For those new to the workforce or new to Canada, your employer will take a chunk of your paycheque each two weeks as required by law.
Here's an example of what happens:
If you are working in BC and making $50,000 per year, you'll pay approx. 17% of that to Federal Tax and 6% to Provincial Tax, adjusted each cheque to be calculated after personal deductions allowable of about $9000. You also are obliged to pay into Employment Insurance at 1.73% on the first $41,000 and Canada Pension Plan (CPP) at 4.95% on the first $42,000.
So it does add up... almost 25% of your paycheque.
More info here
http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.htmlFor anyone who is curious, here's a link to the Online Payroll Calculator for Canada:
https://apps.cra-arc.gc.ca/ebci/rhpd...o?lang=English
