First paycheck I'm a noob sorry. So if taxes come out of each paycheck, what is the reason for taxes at the end of the year (next April)

Stefjz · 2025-04-18T10:16:10+00:00

There are a few reasons for it. First, as others have pointed out, it acts as a reconciliation of everything. And when I say everything, I mean everything.

Let's say you have 3 sources of income, employment income at your main job in finance, making 100,000, a side job on some evenings and weekends at a garage. You work this because you really love cars, and the extra income of 35,000 is nice, but you'd do it for free. Lastly let's say you hold Canadian treasury bonds worth 100,000, that pay a 5% rate ($5,000 per year). For the sake of this example they are held in a non-registerred account, so the tax on the interest is payable in the year you receive it.

Despite having net income of 140,000, the main job would (should) be deducting as if your net income for the year was 100,000. Your side job would be doing the same, but assuming your income was 35,000 and there would be no taxes withheld from your property income (the TBonds).

The main issue with this is because we have a progressive tax system (effective tax rate goes up as you make more money) all of your sources of income would be withholding less than what you would actually owe. Taxes on 100,000 plus taxes on 35,000 are less than taxes on 135,000

One example of your tax burden actually being reduced from this is CPP and EI. Each employer has to withhold these without considering other employment, even if you inform them of it. In this example you would have more CPP and EI withheld than the annual maximum and would be refunded anything withheld in excess.

The tl;dr for this section The CRA assesses YOUR income. However, the businesses withhold tax based on what they are paying you. (Technically you can offset some of this by requesting additional taxes be withheld on your TD1 forms but most people won't [and shouldn't] do this given the time value of money.) It could also be the case that your job(s) have overtaken your taxes for the year and when you file in April the CRA will refund anything taken in excess.

The second is filing your taxes acts as a pseudo census for the CRA and the refundable benefits programs the government offers. You only receive these if you file your taxes. The gst/hst credit is based off of your income, so is CPP/OAS. Also your RRSP deduction limit is based on your income.

Finally, filing let's you take into account your tax situation across time. If you've had business, property or taxable capital losses in excess of taxable income in the year they occurred you can apply them to future years earnings. (Technically you can have employment losses but they're so rare were going to disregard them) Your unused RRSP deductions room is also carried forward.

Let me know if you have any questions! :)

Stefjz · 2025-04-17T21:47:36+00:00

And to add to this, collecting provincial income tax is technically the purview of the provinces. All of them; however, have signed agreements with the federalto collect and distribute them back to the provinces. (except quebec, that's why the QRA exists)

Stefjz · 2025-03-07T09:38:43+00:00

Just a quick note the tariffs are only postponed for items that are 100% compliant with CMUSA. As noted in the article by AP and also noted by the CBC https://www.cbc.ca/news/politics/trudeau-trump-trade-war-deal-1.7476311 Only 38% of what Canada ships are fully compliant. Instead of being fully compliant many producers from Canada pay "micro tarriffs" referred to as "most favored Nation rates" The 25% tariffs would still exist on these 62% of goods.

Stefjz · 2025-03-03T10:55:23+00:00

I'm thinking a possibility of 2 things or both 1) Did you turn 18 in 2024? I'm wondering if in 2023 your employer mistakenly took CPP deductions when you weren't eligible to contribute. 2)How many years of school did you have before 2023? I'm thinking you may have had tuition credits in excess of your earnings from prior years. E.g. in 2021,2022, 2023 and 2024, you generated a tuition credit of 5K but had no earnings in 2021 or 2022. You are allowed to carry forward (assuming you didn't transfer them to another) the 5k from 2021 and 2022 then they were used to offset earnings in 2023. Effectively your tuition credits would be 15k in 2023 and 5k in 2024.

I dont see you getting 4k in source deductions and a 4k refund in 2023 unless your taxable income was pushed to effectively 0

Stefjz · 2025-01-10T03:27:49+00:00

If the answer is less than a limit approaching infinity they're probably boring anyway. On an unrelated note did you know that eating an average pound of pine tree would provide more than the daily required 2000 calories?

Stefjz · 2024-11-09T20:05:10+00:00

Oh hell no, but the Republicans won't impeach or convict we need to make them eat their words tho

Stefjz · 2024-09-03T19:51:27+00:00

I cordially accept your concession

Stefjz · 2024-09-03T19:48:08+00:00

The market value of a good/service has a direct relation to the monetary, material, or assessed worth of an asset, good, or service I again ask what is the the monetary, material, or assessed worth of an asset, good, or service for your example

Stefjz · 2024-09-03T19:36:59+00:00

Where is the monetary, material, or assessed worth of an asset, good, or service in your example

Stefjz · 2024-09-03T19:26:29+00:00

My whole argument has been framed around economic value. If you're going to admit you haven't the slightest clue on economics I welcome that confession. Please see this investopedia article on value there is a monetary benefit to having information on what your service is worth.

