi! Actually, i am not sure to whom i should address this question. To the expert:

Kindly enlighten me about the deductions from income (taxes, health contributions etc.) for an accountant working in mississauga. Approximately how many percentage is deducted from the salary? I need this information badly.

Your response will be greatly appreciated.

---

I waited for a 'Tax Professional' to answer this post but as no one came forward, I am giving you a rough idea.

In Canada, the income tax has various slabs. You have to pay 'Federal Tax' as well as 'Provincial Tax' on your income. The 'Federal Tax is same every where but the 'Provincial Tax' is different in each province. For simplicity sake we would talk about 'Ontario Province' only as you have talked about an accountant in Mississauga City, which is in Ontario.

Federal Slab are as follows :

Income up to $32,183 16%

more than $32,183 but up to $64,368 the tax is $5149+22% of the amount over $32,183

Income more than $ 64,368 but up to $104,648 the tax is $12,230 + 26% of the amount over $ 64,368

Similary the provincial tax slabs are as under :

Income up to $32,435 6.05%

more than $32,435 but up to $64,871 the tax is $1962 + 9.15% over $32,435

more than 64,871 the tax is $ 4930 + 11.16% of the amount more than 64,871

However, you get a personal deduction from both level of governments
upto $7756 and $7817 respectively. What it means is they will deduct this amount from your gross income and then apply taxes.

In addition to this you have to pay E.I (employment insurance) of around 2% (maximum of $800 app.) and C.P.P (Canada pension plan) of app. 5% (maximum of $1800 app.) and if you have a health plan with your employer, then an additional 2 to 3% of the pay you would have to pay.

So, if for argument sake if a person has a gross income of 50,000 then after the personal deduction of app. $7,800 he will have to pay tax of $5149 + $1962 + $3115 ( being 31.15% of app. $10,000 ($50,000 - $7,800 - $32,200) which is the 2nd slab) a total of around $10,226 plus another $4000 in EI, CPP and health plan.

However, you should visit the site http://www.ccra-adrc.gc.ca/tax/individuals to get the latest information.

I hope it helps.

---

Hi Pramod,

I saw this post and thought to ask you, whether the same is to be considered for calculating the taxes in 2007?

Rgds,

Vj.

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HI VJ,

This is an old post you have dug up from the archives of this great site.

The tax slabs, limits, personal deductions, EI and CPP contribution keep on changing every year and it would be quite different for the tax year 2007.

You can follow the undermentioned links to get answers to your questions:

http://www.ey.com/global/content.nsf/Canada/Tax_-_Calculators_-_Overview


http://www.ey.com/Global/assets.nsf/Canada/Tax_Rate_Card_Ontario_2007/$file/17024Ontario.pdf

http://www.cra-arc.gc.ca/formspubs/t1general/ontario-e.html


However, if you still need some clarifications or some information on your personal situation, you can pm me.

Season's greetings.

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Hi Pramod,

Dash good links the first 2.

Thx

Could any one of you suggest any good and reliable online Tax filling software.
Is it easy to use?

Secondly is there tax refund calculator which gives an estimated tax refund?