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In Canada, how much of your income goes to taxes? |
Hi, a family member of mine is moving to London, Ontario and was wondering what taxes are like there, income especially. You are sort of correct. Here is Canada we have "tax brackets". You actual rate of tax which you pay depends on your income level. Here they are: -15.25%: on taxable income of $36,378 or less -22%: on taxable income of more than $36,378, but not more than $72,756 -26%: on taxable income of more than $72,756, but not more than $118,285 -29%: on taxable income of more than $118,285 Each province adds their own tax on top of the federal tax. I would expect that the average marginal tax rate would be somewhere around 30% - this just includes income tax. Now - there's property taxes, sales tax, and the list goes on. When you factor in these other taxes, you can safely assume that half of what you earn goes to the government!!! a lot more then ours... You might find your answer within this site: http://www.cra-arc.gc.ca/menu-e.html... Depends on how much you earn. There's no fixed amount and there are things you can deduct such as disability, dependants. Try using this calculator: http://www.ey.com/global/content.nsf/can... |
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