Tax Installments

[Cadillac]

Playfelt: what is this $10, 527 on line 300? Basic Personal exemption? Why? How? Everyone gets this?

[Inspired by Reggio]

Playfelt: what is this $10, 527 on line 300? Basic Personal exemption? Why? How? Everyone gets this?

Yes - everyone gets this .... the first $10,527 we earn is 'tax free' anything more than that is what we all pay tax on .... employed or self employed ... this is the challenge with some people who work several 'part time' jobs - their employer does not take income tax off assuming that they are going to earn less than $11,000 however between the several jobs they earn 'more' than this and get nailed

Being self employed - if you can get your income down to $10, 527 you would not owe anything in 'taxes' just your CPP contribution which everyone has to pay -however this is where some people get a refund cause even though they have to pay the CPP their 'tax credits' are more than they 'owed' and they still get a refund despite not having paid anything all year long!