i am a student and made 14,000 in 2024, why do i show i owe 1,249?

 
ShwethaK
Returning Member

Troubleshooting

Hi @imacdonald3411
There is not enough information eg: Province you lived in and what product you are using .
However, here are few generic reasons why yo maybe owing taxes on income made in 2024 :

1. Insufficient Tax Withholding: Your employer may not have withheld enough federal and provincial taxes from your pay throughout the year, leading to a balance owing when you file your return.

2. Taxable Benefits: If you received any taxable benefits (like a company car or health premiums), they could increase your taxable income, causing more taxes owed.

3. CPP and EI Contributions: You may owe additional Canada Pension Plan (CPP) or Employment Insurance (EI) premiums if they were not fully deducted or if your income surpassed certain thresholds.

4. Missed Tax Credits or Deductions: You might not have claimed all the available credits (like the Basic Personal Amount) or deductions, which could have reduced your taxable income or taxes owed.

5. Additional Income: Any extra income (like freelance or side jobs) that wasn’t reported on a T4 slip could increase your total taxable income, leading to more taxes due.

Hope this helps. Thanks !