Owing Taxes
Just wanted to get some experience or general info on how many people OWE taxes when it comes to filing time.
Last year I owed about $250 due to some dividend income, capital gains and interest income even though I did contribute to RRSP (I got the refund during the year).
This year I entered my stuff into Turbo Tax (same software as last year) and it says I owe about $800; which is a bit shocking. The changes are: $5k increase in employment income, $800 increase in dividend income, decrease of $300 capital gains and an increase of $1200 interest income.
Does this make sense?
Last year I owed about $250 due to some dividend income, capital gains and interest income even though I did contribute to RRSP (I got the refund during the year).
This year I entered my stuff into Turbo Tax (same software as last year) and it says I owe about $800; which is a bit shocking. The changes are: $5k increase in employment income, $800 increase in dividend income, decrease of $300 capital gains and an increase of $1200 interest income.
Does this make sense?