- May 10, 2024
- Posted by: legaleseblogger
- Category: Related News
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Explanation of Tax Owed to CRA
According to my calculations, based on the information provided, it seems that you owe the CRA $1750 for the tax year 2023. Let’s break down how this amount was calculated.
First, it is important to note that the amount owed may vary depending on various factors such as income, deductions, and tax credits. In your case, with an income of $36,000, it is likely that you fall into a certain tax bracket that determines the amount of tax owed.
Additionally, other sources of income, deductions, or credits may also affect the final amount owed. It is recommended to review your tax return and ensure that all income and expenses are accurately reported to avoid any discrepancies.
AI Legalese Decoder can help simplify the complex language used in tax documents and provide a clearer understanding of your tax obligations. By utilizing this tool, you can easily decode legal jargon and gain insights into your tax situation, helping you make informed decisions and better understand how your tax liability is calculated.
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****** just grabbed a
Plug your numbers into a tax calculator, and look at your last paystub from 2023. Note the differences.
I love this site. Just plug in your gross income and get a quick tax number for the year. I teach this stuff. But I’ll be sort of brief:
https://www.eytaxcalculators.com/en/2023-personal-tax-calculator.html
If you work one full time job this is quite accurate. But basically in Canada if you earn under about $15,000 a year you don’t pay net tax (you would likely get a refund). However, if you had three jobs of $15,000/yr totalling $45,000, none of the employers would take tax but you’d owe a total of around $6900.
This is alluded to in several comments above, but usually hits younger workers with multiple jobs and/or self employment income.
You have to fill in your TD-1 forms to cover all income sources so EACH company can take the corrected amount. In reality sometimes we don’t really know (based on raises, bonuses, job or title change etc.).
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Lucky for you, I break down so often I can give you one for free.
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Province
Did you have any taxable benefits like a company vehicle or health insurance? That will change your income.
People keeping asking “why do I owe $X” and my response would always be “Why do wouldn’t you owe $X” – just throwing out a what you owed without indicating what you already paid is meaningless.
The simplest explanation is that not enough taxes were deducted. I typed $36,000 into two tax calculators, one said $5763 and the other $6479 taxes owed – so obviously your taxes are at least $5k and probably more. So did you pay at least $5k already through pay cheque deductions or other means? If not, that’s “why”.
It simply comes down to what your taxes are and how much you already paid.
I got a question if you work 2 jobs do you have to let both employers know that you work 2 jobs so they can adjust the tax?
Did you get a bonus ? You will need to adjust your withholding if you don’t want a bill at tax time.
What are the other amounts listed on your t4