 BryceS
join:2007-09-17
Woodstock, ON
 ·TekSavvy Cable
 ·Yak Communications
| reply to Xstar_Lumini
Re: Hahaha!! No More Income Tax For Canucks!! said by Xstar_Lumini:I have e-mailed him the link to this thread, lets see what he says, so this is not the hefty income tax cheque thats going to be spread out in installments?
My tax refund is about 50% lower this year as all the Ontarian credits are being paid out under the Trillium program now.
I'm a full-time student who works a couple hours a week with a yearly income of $22,000. |
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| reply to pnjunction
Employers will not reduce your payroll taxes...period. Regardless of what you do with your T1 filing. |
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 J E F FWhatta Ya Think About Dat?Premium
join:2004-04-01
Kitchener, ON
·Rogers Hi-Speed
 ·Rogers Portable ..
 ·magicjack.com
| reply to BryceS
said by BryceS:said by Xstar_Lumini:I have e-mailed him the link to this thread, lets see what he says, so this is not the hefty income tax cheque thats going to be spread out in installments?
My tax refund is about 50% lower this year as all the Ontarian credits are being paid out under the Trillium program now. I'm a full-time student who works a couple hours a week with a yearly income of $22,000. Bryce, what do you do to earn that type of cash? I'd like to get a part-time job like that, one that pays $210+ an hour.
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If you can't explain it simply, you don't understand it well enough. - Albert Einstein |
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J E F FWhatta Ya Think About Dat?Premium
join:2004-04-01
Kitchener, ON Reviews:
·Rogers Hi-Speed
·Rogers Portable ..
·magicjack.com
| reply to joeblow3
said by joeblow3:Employers will not reduce your payroll taxes...period. Regardless of what you do with your T1 filing.
You can't reduce "Payroll" tax, which is EI and CPP, but you can reduce your Federal Tax and Provincial Tax by changing your TD1,
»www.cra-arc.gc.ca/E/pbg/tf/td1/td1-12e.pdf
He could add the spousal amount or add a couple kids. Less taxes will be paid, and at the end, it should even it out if he is contributing RRSP's.
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If you can't explain it simply, you don't understand it well enough. - Albert Einstein |
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 capdjqButt outPremium
join:2000-11-01
WetCoaster | reply to Xstar_Lumini
Ha, ha that's the best I've heard yet.  |
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 GuspazGuspazPremium,MVM
join:2001-11-05
Montreal, QC
kudos:16 | reply to Xstar_Lumini
sales tax credits are already paid out in installments, so I guess nothing is changing then.
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Developer: Tomato/MLPPP, Linux/MLPPP, etc »fixppp.org |
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 nitzguyPremium
join:2002-07-11
Sudbury, ON
·TekSavvy DSL
| reply to Savant
said by Savant:This is actually true...
*EXCEPT* for two very important things...
#1: It only applies to people in Ontario
#2: It only applies to particular tax credits
The Ontario Sales Tax Credit, the Ontario Energy and Property Tax Credit and the Northern Ontario Energy Credit are being combined into ONE credit. This used to be a refund you would get when you sent in your tax return. Now it will be paid out monthly starting in the July after filing your tax return.
Information can be found here:
»www.rev.gov.on.ca/en/credit/otb/index.html
*yawn* they're already paid out in installments as it is. I'll get a whopping $60.32 from them in June for the NOEC. Recieved the same whopping $60.32 in December. I don't qualify for the OSTC because I make more than $27k/yr....
So...business as usual.. |
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 pnjunctionTeksavvy ExtremePremium
join:2008-01-24
Toronto, ON
kudos:1 | reply to J E F F
Thanks for the link from the end of that form this is what I was talking about:
You can ask to have less tax deducted if on your income tax return you are eligible for deductions or non-refundable tax credits that are not
listed on this form (for example, periodic contributions to a Registered Retirement Savings Plan (RRSP), ...). To make this request, complete Form T1213, Request to Reduce Tax Deductions at Source
But since nothing is changing I'm not going to bother with all that. |
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 ARPremium,ExMod 2001-04
join:2000-09-21
Toronto, ON | reply to Xstar_Lumini
Re: Hahaha!! No More Income Tax For Canucks!! Misleading thread title to give hope to the poor Canadian taxpayers.
And then more misleading info within the thread?
Having fun today, Alien_Latino?  |
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 dirtyjefferAnons on ignore.Premium
join:2002-02-21
London, ON | reply to Savant
Re: Hahaha!! No More Income Tax For Canucks!! said by Savant:This is actually true...
*EXCEPT* for two very important things...
#1: It only applies to people in Ontario
#2: It only applies to particular tax credits
The Ontario Sales Tax Credit, the Ontario Energy and Property Tax Credit and the Northern Ontario Energy Credit are being combined into ONE credit. This used to be a refund you would get when you sent in your tax return. Now it will be paid out monthly starting in the July after filing your tax return.
