February 21, 2021

Tax Refund Calculator 2023

Tax Refund Calculator 2023 hello guys welcome back to the channel and today today is going to be a special video I'm gonna make a video on filing your own taxes this. Is the tax season and I'm getting a lot of questions and more importantly my previous year's video of how to file, a tax people are going back and visiting it and viewing the video, so I thought let's make another video for this year since net file is open now and Sierra is accepting your filing so I'm gonna do the same thing.

Not a lot has changed since the past video but I guess I'll just make a new one, also I'm using my headphones to record the audio because this has good audio quality compared to my for just a quick fYI, I am NOT a tax accountant this is just a general how to file your tax video if you have specific questions that. Is always a good idea to ask your tax. Accountant don't listen to anyone on the internet you don't want to risk risk your tax situation listening to, someone else since you open up your browser all you can do is type simple tax and that will be the first page that you see this is. There's no application that you need to download a simple tax is web-based only so you can start right away. There's no need to download anything and you can also what you can also, do is you can create an account with simple tax and link that account with your online CRA account that way you don't have to manually. Type in or fill in everything you can log in and click the button where it says pull info from CRA website and simple, tax will do its thing and you have to just go through and check everything so let's see start your 2018 tax, return you might want to click I'm new to simple tax and.

That way they can walk you through certain things but I've used it before so I'll go a few simple tax, and I do have an account but for the purpose of this video this is, like a fake person I'm not going to enter anything here I'm going to file the taxes without any, info like any personal information I have generated a fake name let's use this guy so. We have Tyler I was saying MC and if this return is for a deceased person this is not for a deceased person I'll go with English and I think I do have a, social yeah nobody guys this is a random social insurance number it's nobody is personal insurance number let's find some taxes for Tyler W, Stevenson all right so once you fill in all the information like the. Basic personal information the next one is regarding your.

Resident ship and the citizenship so these are very basic questions depending on which province you lived in that's how your taxes defer because. In Canada you have the federal and the provincial tax rate so it's it's important to fill this in correctly did you, change if you did change your province then you should mention if not then just, leave it as it is is your home address yes current residence is under you so this is for newcomers in Canada if this was your first time in Canada in 2018 you would select yes but, since I was here already I would go with no basic information about you and your family this, may or may not be yes, for you I know some of you guys are viewing this as a first time guide to fill in taxes you might want, to select yes but for me it's gonna be no byline so there's some things which the some programs. Or there's some benefit programs from the government that you might want to enroll in one of them being climate action incentive the OTB I don't know, what the climate action incentive is so what I'm going to do is I'm going to click the link here so they'll they'll redirect me to a. Link where they have an explanation, that's the good thing about simple tax anything you don't know they have like a question mark or the link. Which takes you to an article by the CRA or they have explained something I would say no I would select yes for me personally but since this is Tyler's account I, would say no once, you click yes you you have the option to import all the data from the my CRA account but let's say, no for now all right so all your Tyler's tax return basic information is filled in so now let's get into the actual actual tax return and. The EC like the good thing with all these online softwares say TurboTax simple tax there's always a search, box no matter where you are so you can say you don't know what slips you're gonna get you can say you were employed so if you start, tapping employment it will give you everything here depending on what you might get if you are, employed so so employment income is t4 so once you click t4 you have to fill in the t4 according to the t4.

You receive from your employer and, all the boxes you see here just look at the t4 you receive from your employer and just compare them if you have anything in box then just. Fill it out exam exactly as is on your t4 from the employer as soon as you, start filling numbers and you see on the left side here the amount changes so that's it the amount changes lets you reduce her and come to, say 50,000 you got a refund of 20,000 cause I withheld taxes for 20,000 let's say you had an income of 80,000 you still, get 10 so these numbers changed instantly and you can get an estimate of how much tax you're going to. Pay I'm also guessing most of most of my users, are in school right now or just finished school as soon as you type, school you get even and education amounts which is which is your fees paid to the university or a designated learning institution this you should get from your university college or school if you haven't you might, want to check your administrative office and get this t2202a something's missing so once you start, filling out everything and start scrolling you see certain things which you missed out are highlighted in red.

Here just like here there's something missing on the t5 slip.

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