It's my first time working, and it seems that I'm not getting as much as I should. Must be the taxes then.
Does anybody know the rate of payroll taxes in Canada this year?

Thanks.

Originally Posted by jubilantx

It's my first time working, and it seems that I'm not getting as much as I should. Must be the taxes then.
Does anybody know the rate of payroll taxes in Canada this year?

Thanks.

http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html

That's only taxable income... You have a certain amount of non-taxable income but I can't remember how much is it... I think it's less than 20000 though.

thank you. so the taxes in total would be 20%? (15% federal plus 5% provincial)

Originally Posted by jubilantx

It's my first time working, and it seems that I'm not getting as much as I should. Must be the taxes then.
Does anybody know the rate of payroll taxes in Canada this year?

Thanks.

You should be getting a payroll slip that shows exactly what deductions are being taken. You'll pay taxes, employment insurance and Canada pension usually.

Most students won't actually owe tax each year because we usually don't make enough and tuition is deductible, so you will get that money back as a refund when you file your taxes.

Originally Posted by jubilantx

thank you. so the taxes in total would be 20%? (15% federal plus 5% provincial)

That's not entirely how our tax system works. We have a staggered tax system (It's not called that, but I can't remember the right term).

Hypothetical numbers:

Say you make 100,000$, this is how it would be taxed.

20,000$ Tax Free

40,000$ 20% tax = 32,000$

40,000$ 40% tax = 24,000$

So you get 76,000$ and paid 24,000$ taxes.

I'm not sure what the actual tax free amount is and the percentages are just random.