Information can be found here:
»www.rev.gov.on.ca/en/credit/otb/index.html
like we see far too often, the devil is in the details...someone has taken a fact (like Savant posted), and without understanding the specific details, rambled around and started a hissy fit with everyone about something that doesn't exist...let me guess, there's likely already a facebook protest page set up with 50,000 members.
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Google this: (sqrt(cos(x))*cos(200*x)+sqrt(abs(x))-0.7)*(4-x*x)^0.01, sqrt(9-x^2), -sqrt(9-x^2) |
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 EUSKill cancerPremium
join:2002-09-10
canada
·voip.ms
| reply to AR
said by AR:Having fun today, Alien_Latino?
This explains much.
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~ Project Hope ~ |
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BryceS
join:2007-09-17
Woodstock, ON Reviews:
·TekSavvy Cable
·Yak Communications
| reply to J E F F
said by J E F F:said by BryceS:said by Xstar_Lumini:I have e-mailed him the link to this thread, lets see what he says, so this is not the hefty income tax cheque thats going to be spread out in installments?
My tax refund is about 50% lower this year as all the Ontarian credits are being paid out under the Trillium program now. I'm a full-time student who works a couple hours a week with a yearly income of $22,000. Bryce, what do you do to earn that type of cash? I'd like to get a part-time job like that, one that pays $210+ an hour. Your average banking/finance/investment summer coop/intern pays $30-35/hr. (RBC pays the most out of any "Canadian" bank with TD at a close 2nd) But the real money is at Goldman/JP/Barclays and even boutique firms like Lazard
I was paid for 600 hours of pay (works ~700-800ish), so there is $21,000 income. Works out to an amortized 11 hrs/week per year.
This year I'm also working throughout my studies, part-time, in a retail branch environment....as finance positions are getting even more competitive and I like having a contingency in place. On average, 15 hours a week plus performance bonuses etc brings me to the same income level. Sadly was turned down for a position at TD Securities two weeks ago, but still have seven other banks waiting on decision.
Back in high school, working in a Bell retail store could even net you $20/hr on a normal day due to commissions. My record is $167/hr for a 3 hour shift. Sadly, Bell doesn't pay what it used to pay these days. |
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Reviews:
·voip.ms
| reply to Guspaz
said by Guspaz:sales tax credits are already paid out in installments, so I guess nothing is changing then.
Yes and no, those payments used to be quarterly but are now monthly. While this is a good idea in some respects (steadier flow of monies to those most likely in need) it screws them if they were counting on "the big cheque" to get them out of a hole.
I see this happen a lot in February with clients who went nuts at the end of the year, fell into a hole with their rent and use their refund to dig themselves out, now that "the big cheque" is going away I'm wondering what these folks are going to do 
NefCanuck |
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dirtyjefferAnons on ignore.Premium
join:2002-02-21
London, ON | reply to BryceS
said by BryceS:Back in high school, working in a Bell retail store could even net you $20/hr on a normal day due to commissions. My record is $167/hr for a 3 hour shift. Sadly, Bell doesn't pay what it used to pay these days.
my top reps made $50k-55k/year working 30 hours a week (usually five 6 hours shifts per week)...some of my "softer" reps made around $40k/year, but often spent more time with "customer issues" and fixing problems than most of the "top reps" (who would disappear when a "problem arrived")...it was kind of a shame, because the best reps (who were the problem solvers) essentially took a pay cut to clean up other people's messes as the "top reps" would be selling more stuff while they were dealing with service/issues and resolving them...i never liked that part of the job, as my best reps (in terms of overall ability, knowledge, customer service skills) were rarely my "best reps" (in terms of numbers), yet, the top numbers reps were often the ones most praised and talked about (put up on a pedestal as a role model for sales rep).
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Google this: (sqrt(cos(x))*cos(200*x)+sqrt(abs(x))-0.7)*(4-x*x)^0.01, sqrt(9-x^2), -sqrt(9-x^2) |
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 SavantPremium
join:2001-08-12
Toronto | reply to Savant
said by Savant:This is actually true...
*EXCEPT* for two very important things...
#1: It only applies to people in Ontario
#2: It only applies to particular tax credits
The Ontario Sales Tax Credit, the Ontario Energy and Property Tax Credit and the Northern Ontario Energy Credit are being combined into ONE credit. This used to be a refund you would get when you sent in your tax return. Now it will be paid out monthly starting in the July after filing your tax return.
Information can be found here:
»www.rev.gov.on.ca/en/credit/otb/index.html
It seems that many more people are getting a surprise with a small refund, or worse, tax owing.
Am I the only one who knew about this change?
quote:
that’s no consolation to people who expected to get a lump sum refund. They’re furious to get a promise of monthly payments later this year instead of a windfall at tax time.
Bill Worden, a senior, just did his tax return and found he owed $123.
“I was counting on the provincial tax credits to pay some bills,” he said. “We’re told nothing. Why do I have to pay when I should be getting a refund?” (link)
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Attack the words, not the writer... |
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