Thread: Tax rate question
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Mar 26th, 2006 12:39 PM
#1
Newbie
Tax rate question
I'm trying to determine how accurately my employer is deducting taxes from my cheques so there are no big surprises when tax time comes.
I've taken a look at http://www.walterharder.ca/MarginalT...alculator.html and grabbed the figure for total average tax rate as well as total taxes payable (2005).
I have a variety of deductions taken off my cheque (CPP, EI, Federal Tax, death/disability coverage, dental, life insurance). Am I correct in assuming that the year to date figures for CPP + EI + Federal Tax constitutes the year to date figure of what I've paid in taxes?
Thanks for any help
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Mar 26th, 2006 02:06 PM
#2
Try CRA's own program "Tax on Diskette" to see if your employer is taking off federal/provincial tax, CPP and EI right.
http://www.cra-arc.gc.ca/tax/business/tod/menu-e.html
As for everything else that you mentioned (insurance, dental etc.), every plan is different so you'll have to look up the specifics from your employer
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Mar 26th, 2006 02:27 PM
#3
[OP]
Newbie
Thanks for the reply. I downloaded the program and it matches almost exactly with my paycheque.
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