Figures based upon 1 CAD = 1 CAD.
In Canada, an income of 56,000.01 CAD / 56,000.01 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 47630 CAD - 15%
Between 47630 CAD and 95259 CAD - 20.5%.
Between 95259 CAD and 147667 CAD - 26%.
Between 147667 CAD and 210371 CAD - 29%.
Above 210371 CAD - 33%.
For Canada we are using the Ontario province for comparative purposes.
Ontario provincial taxes are as follow:
Below 43906 CAD - 5.05%
Between 43906 CAD and 87813 CAD - 9.15%.
Between 87813 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 4,740 CAD (20%) or 6,067 (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 1,810 CAD is available as well as 15% of employment income (Capped to 183 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).
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.
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:
Source: https://www.impots.gouv.fr/portail/international
Source: http://www.citizensinformation.ie/en/money_and_tax/tax/income_tax/how_your_tax_is_calculated.html
Source: http://www1.agenziaentrate.gov.it/english/revenue_agency/index_revenue.htm
Source: http://www.impotsdirects.public.lu/fr.html
Source: http://www.agenciatributaria.es/AEAT.internet/en_gb/Inicio.shtml
Source: https://www.estv.admin.ch/estv/en/home.html.
Source: https://www.gov.uk/government/organisations/hm-revenue-customs.
Source: http://www.bundesfinanzministerium.de/Web/EN/Issues/Taxation/taxation.html.
Source: https://www.irs.gov/tax-professionals/tax-code-regulations-and-official-guidance.
Source: http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html
Source: https://www.ato.gov.au.
Source: http://www.ird.govt.nz/how-to/taxrates-codes/rates/itaxsalaryandwage-incometaxrates.html.
Source: https://www.nta.go.jp/foreign_language/.
Source: http://www.chinatax.gov.cn/2013/n2925/.
* calculations are currently based on the 2019 tax rules, rates and allowances for comparable single individuals in each country.