I'm wondering why I have such a large amount owing on my taxes when I calculated all of my income and put aside 20% for every single invoice. It's still 2000+ more

jonphealy

The amount I set aside for my $63,626.12 income was $12,718.55

TurboImpotNadia

If you are self-employed, you have to pay the following tax deductions (click on each link to see the 2024 rates).

Income tax rates 2024

You can claim medical expenses or apply for credits you may be eligible for to help reduce your amount owing. You can also consider contributing to an RRSP for next year.

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I'm wondering why I have such a large amount owing on my taxes when I calculated all of my income and put aside 20% for every single invoice. It's still 2000+ more

Troubleshooting