How much do you put away for taxes at the end of the year?

[Inspired by Reggio]

I put away roughly 20% of my fees each week into a high interest savings account ... this works as both my pool of money for taxes, if I were to get sick and for my 'retirement' savings as well. I also put all my security deposits from clients into this account so that I do not 'spend' it and when a client gives me notice if I have enough notice I can plan my budget to do without their last two weeks income and KEEP the security deposit in my savings account as additional savings but if they give me minimal notice and I therefore 'need' the money I can withdrawal it out into my chequing account to cover expenses during those two weeks before I fill the space with someone.

We are all required, based on our income, to pay into CPP when we do your taxes at the end of the business year ~ how much you pay into this will vary depending on your income and there is a 'max' that you pay where it does not matter how much more income you earn over that the CPP contribution are the same.

Some providers are able to earn enough 'income tax credits' based on their household income that they actually do not appear to have to pay CPP and either just own nothing and some actually get a 'refund' despite not having paid any income tax over the year because they paid enough in other taxes like GST, Sales, Property and so forth that the credits earned there resulted in the government owning them money ~ but they still have paid into it its just that their credits outweigh what they owed in CPP.

I personally do not pay into EI because it is not required and I do not see the benefits for myself as I am past child bearing years and no longer in need of maternity benefit and I do not want to pay a premium on a short or long term illness plan that in all reality I will never get my 'money back from' because when it comes time to claim I would only receive 55% of my after taxes income which is well SQUAT ... so choose to putting that $$ into a personalized savings plan where if I get sick and 'need' the income it is there for me and if I do NOT that it is still therefore me to use as I see fit in my retirement!