Posted on: 01-09-07 07:13:03
Does anyone knows how taxes are calculated in Canada.
Is it depend on which Province you stays?
Is there any tax slabs like in India? if yes then what are they?
If some one change job, how new employer knows about earlier jobs & earnings?
I feel my new employer is deducting too much income tax form salary.
Is there any way to check if this is correct or not?
I know if taxes are deducted more, then will get refund.
But still having concerns about this.
I tried to find this info on internet, but couldn't find proper info
Can some one share this info with me
I will try and answer whatever I can -
Quote:Yes, there are provincial and federal taxes
Originally posted by m2611
Is it depend on which Province you stays?
Quote:Yes, there are tax brackets.
Is there any tax slabs like in India? if yes then what are they?
See the following links -
http://www.cra-arc.gc.ca/tax/individuals/faq/taxrates-e.html
and
http://www.cra-arc.gc.ca/tax/individuals/topics/learn-tax/mod1/overview-e.html
Quote:They won't know, and shouldn't have to know.
If some one change job, how new employer knows about earlier jobs & earnings?
You should fill out a new T-1.
Quote:Did you fill out a T-1?
I feel my new employer is deducting too much income tax form salary.
Is there any way to check if this is correct or not?
Quote:Check the links I posted above.
I tried to find this info on internet, but couldn't find proper info
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
Originally posted by m2611
I feel my new employer is deducting too much income tax form salary.
Is there any way to check if this is correct or not?
If he is deducting too much, then it will be returned to you when you file your taxes .... takes a few days to get a refund after you file your taxes. In a way it is good as this amount can be your saving & you can put it in your RRSP contribution.
As long as he puts the taxes deducted into you T-4 you should be ok.
Quote:While all the time, the Govt. enjoys interest-free cash from your hard-earned money - not my idea of savings
Originally posted by puttoo
If he is deducting too much, then it will be returned to you when you file your taxes .... takes a few days to get a refund after you file your taxes. In a way it is good as this amount can be your saving & you can put it in your RRSP contribution.
If you really want to do something like this, you should do it the right way - adjust your T-1 so that the correct amount of tax is being deducted.
Then setup automatic debit from your bank account to go into an RRSP account each pay period.
That way, you get automatic savings without giving nice free monthly pocket money to Big Brother up in Ottawa.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Thanks for Info
Yes I already filled T-1 with new employer, but it doesn't say anything about
how much I earned earlier
Lets see
