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Old 03-18-2013, 08:59 PM   #1
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Question about taxes

What happens when..

The amount of tax write offs that I have is greater than my total income for the year?

I realize i will get all the tax I paid back.. but then what about all those extra tax credits, do they just go away?
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Old 03-18-2013, 09:05 PM   #3
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whatever I'm sure its probably the same..its pretty general
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Old 03-18-2013, 09:06 PM   #4
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Quote:
Originally Posted by rawdog View Post
whatever I sure its probably the same..its pretty general
Oh ya , taxes are exactly the same in both countries
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Old 03-18-2013, 09:13 PM   #5
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I realize they aren't but are more likely to be on this subject. I re posted in the Canadian forum.
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Old 03-18-2013, 11:39 PM   #7
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In America, you get a free phone...

http://www.youtube.com/watch?v=tpAOwJvTOio

No, really tho we just get all the taxes we paid back. Credits above the tax you paid that are eligible to be dispersed are stated as such otherwise they dont really matter. You dont get more money back here....
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Old 03-19-2013, 03:00 AM   #8
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Quote:
Originally Posted by AWorthyOpponent View Post
In America, you get a free phone...

http://www.youtube.com/watch?v=tpAOwJvTOio

No, really tho we just get all the taxes we paid back. Credits above the tax you paid that are eligible to be dispersed are stated as such otherwise they dont really matter. You dont get more money back here....
How can I get one of these freebies?
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Old 03-19-2013, 03:20 AM   #9
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I have been volunteering doing taxes for lower income individuals, and families with a non-profit group, here this tax season.

In the US the complexity of the tax code makes this service very helpful to get people their entire refund, which is improtant when you don't have a lot to begin with.

But up north I believe the code is simpler? You just need to check with your tax people.
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Old 03-19-2013, 03:35 AM   #10
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Ugh. That video makes me sick.
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Old 03-19-2013, 06:40 AM   #11
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Quote:
Originally Posted by rawdog View Post
What happens when..

The amount of tax write offs that I have is greater than my total income for the year?

I realize i will get all the tax I paid back.. but then what about all those extra tax credits, do they just go away?
In the US, there are deductions and credits. Deductions will just take your tax to zero, even if you have more deductions than taxes. Credits can give you money beyond what you paid in taxes but they're pretty rare (e.g Earned income credit for low income with kids, student loan interest credit).
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