I live in ontario and made $15,000 last year.
Income tax deducted=$1200
Employee CPP contributions = $570
Employee EI premuims = $280
no kids, not married and not paying rent.
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3 answers
scoodlelou
July 23rd, 2010 at 7:02 am
You will have to claim ’single’, but you should get back the most of what you paid in. Won’t be so lucky on state tax!
LaLa
July 23rd, 2010 at 7:05 am
Based on the approximate numbers you gave, you can expect a refund of about $117.66.
Federal tax payable = 771.80
plus Ontario Tax payable (and no credits) = 310.54
is a total payable of 1082.34
Then subtract total income tax paid in and you get your total refund.
Theebis
July 23rd, 2010 at 7:30 am
Assuming that you have no carry forward information from prior years, you will receive the following non-refundable tax credits:
CPP – 570
EI – 280
Canadian Employment credit – 250
Basic personal – 8839
Totalling 9939. This means that this amount of income is exempt from federal. Provincial credits will be about the same (just slightly different.
so really, you’re only paying tax on about $5061. Your combined federal and provincial rate is 21.3% (15.5 federal and 6.05 provincial) resulting in about 1,080 in taxes owing. YOu paid 1200, so you should get back about $120 in tax
you will also be eligible for GST payments which will be about $90 each quarter.