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| *The Commerce Journal>>>Canada Taxes |
What taxes are applied to your paycheck? |
I'm getting my first paycheck ever, and I wonder how much will be subtracted for tax reasons (what's the rate?)? I've always heard some of your money will be subtracted for tax, but what kind of tax? And I live in Ontario. Hi: You will see 3 deuctions. 1 - Federal and provincial income taxes (CIT) (in Ontario it will be about 23 %). 2 - Canada Pension Plan (CPP) (about $ 35 per week if you earn more than $ 30,000 per year). 3 - Employment Insurance (EI) (about $ 15 per week if you earn more than $ 30,000 per year). Hope that helps. usually 20% of your check goes to taxes are you working as an incorporated employee? if so there will be no deductions for 1. provincial income tax 2. federal income tax 3. canada penison 4. employment insurance first link goes to a CRA bulletin talking about shareholder loans and employment loans - the employment loans are applicable to incorporated employees second link goes to a financial corporation that caters to incorporated employees third link is to a website to upgrade your knowledge on money keeping this in mind - an income is a benefit enjoyed or received - debt is not an income - employment loans are not income, therefore not taxable - money techinically speaking is evidence of debt fourth and fifth link goes to the sites for the information below Bank of Canada Act B-2 http://lois.justice.gc.ca/en/b-2/220710.... An Act respecting the Bank of Canada Preamble WHEREAS it is desirable to establish a central bank in Canada to regulate credit and currency in the best interests of the economic life of the nation, to control and protect the external value of the national monetary unit and to mitigate by its influence fluctuations in the general level of production, trade, prices and employment, so far as may be possible within the scope of monetary action, and generally to promote the economic and financial welfare of Canada; NOTE ISSUE Sole right of note issue 25. (1) The Bank has the sole right to issue notes and those notes shall be a first charge on the assets of the Bank. Distinction (6) Notes of the Bank are neither promissory notes nor bills of exchange within the meaning of the Bills of Exchange Act. R.S., 1985, c. B-2, s. 25; 2001, c. 9, s. 198. http://www.bankruptcycanada.com/bankrupt... Dictionary of Canadian Bankruptcy Terms (updated: March, 2006) Charge: An encumbrance, lien, or financial obligation that is attached to some property. For example, a person who files a lien against a piece of property might say that he has a charge against that property. http://www.cra-arc.gc.ca/e/pub/tp/it421r... http://www.graycliff.org/index.html... http://www.moneyasdebt.net/ http://lois.justice.gc.ca/en/b-2/220710.... http://www.bankruptcycanada.com/bankrupt... |
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