Best Answer: You didn't use the CRA calculator very well. Here's the numbers I get: Salary: $50,000 Income Tax: $9035.90 CPP: $2301.80 EI: $865.00 Net Pay: 37,797.30 I guess you didn't study as much as you should have.Source(s): ran your numbers through the online calculator and it says your take home pay will be roughly $37,800/year. Practically it'll be a bit more because you'll max out your CPP and EI payments and not have to pay that. If you got paid minimum wage, around $26,000/year, you'd take home $21,400.
This fee is 5% of the unpaid taxes, assessed on a monthly basis, up to a maximum of 5 months. If your tax return is more than 60 days late, the minimum late filing penalty is $135 or 100% of the tax due, whichever is less.
Statute of Limitations. The statute of limitations for taxpayers to receive refunds is three years from the date the return was filed or two years from the date any tax was paid for the tax year in question. This doesn&amp;rsquo;t preclude you from filing a return.owever, taxpayers who file late returns and owe tax will be assessed penalties and interest from the date the return was due (usually April 15). The two most common penalties assessed to late returns are the Failure to File (FTF) penalty and the Failure to Pay (FTP) penalty.