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How do I determine my tax bracket based on T4 slip ?
Ok,so I am in Quebec. Quebec has ridiculously high tax rate which is 16% for $41935 or less annually.
This year my income will be around $43000 so I am going to purchase RRSP to drop my income below $41935...
Now it gets down my questions: How do I determine what is my net income ? I think it is just number 14 (employment income line 101) ? I add the numbers from line 101 together and they will be my net income ? And we not gonna talk about capital gains from investments and stuff because I have none. Regardless of all other stuff, is employment income = line 101 ? Or there are more other stuff I need to add up?
Thank you
This year my income will be around $43000 so I am going to purchase RRSP to drop my income below $41935...
Now it gets down my questions: How do I determine what is my net income ? I think it is just number 14 (employment income line 101) ? I add the numbers from line 101 together and they will be my net income ? And we not gonna talk about capital gains from investments and stuff because I have none. Regardless of all other stuff, is employment income = line 101 ? Or there are more other stuff I need to add up?
Thank you
October 29, 2019
11:47 PM
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Getting started
You can go here and manually fill in a copy to see where your net income ends up.
http://www.cra-arc.gc.ca/formspubs/t1gnrl/qc-eng.html
October 29, 2019
11:47 PM