Can someone calculate my tax return please?
(T4)My total income is: $11,383.00
Income Tax: $497.25
*I Paid for 12 metropasses which comes to: $1,206.25
*I Paid rent for 12 months which comes to: $1,800.00
I also got interest from TD Bank for: $80.13 (I included this amount in the total income already)
I live in Toronto, so if someone can calculate the return, I'd appreciate it, I need to know how much my return would be.
- CHARLES RLv 61 decade agoFavorite Answer
In Ontario you would owe $263 in taxes based on your income. Your TTC Passes would generate a $187 tax credit. So you're down to owing $76 in taxes.
You paid $497 in tax, so you'd get a refund of $423.
You're rent might add a few more dollars into the mix, and you should be eligable for PST tax credits and the GST refund.
- DianeLv 51 decade ago
I won't calculate your exact return, but I can tell you that you'll get all of your tax back.
The personal exception amount in Canada is $9600, which means that only 1800 of your income is taxable. Without the provincial tax credit for your rent, and the federal tax credit for your bus passes, your total tax bill is only $267, for a refund of $230.
However, the provincial tax credit for your rent will probably reduce your provincial tax owed to $0. And the transit credit gives you a federal tax credit of about $180. Because of these two credits, I think you'll get all, or virtually all, of the $497 in taxes you paid back.
You can use the basic tax calculator here:
If you want to know your EXACT return amount, just enter your data into any of the tax preparation software suites. Most have free returns for someone of your income. There is a list of them here:
- 5 years ago
its not a simple formula or calculation. some income is taxed at different tax rates than others, for example capital gains. the main federal form is 1040. go to www.irs.gov and search for the instructions for this form. it will help you understand.