Personal Finance

Income tax question....Have to pay:cry:

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  • Apr 11th, 2010 10:49 am
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Jul 14, 2009
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Income tax question....Have to pay:cry:

hey guys
i make about 45k a year, living with parents. i give them about 500 a month pluss pitch in for groceries when ever i can etc though i never claimed it on my tax. i have no rsps etc. i just finished paying off my student loan this month. i just got back how much i have to pay and its about 1500!!! WTF they take out almost 600 everymonth and 13% of every dollar i spend now i have to give them 1500.

should i put in that i pay 700 a month for rent pluss groceries?? would that help me not pay?? would that affect my dads income tax return??
33 replies
Sr. Member
Dec 15, 2003
649 posts
Vancouver
Trini100 wrote: hey guys
i make about 45k a year, living with partents. i give them about 500 a month pluss pitch in for groceries when ever i can etc though i never claimed it on my tax. i have no rsps etc. i just finished paying off my student loan this month. i just got back how much i have to pay and its about 1500!!! WTF they take out almost 600 everymonth and 13% of every dollar i spend now i have to give them 1500.

should i put in that i pay 700 a month for rent pluss groceries?? would that help me not pay?? would that affect my dads income tax return??
If you claim that you pay your dad 700$ in rent, your dad would have to claim that he receives 700$ in rent.

Looks like your work employer does not take off enough taxes, or you're doing something wrong.
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Oct 16, 2001
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Umm, you cant use rent and groceries on taxs as a deduction, unless you have a home based business.

If you think everytime a person buys groceries you can use that for taxes, then you have a lot to learn

Whats the magic number of income you need to grow up an face the real world and move out. Becauswe you really need to learn how simple things like taxes work
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Sep 28, 2009
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London
The government doesn't care that you sometimes pitch in for groceries.
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Aug 21, 2009
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LondonTown wrote: The government doesn't care that you sometimes pitch in for groceries.
LOL


If you make 45k in Ont then about $600/month sounds right to me maybe you're doing your taxes wrong

You can claim student loan interest

It would probably cost your dad more in taxes if he had to claim it than you would save
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Dec 9, 2005
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high_octane wrote: LOL


If you make 45k in Ont then about $600/month sounds right to me maybe you're doing your taxes wrong

You can claim student loan interest

It would probably cost your dad more in taxes if he had to claim it than you would save

The bolded part is mis-leading. You cannot claim student loan interest on ALL student loans; only those backed by the government (i.e., OSAP for Ontario students)
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Aug 2, 2001
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Spidey wrote: Umm, you cant use rent and groceries on taxs as a deduction, unless you have a home based business.
In Ontario they allow you to deduct a portion of your rent (off of the provincial tax amount).
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Jun 4, 2009
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How much you pay in rent won't make a 1 cent difference on your return considering how much money you made.

....and you don't even have the receipts.
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Oct 25, 2008
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Did you already use up your tuition credit?
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May 24, 2006
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Your employer messed something up. No way you are only being withheld $600 a month.

Just did a quick payroll calculation... assuming $45,000, monthly pay of $3,750 each.

Total tax on income 651.01
CPP deductions 171.19
EI deductions 64.88
Total deductions on income 887.08

That's how much should be withheld each month. You mentioned "almost 600" but I don't know the details, but it seems under withheld. Did you file a TD-1 form in the beginning of the year or when you started working?
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Jun 9, 2003
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TrevorK wrote: In Ontario they allow you to deduct a portion of your rent (off of the provincial tax amount).
yeah...but the parents have to report income ;)


wait until you pay over $19,000 in taxes (not including deductibles)...your payment is chump change to the rest of the ppl on rfd


perhaps a nice $3000 bonus that didnt have taxes deducted?
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May 29, 2006
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why do you make 45,000$ a year and live at home.

Its time to move out my friend.
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Oct 16, 2001
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rocking23nf wrote: why do you make 45,000$ a year and live at home.

Its time to move out my friend.
hes probably waiting until he hits 50K :lol:
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PunkeyDoodles Corner…
Spidey wrote: hes probably waiting until he hits 50K :lol:
Here's to ambition :D .
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bubble.tea wrote: Here's to ambition :D .
And mom cooking your meals and doing your laundry at the same time :cheesygri
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PunkeyDoodles Corner…
now now...don't forget, he chips in for groceries and rent 'when he can'..so it should be fine then...no? :o
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bubble.tea wrote: now now...don't forget, he chips in for groceries and rent 'when he can'..so it should be fine then...no? :o
ohh groceries and rent. What about power, heat and water. What about repairs. Oh he probably cant afford thhat on 45K
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PunkeyDoodles Corner…
Spidey wrote: ...Oh he probably cant afford thhat on 45K
not on 45K...on 50K YES!!! :D
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Apr 21, 2002
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i think over 30k in ontario means that claiming rent won't help

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