Example of Canadian Tax Filing?

[kenmoremmm]

my wife and i are likely going to immigrate to canada from the US (provided we qualify and all that). i'm trying to do a side-by-side comparison of effective tax rate that we would expect to pay in federal taxes. we have two kids, so we get those credits in the US. and there are other deductions in the US tax law and i'm curious if there are similar ones in canada.

does anyone have a side by side they could share? or, is there someone online to do a trial run of what taxes would be for a hypothetical input?

[Heckler]

https://www.ufile.ca/tips-and-tools/income-tax-calculator

I think this is what you're looking for? 

If you're truly committed, you could sign up for ufile and "do" your taxes.  You need to pay ufile when you submit them, but not to prepare them. Not sure if you would need a valid SIN # to start though.

   
"Do not forget to take into account that numerous social programs (Canada child benefit, Quebec family allowance, old age security pension, etc.), and tax credits (GST, Solidarity, credit with respect to age, etc.) are also determined on the basis of the income tax return. Thus, an additional income can also bring on the loss of some social programs or tax credits and increase the “real” cost attached to an additional income."

Otherwise, go to the source:  (pick your province of choice)
https://www.canada.ca/en/revenue-agency/services/forms-publications/tax-packages-years/general-income-tax-benefit-package.html

or https://www.taxtips.ca/ has all sorts of calculators and information, this might be your best bet.

[kenmoremmm]

appreciated. i did try some programs but they all required the SIN# and that stopped me in my tracks. maybe i can find a fake SIN# to get me through the gate...

[Mighty Eyebrows]

or https://www.taxtips.ca/ has all sorts of calculators and information, this might be your best bet.

Yes, this is a good first approximation:
https://www.taxtips.ca/calculators/canadian-tax/canadian-tax-calculator.htm

Here is a good tax program that only requires you to pay when you go to file:
https://www.studiotax.com/home.html

The benefit to StudioTax is that it will make you more familiar with the Canadian Tax forms.

[Goldielocks]

If you have kids, don't forget that in July after your file your first tax return, you can receive Child benefits from the government, if you have a moderate or low income.    So, you do have to wait to receive it, but it is not a tax deduction, it is straight up cash from the government for having kids.

The liberals dramatically increased its payout rate a few year ago, too.  It's insane, really. If you make as a family $90k/yr and have two kids aged 8 and 10 (more for the very young ones), you would receive $6187/yr in child benefits in BC.  (Most of these are federal benefits though)


https://www.canada.ca/en/revenue-agency/services/child-family-benefits/child-family-benefits-calculator.html

[daverobev]

There are good, free tax filing options. I always used SimpleTax in the past and while they have been bought out, I believe they are still good - just saying, no need to pay.

Taxtips calculator is good as well.

[Mighty Eyebrows]

I always used SimpleTax in the past and while they have been bought out, I believe they are still good - just saying, no need to pay.

I agree, SimpleTax used to be good. However, it has now been rebranded "Wealthsimple Tax" and I am not too keen to allow my financial data to be mined (and/or lost to hackers) for the profit of the Power Corporation of Canada.

[Goldielocks]

I always used SimpleTax in the past and while they have been bought out, I believe they are still good - just saying, no need to pay.

I agree, SimpleTax used to be good. However, it has now been rebranded "Wealthsimple Tax" and I am not too keen to allow my financial data to be mined (and/or lost to hackers) for the profit of the Power Corporation of Canada.

What?!  Gah...  and here I always gave a contribution, too. Do they really data mine?  Where do I look to tell what I have given approval for?

 I think I will take a look at the other package mentioned above that looks like the actual forms.  That was always my biggest gripe with SimpleTax, the disassociation between the questions and the format of the final forms until the very end.  But then, I used to do my taxes in pencil in the 1990s and mail them in, so...

[Mighty Eyebrows]

I think I will take a look at the other package mentioned above that looks like the actual forms.

I have used StudioTax a few times now and like it. It costs $15 for 20 returns, but free if you are below 20k income.
https://www.studiotax.com/home.html

I have played with TaxFreeway and it also seems serviceable, but maybe a bit less smooth:
https://www.taxfreeway.ca/

For tax software in the cloud, I would only use it if the system was "zero-knowledge", meaning the company cannot read your information since it is encrypted on your own machine before it is stored in the cloud. This is the model that SimpleTax used to have before they were bought. It is also the model that good-quality password managers use, and some backup services like SpiderOak.

These days, I would much rather pay money so that I am the customer, not the product.

[kenmoremmm]

does studiotax and taxfreeway allow you to see your taxes owed without the need for a SIN?

[Mighty Eyebrows]

does studiotax and taxfreeway allow you to see your taxes owed without the need for a SIN?

Voluntary helplessness is not a mustachian trait.

[ToTheMoon]

I always used SimpleTax in the past and while they have been bought out, I believe they are still good - just saying, no need to pay.

I agree, SimpleTax used to be good. However, it has now been rebranded "Wealthsimple Tax" and I am not too keen to allow my financial data to be mined (and/or lost to hackers) for the profit of the Power Corporation of Canada.

There is a CBC article that shows that you can "opt out of your data being accessed, if you know to navigate to this area."

I just tried it and...there is now nowhere (that I can find) to opt-out.

Sigh. I REALLY liked using Simple Tax...back to the drawing board I guess.