Question Regarding Income Tax Refund

[dasuperstar]

I used this calculator to calculate my 2012 Tax Payable.

http://www.tax-services.ca/canadian-...or-canada.html

It shows that I need to pay $7,714 of income tax on a $45,000 income. If I got taxed above this would I get a refund?

For example

I got taxed $12,000 this year and my tax payable is $7,735 that means I will have a $4,265 refund?

Thanks

[jackmeister]

Originally Posted by Plush

I used this calculator to calculate my 2012 Tax Payable.

Canadian Income Tax Calculator 2012 | Life Insurance Canada

It shows that I need to pay $7,735 of income tax on a $45,000 income. If I got taxed above this would I get a refund?

For example

I got taxed $12,000 this year and my tax payable is $7,735 that means I will have a $4,265 refund?

Thanks

simple answer = yes

long answer = no, you probably have a lot of extra income (interest) and credits that come a long way. if you're not too sure, buy a program that does the calculations for you, or pay someone to do it for you. do you have kids? lots of credits right there!

[dasuperstar]

Originally Posted by jackmeister

simple answer = yes

long answer = no, you probably have a lot of extra income (interest) and credits that come a long way. if you're not too sure, buy a program that does the calculations for you, or pay someone to do it for you. do you have kids? lots of credits right there!

I'll take the YES

I have 25k of school credit as well.

Hopefully I will get that 4k refund... wish me luck

[tiger_handheld]

tuition credits do not increase the refund. they make the payable 0 and that is it! the rest is carried forward.

[dasuperstar]

Originally Posted by tiger_handheld

tuition credits do not increase the refund. they make the payable 0 and that is it! the rest is carried forward.

But in my situation will I get a refund? I'm dying/excited to know grrrr