UKTaxCalculators World

canada tax calculator

Gross Income: 56,000.00 CAD / 56,000.00 CAD
Tax Due: 13,492.57 CAD / 13,492.57 CAD
Net income: 42,507.43 CAD / 42,507.43 CAD
Overall Tax Rate: 24.1 %

Figures based upon 1 CAD = 1 CAD.

In Canada, an income of 56,000.00 CAD / 56,000.00 CAD is more than the lowest average advertised salary of 29,660.00 CAD / 29,660.00 CAD and more than the country's average income of 56,000.00 CAD / 56,000.00 CAD.

Why not compare the taxation and buying power of Canada with another country? click here.

Here are how much some common purchases cost in Canada:

Water Bottle (1.5L) : 2.22 CAD / 2.22 CAD (Price in Canada converted to CAD)

Milk Bottle (1L) : 2.27 CAD / 2.27 CAD (Price in Canada converted to CAD)

Pint of Beer : 6.00 CAD / 6.00 CAD (Price in Canada converted to CAD)

Bread (500g) : 2.77 CAD / 2.77 CAD (Price in Canada converted to CAD)

Chicken Breasts (1kg) : 13.10 CAD / 13.10 CAD (Price in Canada converted to CAD)

Petrol UK Gallon : 5.64 CAD / 5.64 CAD (Price in Canada converted to CAD)

Volkswagen Golf or Equivalent : 25,000.00 CAD / 25,000.00 CAD (Price in Canada converted to CAD)

Broadband Internet Monthly : 73.69 CAD / 73.69 CAD (Price in Canada converted to CAD)

Rent One Bedroom Apt. In City (Monthly) : 1,218.19 CAD / 1,218.19 CAD (Price in Canada converted to CAD)

Purchase One Bedroom Apt. In City : 200,098.85 CAD / 200,098.85 CAD (Price in Canada converted to CAD)

Part of North America, Canada covers an area of 9,156,521 square kilometers.

Canada has a Gross Domestic Product (PPP) of 1,674.31 ($ Billion) from a population of 36,626,083.

Federal taxes are joined by provincial taxes in this progressive tax system - jointly ranging from 20.05% to 46.16% plus surcharges.

Federal taxes are as follow:

Below 46605 CAD - 15%

Between 46605 CAD and 93208 CAD - 20.5%.

Between 93208 CAD and 144489 CAD - 26%.

Between 144489 CAD and 205842 CAD - 29%.

Above 205842 CAD - 33%.

For Canada we are using the Ontario province for comparative purposes.

Ontario provincial taxes are as follow:

Below 42960 CAD - 5.05%

Between 42960 CAD and 85923 CAD - 9.15%.

Between 85923 CAD and 150000 CAD - 11.16%.

Between 150000 CAD and 220000 CAD - 12.16%.

Above 220000 CAD - 13.16%.

Ontario also has a surcharge where the provincial taxes exceed 4,638 CAD (20%) or 5,936 (56%).

Social security contributions are pension plan: 4.95% (Max 2,594 CAD) and employment insurance: 1.88% (Max 858 CAD).

15% of the total paid toward social security is returned as a tax credit against the federal tax bill.

A basic personal tax credit of 1,721 CAD is available as well as 15% of employment income (Capped to 174 CAD)

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

Source: XE.com (Currency Conversion).

Source: SalaryExplorer.com (Averages from average salaries in major job categories).

Source: Numbeo.com (Cost of living).

Help

This calculator allows you to calculate income taxes and social contributions equivalent for Canada. You can choose the preferred currency for the input amounts and displayed calculation. For example: If you choose CAD as your preferred currency, then the income entered will be converted to Canada's native currency for the calculation so that correct income equivalent is used. The results will then be shown in CAD and your chosen currency.

How we calculate world taxes

We have trawled through the quagmire of tax legislation for 16 of the World's major economies and created a comparable position as close to the UK's PAYE (Pay As You Earn) system for employed people.

We look at each country's taxation for employed people, as well as things like medical care which are part of social contributions for some countries or require mandatory purchase of health insurance.

Combining this information lets us calculate taxes for each of the 16 countries and then do not only a taxation comparison but also a comparison of buying power based upon commonly purchased items.

It is quick and easy to use and you can get a detailed result at the click/tap of a button!

We currently support the following countries - by clicking on the links below you can just do an individual tax calculation for those countries - or scroll up and compare tax between two countries directly!

You can also compare tax using these examples:

Help - find relevant tax tools and calculators - go back to top

Answer a few questions below and we will list relevant tax calculators and tools that can help you organise, budget and ultimately save you money!
are you an employee?

What features would you like to see on UKTaxCalculators.co.uk?

Share your ideas/comments with us below - it's easy! No need to register, just enter your comment and click add!

Something went wrong when submitting your suggestion, please try again!

© Copyright 2008-2019 - UKTaxCalculators.co.uk - Free UK Tax Calculators for any income type!

Code and design by Ray Arman

Code and design by Ray Arman (RayArman.co.uk)

By using this site, you agree we can set and use cookies. For more details of these cookies and how to disable them, see our cookie policy.

Remember, we do our best to make sure our systems are up to date and error free. However, all calculations provided are estimates based upon information you provide. We do not accept liability for any errors or omissions, please read our disclaimer and terms and conditions of use.

UK Tax Calculators - Proud to be part of data.gov.uk - Opening Up Government

To get in touch, email: info@uktaxcalculators.co.uk

view full website

go to top of page