Does anyone need some help figuring out Canadian salary and taxes?

ahakobyan

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May 20, 2014
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About Canadian salary and taxes

Hi all,

I have recently faced with a problem to calculate the taxes on incomes by the Canadian tax rates.

So after having very long research, finally I have found the formula by which the governments take almost half of our incomes (even more) :)

So I would like to share my research results with you. I believe that it will help lots of you!

Just a reference to a calculator which will IMMEDIATELY calculate for you the taxes:

Find "salcalc" in google play store.


And the method how it is done: (unfortunately I am unable to past here links)
Federal Tax Rates:
15% on $0 – $42,707
22% on $42,708 – $85,414
26% on $85,415 – $132,406
29% on $132,406 and over

and plus the provincial tax rates which are the followings:

Newfoundland and Labrador
7.7% on the first $34,254 of taxable income, +
12.5% on the next $34,254, +
13.3% on the amount over $68,508

Prince Edward Island
9.8% on the first $31,984 of taxable income, +
13.8% on the next $31,985, +
16.7% on the amount over $63,969

Nova Scotia
8.79% on the first $29,590 of taxable income, +
14.95% on the next $29,590, +
16.67% on the next $33,820, +
17.5% on the next $57,000, +
21% on the amount over $150,000

New Brunswick
9.68% on the first $39,305 of taxable income, +
14.82% on the next $39,304, +
16.52% on the next $49,193, +
17.84% on the amount over $127,802

Ontario
5.05% on the first $40,120 of taxable income, +
9.15% on the next $40,122, +
11.16% on the next $69,758, +
12.16% on the next $70,000, +
13.16 % on the amount over $220,000

Manitoba
10.8% on the first $31,000 of taxable income, +
12.75% on the next $36,000, +
17.4% on the amount over $67,000

Saskatchewan
11% on the first $43,292 of taxable income, +
13% on the next $80,400, +
15% on the amount over $123,692

Alberta 10% of taxable income

British Columbia
5.06% on the first $37,606 of taxable income, +
7.7% on the next $37,607, +
10.5% on the next $11,141, +
12.29% on the next $18,504, +
14.7% on the next $45,142, +
16.8% on the amount over $150,000

Yukon
7.04% on the first $43,953 of taxable income, +
9.68% on the next $43,954, +
11.44% on the next $48,363, +
12.76% on the amount over $136,270

Northwest Territories
5.9% on the first $39,808 of taxable income, +
8.6% on the next $39,810, +
12.2% on the next $49,823, +
14.05% on the amount over $129,441

Nunavut
4% on the first $41,909 of taxable income, +
7% on the next $41,909, +
9% on the next $52,452, +
11.5% on the amount over $136,270
 

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