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| *The Commerce Journal>>>Canada Taxes |
Canadians, what percentage of your earnings goes to taxes? |
Canadians, what percentage of your earnings goes to taxes? the previous answer is only partially correct. the % of earnings charged for tax is based on your income all provinces are rated the same as far as Federal Tax but each province will vary in % of provincial tax . for instance Alberta rates are 0%, 15.25%, 25.15%, 32.0%, 36%, and 39% depending on your income. there is a site that breaks the %rates down by income amounts for each province. http://www.todaysparent.com/lifeasparent... these rates are based on your income after allowable deductions ( government issued) and Ontario tax rates start at 0% also and have 16.%, 21.3%, 24.4%, 31.15%, 32.98%, 35.39%, 39.41%, 43.41% and 46.41% alberta charges 39% tax on income at or above $118,000. where Ontario charges 46.41% on income $118,000. and above. Varies from province to province and depends on your income level. In Ontario which is the largest province, the rates range from 21.55% on income below $35,488, to a maximum rate of 40.16% on income in excess of $120,888, with various intermediate rates in between. Also, the first $8,553 is tax free due to the basic personal exemption. The province of Alberta has the lowest level of personal income taxes, with a rate of 25.5% on income below $37,178 and a maximum rate of 39% on income above $120,888. The above rates are based on combining the applicable provincial and federal rates. http://www.kpmg.ca/en/services/tax/taxra... |
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