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Author Topic: Payroll deductions in Canada  (Read 3108 times)
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Jill Pearson
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« on: December 11, 2008, 10:18:51 PM »

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.html

For anyone who is curious, here's a link to the Online Payroll Calculator for Canada:

« Last Edit: February 23, 2009, 02:53:32 AM by admin » Logged

Jill Pearson
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