I'm trying to do my T4 and on it says that my tax deducted on my T4 is $338. isn't that what i get refunded? When it's all done my refund is less, about 221. Why is that?
2007-03-05 16:18:16 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Canada
Depending on your province, this varies, as each province has it's own rates.
Your net tax payable is $117 after the correction for withholding too much is taken into account.
Here is the gross incomes for each province that would require you to pay $117 in tax (approx.):
Newfoundland $9610
Nova Scotia $9610
New Brunswick $9608
PEI $9610
Quebec $9755
Ontario $9610
Manitoba $9407
Saskatchewan $9180
Alberta $9610
BC $9623
Yukon $9202
NWT $9610
Nunavut $9610
If you made less than these gross amounts, and owe $117 in tax, then there's a problem. Otherwise, your refund is correct.
Hope this helps.
2007-03-06 07:31:54 · answer #1 · answered by Mick 3 · 0⤊ 1⤋
The tax deducted on your T4 is the amount of tax that has been sent to the government from you pay. You would only get the full amount back if your tax calculations determine that you owe the government no taxes at all for the entire year. This happens when you have low income, or a lot of deductions - like when you are a student. Once you are getting a good income, you will owe the government taxes overall for the year..... and then whether or not you get any refund at all will depend on if there was enough taxes taken off of your pay or not.
2007-03-08 07:43:09 · answer #2 · answered by used quicktax for years 2 · 0⤊ 0⤋
Sounds strange but it's possible.
Depending on the income you made, maybe the tax was $117 and the company deducted $338 leaving you with a net $221.
We would need to know more details. Some people have $50,000 deducted from their T4 and either owe more or receive a refund of some sort.
If you made less than $6000, you should get it all back excluding what was contributed to UIC or CPP.
2007-03-05 16:30:22 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Unless you have extremely bizarre circumstances, you've done something wrong. If that is the total tax deducted, you should not only get all of it back, you may also be entitled to some other refunds such as rent, GST, etc.
Quicktax has a help service you can chat, e-mail or talk to on the phone. Go for it giving them specifics.
2007-03-05 16:25:28 · answer #4 · answered by vinny_the_hack 5 · 0⤊ 2⤋
It would seem that you earned enough so that there is $117 of tax on your income. You are not automatically entitled to all the tax withheld.
2007-03-05 16:31:17 · answer #5 · answered by taxman 2 · 0⤊ 0⤋
I've used Turbo Tax for every yr I've filed and that's the only on I'd use, you can import your stuff from quicken if that's what you're trying to do
2007-03-05 16:32:21 · answer #6 · answered by brandyswilkes 3 · 0⤊ 2⤋
why there always tax every where?? i hate it.
2007-03-05 16:26:57 · answer #7 · answered by roy_marzoed 4 · 0⤊ 3⤋