I just finally did my income tax return today and I owe like 2,000 dollars more than I'd planned for. Wah! I've been putting aside 30 percent of everything I take in all year (including 15% HST), to cover my HST remittance (=10%) and income tax. I.e. 23 percent of my gross income set aside for federal and provincial income tax and CPP contributions. Should be enough, you'd think, right? But no, they want over 27%! What the hell, man? That's a lot. And I had actually been looking forward to seeing how much I'd get BACK. Oh well, easy go, easy go, I guess. Rats!
Monday, April 25, 2011
Eurrrrrggghhhh!
I just finally did my income tax return today and I owe like 2,000 dollars more than I'd planned for. Wah! I've been putting aside 30 percent of everything I take in all year (including 15% HST), to cover my HST remittance (=10%) and income tax. I.e. 23 percent of my gross income set aside for federal and provincial income tax and CPP contributions. Should be enough, you'd think, right? But no, they want over 27%! What the hell, man? That's a lot. And I had actually been looking forward to seeing how much I'd get BACK. Oh well, easy go, easy go, I guess. Rats!
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Are you sure you've covered all the loopholes. Maybe there are other claims you can make for your business. Ask dad.
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