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Old 02-22-2002, 11:02 PM   #1
Scoobie Newbie
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Join Date: Feb 2001
Location: Bust the deal, face the wheel
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Default Tax Question

When figuring out your taxes' what are the dates? Jan-Dec or Apr-Apr?
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Old 02-22-2002, 11:24 PM   #2
Philly WReX
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Location: Warminster, PA
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Let's Go Flyers!!!

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calendar year Jan - Dec....they give you an extra 4 months to read thru the forms and figure out everything.

EDIT: never mind...i didn't realize this was a canadian tax question. The US IRS may be different
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Old 02-23-2002, 09:03 AM   #3
marvi
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jan to dec
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Old 02-23-2002, 09:19 AM   #4
bender
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just figure out how much you made the last year, then sent a cheque for that amount to tne goverment
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Old 02-25-2002, 01:33 AM   #5
Keenan
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Location: Edmonton, Alberta, Canada
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As was already stated, you are to report your income for the calendar year. You must have your tax return filed by April 30 as well as any balance owing. If you are self-employed, you have until June 15 to file your tax return but you must still have your tax return filed by April 30.

Hope that helps,

Keenan

Last edited by Keenan; 02-25-2002 at 05:07 PM.
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Old 02-25-2002, 11:27 AM   #6
Robin2
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Join Date: Oct 1999
Chapter/Region: E. Canada
Location: Ottawa, Ontario, Canada
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Here's the official website.......

It has all the Q's and A's and forms, etc.........

http://www.ccra-adrc.gc.ca/menu-e.html

Robin
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Old 02-25-2002, 10:10 PM   #7
The Real Oaf
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When the dust settles, what percentage of your annual income is "donated" to the gov't? 10%? 20%?
Just curious.

Paul

PS At least you have fantastic health insurance
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Old 02-26-2002, 01:33 AM   #8
Keenan
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It varies by province and your tax bracket. In Alberta, your combined marginal tax brackets vary from 24% - 39% when making over $100K.

Keenan
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Old 03-01-2002, 08:52 PM   #9
markus
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Location: St. Albert, AB, Canada
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I know marginal at the federal level is 47% (when your slalary exceeds something like $65k) and the province income tax you live takes a percentage of the federal tax you are paying on top of that as well.

When you also take into account the GST and PST (except Alberta), which you pay with your after taxed dollars. Canadians give at least 75%+ of their total income to one level of government or another.

The only thing I hate about our Country. No incentive to work hard and get ahead because the tax man takes it all away anyways. Pisses me off.
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Old 03-02-2002, 06:26 PM   #10
Keenan
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Hey Markus, I think that 47% number is a little too high. Were you referring to the provincial portion of the tax that is normally calculated as a portion of the basic federal tax payable? I work for a CA firm and based on the work done by one of our tax managers, I believe the top marginal rate is now ~39% when you combine the federal and provincial tax.

Keep in mind this does not factor in CPP, EI, GST, etc. If you factor in CPP and EI, its another 3-5% tax payable. As you get a tax credit though, the true cost of CPP and EI are reduced somewhat.

Keenan
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Old 03-04-2002, 08:28 PM   #11
atroz
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Upper end of the Marginal Tax rate when combined with the provincial (Ontario in my case) is very close to 50%. It has come down some in the last couple years, I think this year it is around 47%

That's marginal though, average is around 26-30% due to the tax credits and lower tax rates on the lower dollars for a high wage earner.
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