If you are new to paying income tax or even find yourself in a new tax bracket this year then you may not have an idea as to how much you are going to have to pay to the government. You have to file your taxes on time or you can be penalized by the department of revenue in Canada if you do not meet the deadline.
If you look online then you can find more than a few of the income tax calculator canada residents can use to figure out their taxes and how much they owe. TurboTax offers an American version of tax software and also a Canadian version. If you are looking to get an exact idea, these calculators may not provide you with an exact dollar amount but they may be able to give you a round about estimate within the ballpark of what your taxes due are. If you have paid too much in taxes then you will be able to get a refund from the government. If you are getting a refund and are in a good position financially, then you should go and invest the money.
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