How much are taxes in canada?

Question

how m uch is tax if u own a 1000sq. ft apartment in toronto and get 52000 a year

Answer 1

This question is not well written, it is ambiguous.  The first respondent tells you the situation if the apartment is a rental, I assumed (as did the second answer) that you were living in that apartment and the $52k was your salary.

Canada is NOT a high tax country, if you compare all costs and benefits, compared to most of the world.  Even compared to the US, once you deduct the taxpayer supplied medical costs, it often works out cheaper than the US.

Check out this calculator to determine the exact cost of taxes, pension, Employment Insurance paid from each pay cheque:

http://www.cra-arc.gc.ca/eservices/tax/b...

Answer 2

You will pay $10,464 in federal and ontario taxes for the $52,000 rental income, if:

a) the apartment is mortgage free;

b) you have no other apartment expenses;

c) you own the apartment personally (i.e., not thru a corporation), and you have no other income that would increase your taxable income other than the $52,000 above.

If the above 3 conditions are not satisfied, and ignorning your personal exemption amount, your taxes may increase or decrease because of their impact on your taxable income.

Answer 3

If this is the net income for you and you are single. Close to $40,000 is taxable. Obtain a 2007 income tax return form. Fill up $52000 as you gross income,follow the step by step guide lines. You will see how much taxes you will give away.

Canada is a high tax country. Among Canada,Quebec is the hightest tax province.

Answer 4

I wonder how can a person whom don't know how to caliculate the tax on his own property earns that property