quote:

Originally posted by Yohan that sounds a bit odd. shouldn't you be able to talk to finance department at your job so that they can adjust your paycheque to ensure that taxes get taken off?

if it's a contract position you don't get taxed. You basically turn into a small business and get hired as a contractor. But you also don't get any benefits at work and don't have any job security (meaning you can get fired any time for any reason).

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what Gera said

you end up owing a lot of tax at the end of the year, so make sure that's all accounted for Cribs! So you dont get the shock of your life and stuff

Cribs, 13% is the sales tax LOL not income tax
you need to find out what tax bracket you are in with you monthly income

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quote:

Originally posted by geroin you should find out the "clean" amount you make (possibly with an accountant) and deposit the whole sum/paycheck to one account and transfer "clean" sum to your other account so the remainder stays for tax purposes.. is it a contract position?

non-contract freelance position for the first 6 months.

quote:

Originally posted by FunkyCrew Cribs, 13% is the sales tax LOL not income tax you need to find out what tax bracket you are in with you monthly income

bwahaha, shows how knowledgeable I am on the subject.

Such a pain. I think I figured it out. Thanks guys!

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•15% on the first $42,707 of taxable income, +

•22% on the next $42,707 of taxable income (on the portion of taxable income over $42,707 up to $85,414), +

•26% on the next $46,992 of taxable income (on the portion of taxable income over $85,414 up to $132,406), +

•29% of taxable income over $132,406.

So Cribby, you should deposit the taxes into an account so at year end you can put it into RRSPs. The RRSPs will lower your income and then you can use that as a way to pay less tax/defer taxes.

http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html

___________________
Just surrender yourself to the rhythm,
With your hands up in the sky,
Feel the energy deep inside your system
And leave this world behind...

quote:

Originally posted by Big Boss •15% on the first $42,707 of taxable income, + •22% on the next $42,707 of taxable income (on the portion of taxable income over $42,707 up to $85,414), + •26% on the next $46,992 of taxable income (on the portion of taxable income over $85,414 up to $132,406), + •29% of taxable income over $132,406. So Cribby, you should deposit the taxes into an account so at year end you can put it into RRSPs. The RRSPs will lower your income and then you can use that as a way to pay less tax/defer taxes.

Figured it out yesterday but thanks. Need to add provincial tax to it too. Geez.. never realized how much the gov takes! So much.

quote:

Originally posted by FunkyCrew http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html

Saw that yesterday. Very helpful.

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