Starting what income do I start paying taxes?

I'm not sure if I'm posting is the right section, sorry if I'm not.

I want to know at what annual income I start paying taxes to the government in CANADA? I know tax is deducted from every paycheque but it's all returned at the end of the year due to low income (part-time job as a student) so we're not really paying taxes (or enough to notice). I've been making more money this year than usual so I want to know when I should take a break from earning, this way I'll get my full tax return and not work hard for that amount for nothing. I've googled this but its too complicated to find this shit.

EDIT: I live in the province of Quebec

Thank you Canadians.

 

To stop working/earning an income because you want a return is the most idiotic reason to stop. Regardless of the income tax class you land in, you will still earn more in the long run than you would have to pay back.

TL; DR - Keep working, put some aside to pay the taxes at the end of the year.

 

This. Earning more is always going to be more beneficial for you in the long run. Also, to your question, just google it...

 

Have you considered some people don't like working for free?

 

You should have more money taken out from taxes for the more money you make, this should automatically come from your employer.

Make sure they have your TD1 (TD1 Quebec?)

I know some of Quebec stuff is different

 

Can you provide a single reason as to why?

 

I'm not familiar with tax laws at all which is why I ask.

Here is my thought process while I wrote the main post. Let's say there is a law (if it exists or not, I have absolutely no clue; I've heard people say you wont get back from the govt, you'll now have to give instead due to your increased income) saying that if I earn over $12k, I'm not entitled to refunds and owe the govt taxes.

Putting this law to example: I worked $14k worth of hours but am left with 12k after taxes. If there is such law and I decide to stay within 12k, I'll get the full 12k I worked for due to having my taxes refunded. Why would I want to work more only to give the extra I'll make to the govt?

I understand how this is shooting in the dark but its somewhat of a legitimate concern.

 

Where I live (BC) your employer should get you to fill out a TD! and TD1BC to help make sure you are getting the right amount of taxes taken off vs how much you make (usually p/h, assuming their full time)

You can also talk to your employer to get more money taken off per paycheque, or If you put money into an RRSP that counts towards taxes aswell

 

Didn't answer my question whatsoever.

 

Making more doesn't mean you give the rest to the govenrment.

The way it works is you get taxed based on your income bracket. The more you make, the more you get taxed, but the fact remains, regardless of how much you get taxed, you will still earn more in the long run by continuing to work.

I'm going to put it in the lamest terms I can.


You earn $100, and pay $10 in taxes
You earn $200 and pay $22 in taxes
You earn $300 and pay $33 in taxes

so on so forth (this is just an off the top of my head example. obviously the numbers are nowhere near real, nor are they accurate, in terms of the amount earned vs the amount taxed, but concentrate on the concept here. You get more taken out, but you're earning more overall.)

So which would you rather do. Earn $90 and pay less taxes? Or would you rather earn $178? or $267?

 

to add to nano's point, you get taxed like this, for example:

$0-5000: 0%
$5,001-10,000: 10%
$10,000-20,000: 20%

so if you earn $14,000, you pay 0% on the first 5k, 10% ($500) on the second 5k, and 20% ($800) on the last 4k. total earnings = 14k - 1.3k = 12.7k. if you'd only earned $12k, you'd have been taxed $400 instead of $800 at the 20% level and earned only 11.1k.

so tl;dr don't worry about "working too much" and losing it to taxes because you've moved up an income bracket. this is not how it works, otherwise there would be disincentives to marginal hours worked after certain amounts of work

 

and here are your 2014 tax brackets. they generally go up a bit each year but are pretty good indicators of what you'll pay. also wtf your taxes are low http://en.planiguide.ca/tables/quebec/tax-brackets/

 

I'm from QC too, generally if you work a job and gave your sin you will be taxed on all income (but you will get all/most back if its under ~5K I believe). If your extra income is coming from online sales (assuming you didn't provide paypal your sin and haven't deposited a lot in to your bank I wouldn't worry about the extra income tbh) PM me with your specifics mayb I can help you out more

 

tbh just use turbotax (now ft. canadian taxes! - http://turbotax.intuit.ca/tax-software/index.jsp) and move on. its not worth the few hundred dollars you're going to spend worry about it in the long run