Hi, some help please. So I have a job where I pay taxes....federal and province. Do I pay any other tax outside of my payslip....eg when I do a tax return?
understanding taxes...
- Thread starter olipearce1987
- Start date
Your tax situation would depend on how much taxes are withheld at source i.e. by your employer.
When completing your tax return, you will need your T4 handy. Following entering al your details, you will be shown your tax refund or tax owing...usually a refund if your employer is deducting all applicable taxes from your income.
If you have other side or freelance income, you are required to enter those as well in additional income.
For some things to look out for see:
https://www.savvynewcanadians.com/filing-my-2016-income-tax-return/
For freelance expenses you can deduct:
https://www.savvynewcanadians.com/expenses-you-can-claim-for-your-home-based-business/
When completing your tax return, you will need your T4 handy. Following entering al your details, you will be shown your tax refund or tax owing...usually a refund if your employer is deducting all applicable taxes from your income.
If you have other side or freelance income, you are required to enter those as well in additional income.
For some things to look out for see:
https://www.savvynewcanadians.com/filing-my-2016-income-tax-return/
For freelance expenses you can deduct:
https://www.savvynewcanadians.com/expenses-you-can-claim-for-your-home-based-business/
If you own a home in BC but is a resident of another province, you might need to pay speculation taxes:
http://www.news1130.com/2018/03/01/alberta-bcs-latest-conflict-new-tax-hits-vacation-homes/
http://www.news1130.com/2018/03/01/alberta-bcs-latest-conflict-new-tax-hits-vacation-homes/