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Quick question regarding Refund

diehard

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Aug 6, 2006
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A guy whose gross income in 2009 was 55k, during year paid almost 12k in taxes (federal, pension and EI).

Quick tax is showing refund of only $360, is that correct?

He's married, wife has zero income. Has one child.
No RRSP, no properties, investments or anything else.
A very simple case.

Is Quicktax doing the right calculation?

According to him, in previous years the refund was like $900.

Thanks.
 

Rockslinger

Banned
Apr 24, 2005
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For those interested, CTV's W-5 is doing a show on the awesome power of the CRA to ruin your life. Broadcast at 7PM on Saturday and again at noon on Sunday.
 

carrie_em

New member
Aug 25, 2009
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GTA
I did a quick check of this using my quicktax, but with an income of 60k and approx 13k in taxes. My version - without using the child deduction - showed a refund of approx. $3000. With a breakdown of federal, CPP and EI, I could figure it out exactly - but he should also be getting a child tax credit and using his wife as a deduction too. Just sayin... But I could definitely be wrong too!
 

carrie_em

New member
Aug 25, 2009
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I did it based on a friend's return I completed, married but not claiming any dependants. So it was calculated by all source deductions - EI and CPP also. But this would also depend on how much tax credits he is claiming from source - ie. through payroll. With a basic personal exemption of "1", claiming yourself, you would have more income tax deducted per paycheck than if you claimed you dependants - child and spouse, an exemption at payroll source of "3". The Child Tax Benefit is an entirely different matter - I'm just thinking about personal exemptions vs. dependants being included.
 

Rockslinger

Banned
Apr 24, 2005
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Tell me about it. I missed it but does CTV save shows on their website for future downloads or viewing?
Damn, I missed it too but I saw an excerpt. Here is one story. Sporting goods store owner assessed $700,000 in taxes and interest. Due to this tax assessment the banks refused to lend him further money. His business is sunk. He threatens to go to Tax Court. CRA offers settlement.
 

Rockslinger

Banned
Apr 24, 2005
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Speaking of refunds, can a taxapyer offset a refund from 2008 due to a capital loss carryback against his 2009 taxes owing? Or, does he have to pay the 2009 taxes on April 30th and wait for the 2008 refund?
 
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