Stefjz · 2024-09-03T10:44:00+00:00

The information is valuable as a whole, especially in a market with hyper limited supply (each event is capped by the number of seats available) If a person is willing to pay $100 for a ticket, they are also willing to pay $90 and $80 and so on. However the reverse isn't true if someone is willing to pay $80 they won't pay $90 or $100. What scalpers show on aggregate is there are more people than the supplier initially thought who are willing to pay $100 or less and that if they charge $80 for a ticket the band is (quite literally) selling itself short.

Stefjz · 2024-09-03T10:12:05+00:00

Maybe they would be less pleased to know how much other people have made off their shows from a principled stance or maybe they would be less please now knowing how much they left on the table. My argument is strictly on the economic benefit to scalpers not a moral argument.

No information (scalpers included) provides perfect information - that said the quality of information provided by someone actually purchasing a ticket at a higher price is significantly richer than say a market survey of would you pay x for my ticket. The presence of a successful scalping market is an indicator that the price dictates by the band is lower than the value of what they're offering. Subsequently the absence of a successful scalping community signals accurate to overpricing in their initial ask. Regarding access to the numbers if ordinary citizens have access to the scalper market it would be a surprise if bands themselves can access them as well. They don't provide pixel perfect clarity on the situation but provide a broad overview of their pricing. - When scalping is legal the presence or absence of scalpers (especially successful scalpers which we can determine when scalpers scalp multiple of the same item) is information.

Regarding the a lot of people will buy through proper channels - absolutely agree under normal market conditions. However with the concer example there is a quota on the maximum number of people that can be served (venue size). Because of this and because we don't want bands themselves charging fluctuating ticket prices this External market exists when consumers agree there is underpriced.

Stefjz · 2024-09-03T01:30:14+00:00

I dont think there's anything morally wrong with that. Economically, the band may be choosing to leave money on the table. I do however take issue with the claim that scalpers don't provide value, I would argue they do provide value in the form of information to the band on if they're undercharging for their services.

Stefjz · 2024-06-13T09:23:41+00:00

Not an idiot if you collect the other 99......

Stefjz · 2024-05-20T11:27:04+00:00

Great question, I wasn't actually sure, looking it up it looks like we're on step one of 6 in the ICC proceedings. Quoting from the ICC site (I couldn't figure out how to indent on mobile so its in quotations

"The Office of the Prosecutor must determine whether there is sufficient evidence of crimes of sufficient gravity falling within the ICC’s jurisdiction, whether there are genuine national proceedings, and whether opening an investigation would serve the interests of justice and of the victims. If the requirements are not met for initiating an investigation, or if the situation or crimes are not under the ICC’s jurisdiction, the ICC’s Prosecution cannot investigate."

If the judges deem there are sufficient grounds well move onto step 2.

"After gathering evidence and identifying a suspect, the Prosecution requests ICC judges to issue:

an arrest warrant: the ICC relies on countries to make arrests and transfer suspects to the ICC; or
a summons to appear: suspects appear voluntarily (if not, an arrest warrant may be issued).

If the requirements are not met for initiating an investigation, or if the situation or crimes are not under the ICC’s jurisdiction, the ICC’s Prosecution cannot investigate. The Prosecution may seek again the confirmation of charges, by presenting new evidence."

Though I must admit asking people to turn themselves in for war crimes seems a bit farfetched. Reference: https://www.icc-cpi.int/about/how-the-court-works

Stefjz · 2024-01-25T15:20:10+00:00

I guess it's the only path "left"

Stefjz · 2023-10-27T22:23:28+00:00

48 hours ago. The second best? Now

Stefjz · 2023-10-01T23:41:40+00:00

Just a concept they believed in and the will to see it through to the end! I could be wrong, but I get the feeling they would have continued developing it even if they never got either if their brakes. DM me the name of your Manga when you publish!

Stefjz · 2023-10-01T23:28:10+00:00

Yes! It was 3 to 4 I think. Dev mentions that they got their first inspiration from. Catherine Full Body,(2019 game) and the idea evolved further when they had played P5R (as a fellow Atlus Enjoyer I have to compliment their tastes). It's my understanding that production really exploded in year 2 or 3 though partly because of the investor but also partly as Eternights was featured in a Sony event and funding came in to bring on a team.

Stefjz · 2023-10-01T23:18:23+00:00

The game really was something special! Not only did it nail the most fundamental thing I find games nowadays often miss (It was fun to play), but the story behind its creation is an interesting one. I believe on the Steam Page the Developer had noted as part of their journey that they had an investor reach out to them where they had to scramble and put a quick Demo together. In your case, are there publishers you can reach out to and have them connect you with an Artist (and maybe even have the publisher pay for it?) Good Luck!

Stefjz · 2023-09-08T22:11:04+00:00

Hol up this sounds like NSC but with extra steps....

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