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TAX TAX TAX

Tax for 2011

a, ufile first. Interview setup for the following:
shock:
T4: 2 footnotes. Box 84 and box 39( half of stock option taxable)
T5:
Other plan: Home Buyer Plan
w:
T4,
T4E,
Other Deduction: public transit
D:
medical
Child care
A:
None

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1， how to calculate the tax in 2010?
http://lsminsurance.ca/calculators/canada/income-tax
Q&A
1, I’m just wondering if your tax calculator includes the Provincial tax or not?


Yes it does, both federal and provincial. You can prove this to yourself with this test.

In BC the Provincial personal exemption is $9,373. Any income below will show $0 tax and 0% tax rates. The federal personal exemption is $10,320. So using the calculator input the values:

$9,000 and you will see the marginal tax rate is 0%.
now try $9,500 and see the marginal tax rate is 5.06%, the lowest BC rate.
lastly input $10,350 and you will see the marginal tax rate is 20.06%, 5.06% for BC, and 15% for federal.

This calculator only takes into account your Basic Personal Amount (BPA) which we mortals know as our personal exemption. This means the results are a worst case scenario. If you have other tax credits and deductions your tax payable will be less than the number we show.


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The option for filing the tax.
Ufile $25 for the family head
$9 for each additional member.

Free: studioTax , free and neat

Follow the wizard and add T4, T4E, T5 and RRSP(limit from last year, Contribute and the amount for HBP)

only 3 items need to be treated in special way:
UCCT T1 Genneral/page2
child care expense: T1 Geenneral/page 3
fitness Schedual 1
public transit: schedual 1

Result: T1 page 4: refund / balance owning


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Tax for 2011