Is my return right?

[rage2021]

Just filled out return in TurboTax..

Income: ~ 83k
Taxes paid: 15.4k

RRSP Contribution: 15.5k
RPP Contribution: 3k

So almost 19k in deductions brings me down to ~64k I believe..yet its saying only a refund of 2.3k..I pretty much quadrupled my contributions this year and its saying the same refund lol..I was expecting around ~7k refund with an approx marginal tax rate of 40%...or should we not even be going by that figure?
Or am I not paying enough income tax in the first place? I'm going to go to an advisor later to be sure but was just wondering in meantime. Thanks.

[Rhaegar]

You likely didn't pay enough taxes.

Without going into actual calculations ...I made around 67k and I paid 14.5k in taxes.

If you made 83k you should have been paying quite a bit more than 15.4k tax

as you say your deductions get you down closer to my income level.


I would suggest you take a lot at your salary and re-calculate the amount of tax you should have paid.

[speedyforme]

http://www.walterharder.ca/MarginalT...Calculator.asp

According to this, if you are in Ontario, you should be paying about $19k+ in taxes

[ZxExN]

Looks about right. At 64k, you should be paying roughly 13.3k in taxes. Since you've already paid 15.5k, difference is 2.2k in refund give or take.

[rage2021]

i know why i think..my bonus didnt get taxed. dumped it into my rrsp. so now they want their money back lol. dont know whats the point of deferring for a few months from dec->march when you have to pay it eventually.

thanks.

[dutchca]

Bonus may have something to do with it as it won't have an incremental impact on the refund. The contribution exactly offsets the income, so no extra refund from that portion of the RRSP contribution.

Try putting ONLY your T4 into the tax program and not claiming anything extra other than the boxes on the T4 (and the RRSP cont. associated with the bonus). That should tell you if your employer deducted enough tax at source.