OHIP Health premium (tax) and RRSP

[BobtheBuilder]

I just read somewhere a post suggesting people to buy RRSP to reduce their health premium next year, which is based on a single person's annual taxable income. In Ontario, if your taxable income is less then 20,000, you pay no health tax. Then you pay an esclating amount according to your annual taxable income. So if you catch up with the RRSP deadline and buy some to offset your annual taxable income, you should be able to pay less health tax for 2005.

Now my questions are,

1. What is this annual taxable income in the tax return, line 260 or other? Is this amount after the personal exemption of $8,xxx? I am trying to find out whether someone earns 30,000 (who should be paying $300 health tax in 2005), will be categorized at 22,000 roughly after the exemption and if he buys another 2,000 RRSP, he can save the $300 health tax? Accordingly for those who make more can follow the suit and save tax?

2. Will buying RRSP actually reduce your annual taxable income as it's suggested here? Who can find out the base amount that Dalton McGuinty used to calculate his OHIP tax?

Sorry about these head scratching questions, I am throwing my two cents here to invite more intuitive discussions.

Thanks

 

[BobtheBuilder]

http://www.gov.on.ca/FIN/english/media/2004/bke-ohp.htm#OHP

I should have done some research myself, I found some of the answers myself------

"The premium would be based on taxable income for a taxation year. Taxable income is income after allowable deductions, such as child care expenses, RRSP and pension contributions, union dues and non-taxable benefits (e.g. Guaranteed Income Supplement, Ontario Disability Support Program, social assistance, and workers' compensation). "

 

[qwer]

最初由 BobtheBuilder 发布
I just read somewhere a post suggesting people to buy RRSP to reduce their health premium next year, which is based on a single person's annual taxable income. In Ontario, if your taxable income is less then 20,000, you pay no health tax. Then you pay an esclating amount according to your annual taxable income. So if you catch up with the RRSP deadline and buy some to offset your annual taxable income, you should be able to pay less health tax for 2005.

Now my questions are,

1. What is this annual taxable income in the tax return, line 260 or other? Is this amount after the personal exemption of $8,xxx? I am trying to find out whether someone earns 30,000 (who should be paying $300 health tax in 2005), will be categorized at 22,000 roughly after the exemption and if he buys another 2,000 RRSP, he can save the $300 health tax? Accordingly for those who make more can follow the suit and save tax?

2. Will buying RRSP actually reduce your annual taxable income as it's suggested here? Who can find out the base amount that Dalton McGuinty used to calculate his OHIP tax?

Sorry about these head scratching questions, I am throwing my two cents here to invite more intuitive discussions.

Thanks

是line 260,就是能减，不如减明年的，因为今年只有半年，不过你要是有那么少的收入也没有多少rrsp room.
还有，与那8xxx无关。

 

[qwer]

现在买是减2004年的

 

[笑傲江湖]

:smokin: