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| *Ostroff, Fair and Company>>>Canada Taxes |
How much income tax will I be paying? |
I am a 23 yrs old single lady living in Vancouver BC Canada . I work in a dential office and getting paid $40.0 CND an hour. let's say i got paid 7000 a month. how much income tax would I be paying? how many % of my income will be deducted? thx very much You can use this calculator to get a general estimate. http://www.ey.com/global/content.nsf/can... It seems extremely unjust that a 23 year old who can't even figure out her own taxes makes this much money. grrrr I'm glad they'll tax the sh*t out of you. How bad is it to tax income of your hard-earned money !!! Very, very taxing indeed...!.. What are the income tax rates in Canada for 2006? Federal tax rates for 2006 Provincial/territorial tax rates for 2006 Federal tax rates for 2006 are: 15.25% on the first $36,378 of taxable income; 22% on the next $36,378 of taxable income; 26% on the next $45,529 of taxable income; and 29% of taxable income over $118,285. The chart below reproduces the first calculation that has to be made on Page 1 of Schedule 1 of the tax package to calculate net federal tax. Page 1 is also used to calculate federal non-refundable tax credits. Federal tax on taxable income manual calculation chart Use this column if your taxable income is $36,378 or less Use this column if your taxable income is more than $36,378, but not more than $72,756 Use this column if your taxable income is more than $72,756, but not more than $118,285 Use this column if your taxable income is more than $118,285 Enter your taxable income from line 260 of your return 1 Base amount 鈭? 0 鈭? 36,378 鈭? 72,756 鈭? 118,285 2 Line 1 minus line 2 (this amount cannot be negative) = = = = 3 Federal tax rate 脳 15.25% 脳 22% 脳 26% 脳 29% 4 Multiply the amount on line 3 by the tax rate on line 4 = = = = 5 Tax on the amount from line 2 + 0 + 5,547 + 13,460 + 25,297 6 Add lines 5 and 6 = = = = 7 Provincial / Territorial tax rates (combined chart) Provinces / Territories Rate(s) British Columbia 6.05% on the first $33,755 of taxable income, + 9.15% on the next $33,756, + 11.7% on the next $10,000, + 13.7% on the next $16,610, + 14.7% on the amount over $94,121 http://www.cra-arc.gc.ca/tax/individuals... |
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