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| *Ostroff, Fair and Company>>>Canada Taxes |
Do I have to pay tax on income frm teaching & research assistantships. i am graduate student in canadian univ |
I have no other income. What is the tax rate ? Every resident of Canada is required to report their world-wide income received from all sources on their personal income tax returns. Your income from teaching and research assistantships sounds like employment income that is included in your income for tax purposes under section 6 of the Canadian Income Tax Act. How much tax you pay on that income is very much a function of the amount of income and your personal circumstances, (e.g., age, marital status, dependents, medical expenses, etc.) If you are earning under $35,000 a year with no dependents and liviing in Ontario, your income tax liability would normally be around 15% of your income. Information on the follwing websites may be of assistance to you Source(s): http://www.cra-arc.gc.ca/tax/business/to... http://www.kpmg.ca/en/services/tax/docum... Quick answer YES, this type of income is taxable. But your basic personal exemption is roughly $9000, so you will be paying tax on the part over $9000. The rate is 21% of the amount over 9000 (up to 35,000 total). the amount (if any) over 35,000 will be taxed higher. |
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