Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Tax Question

First Lady · 03-03-2013, 10:31 PM

I'm in a similar situation.

I ballpark what I will make over the entire year consulting, add it to my regular salary and then run it through this calculator.

https://www.simplepay.ca/canada_payr...calculator.php

I see what the difference is between what my employer is deducting and what I will pay in total.

I then get my employer to "top up" what they take off for tax. Or if you prefer you can just set it aside.

Obviously it's not 100% accurate because you likely will have some expenses to claim against your consulting income. Also your actual extra income may vary from your original projection.

03-03-2013, 10:31 PM	#2
First Lady First Line Centre Join Date: Jun 2007 Location: Calgary Exp:	I'm in a similar situation. I ballpark what I will make over the entire year consulting, add it to my regular salary and then run it through this calculator. https://www.simplepay.ca/canada_payr...calculator.php I see what the difference is between what my employer is deducting and what I will pay in total. I then get my employer to "top up" what they take off for tax. Or if you prefer you can just set it aside. Obviously it's not 100% accurate because you likely will have some expenses to claim against your consulting income. Also your actual extra income may vary from your original projection.