RRSP Calculator Contribution.

[xix]

Maybe someone here can help me with this.
Last year or in April I had to pay income tax to Revenue Canada, which I haven't done in a decade. The reason been is the account at work didn't remove enough or put me in a higer tax bracket from my pay cheques.
The previou account removed ro I payed alot of money to Revenue Canada but I never had to pay them on tax day it was mostly refunds.

Is there a website where I can go to and find out how much I should contribute on my RRSP the next 2 months before I pay Revenue Canada?
Something like enter you salary and how much I should have paid to break even.

In a Financial course I took the instructor said as long as you pay or get $100.00 return you are doing welll.

Thanks

 

[Keebler Elf]

http://www.taxtips.ca/calculator/tfsavsrrsp.htm

Great website!

 

[Worf]

Without going into much details (I don't have the time right now) if you did your taxes using software last year, then you might be able to look forward to the next year and estimate how much taxes you will have to pay. Or, if your salary is about the same (+/- a few thousand) then look at last year's taxes, compare to this year's taxes and calculate the difference. Then go back into last year's tax return, plug in this years taxes and estimate your payment. From that, try to figure out your refund if you put money into an RRSP. Of course, these are very approximate. Depending on your income, the tax rates might have changed somewhat, but I usually assume the status quo going from year to year in order to estimate anything. The accountants here provide better advice.

 

[Keebler Elf]

You can use Studio Tax to do it but they haven't yet released the 2009 version (any day now). Best of all it's free and I used it last year with no problems whatsoever. No more Quick Tax for me!!!

You could probably get the same calculation out of the 2008 version which is available on their website.

 

[Mencken]

QuickTax for 2009 is now out, so for 38 bucks you can answer your own question...just plug in your numbers. As long as you do it before the end of February it will give you time to make your RRSP contribution.

 

[Keebler Elf]

Why anyone would continue to pay $38 for Quick Tax when Studio Tax does the exact same thing for free is beyond me...

 

[Worf]

I just boight UFile today for $20. Better than Quicktax IMO, but I should have read the post first and check out Studio Tax.

 

[xix]

Thanks guys. I did use Ufile last year and I will reinstall the software and see where I stand.
This accountant is a clown. I told me him to take off more but he didn't do anything. Of course the clowns who kiss his ass seem to smile alot in April.