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I have been putting away 15% of my income for taxes, but I'm starting to think that I won't need nearly that much considering that I have a relatively low-income and that I have quite a bit I can write off. This is my first year, so I'm not sure how much to save for tax time.
For those of you who have been doing this for a while, do you mind sharing how much you have to pay for taxes (and possibly your income as well)?
Last year my income was about $34,000 and I paid about $1100 in taxes (cpp, ei, etc.) This year I'm forcasted to make just over 35 so I'm expecting my taxes to be about the same next year.
Someone correct me if I'm wrong ?? I think there is a base amount $6000 or $7000 you can make that or under and you don't have to pay income tax???
^^^ I think it's $10,000 and under.
It actually depends on your province I think...could be wrong. Last I saw (last year) it was 16,000.
Fruitloop, was that paid out after all was said and done? Or did your write off's take care of a portion of what you owed?
I got to take my daycare full-time and or charge more! You guys are making awesome amounts!!! Great to see people having success with their daycare business :)
That was after all was said and done. I paid out $1100 to the government...booo :( The year before I made a little less had to pay about $800-$900. I always try to save at least $2000 to cover my taxes. Whatever doesn't get used is play money :) If you have rrsp's and such though it would probably take care of what you owe.Quote:
Originally Posted by apples and bananas
After write offs, I typically show a profit of about $15,000 from a $40,000-$50,000 gross. I usually don't pay. The most I've ever paid was $1100 but typically get money back.....just enough to pay the accounting bill :)
I paid a lot of money to the government last year but it was because I cashed in my RRSPs which was almost $30,000 dollars so that was added to my gross income of almost $60,000. I will never do that again. In a typical year though I usually pay about $1200 but that includes CPP which is based on your income.