How do I calculate my tax refund?

How do I calculate my tax refund?

• I've worked for the last three months and a half in Toronto, ON. Only one employer. My last day at the job will be December 23rd. My total gross income will be somewhere around 31,000 and my net income will be somewhere around 19,530. I'm 28, single, no kids. How do I calculate whether I'm entitled to a tax refund or not? I came to Canada on September 1, 2011 and will be leaving on January 5, 2012. I'd never been to Canada before. Any ideas? Any help will be much appreciated!!!

• Answer:

  Either download and fill out an income tax return, or walk into an income tax return place and pay $40 or so and they'll fill one out for you. You are almost certain to have an income tax return. As a rough estimate.... They calculate income tax deductions as if you would be earning that amount over the entire year. If you only worked for months that $31,000 you had deductions as if you would be earning $93,000 -- putting you well into the 22% and 26% federal tax brackets and the 6% provincial brackets. Hence why (with CPP, EI, and provincial taxes) where were taking about 38% off. After your personal exemption ($6000) and possibly others (transportation, education expenses, etc.) you're taxable income will be under $25,000. At 15% federal tax and Ontario is 5.05%, you are looking at say $6355 in actual income taxes owned. Having paid something like 31% (CPP and EI will be minimum), you are probably looking at at least $3000 back as a rough estimate. You might also get a GST rebate for a small amount. Visit a tax preparation center. You can't file before February 14th, but if you are leaving in January and have no further income or expenses in the year, you can easily have them working on it before you leave. Many tax preparation agencies will provide instant cash back -- for a fee. This might be convenient as the CRA rebate won't be until April or May and cashing the check might be a hassle.