Unless you have a ton of tax credits, you WILL owe more. If you're earning under $41,544, your marginal tax rate is likely around 22-24% (Fed & Prov). If you're earning above that, it is likely pushing 30%. Compare it to the 20% that your company will auto-report.
Next year when you will declare $14,000 in additional income, you will also show that you've paid some tax, and then calculate the difference between owing an prepaid. I will bet you the $14,000 that you will owe more tax than is withheld. It's only a matter of which bracket that $14,000 gets taxed in.
My suggested recommendations (pick any):
1. Take the money and place it directly into an RRSP.
2. Use the money for something that will generate an equivalent (or close) tax credit. (First time homebuyer, perhaps?)
3. Prepay (or better yet) set aside the extra that you figure you'll owe. (Generally, not hard to figure out).
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