Income Tax Calculator British Columbia
Salary After Taxes and contributions
| Federal Tax | $8,061.40 |
| Provincial tax | $3,903.00 |
| CPP contributions | $2,898.00 |
| EI premium | $856.36 |
| Net Salary | $49,281.24 |
The Federal Income Tax
The federal personal income tax that is administered by Canada Revenue Agency (CRA). Almost all Canadians are required to file taxes each year. All payroll taxes are witheld from their monthly salary. Income taxes are calculated on specific tax brackets as a progressisve tax.
A financial advisor can can help you understand the taxes structure and also how to invest so to maximize the your overall financial position.
Calculating Income Tax Rate
Canada has a progressive income tax the higher the income the higher tax rate is applied. The rates are marginal that means the a tax rate is not applied to the total amount of salary but in specific brackets. These brackets also called marginal tax rates that applied each threshold of the income
| Federal tax rate | |
| 48,535.00 | 15% |
| 97,069.00 | 20.5% |
| 150473.00 | 26% |
| 214,368.00 | 29% |
| > 214,368.00 | 33% |
The Provincial Income tax rate
After the federal tax you have also to pay also provincial tax or territorial which is different from state to state.
Bc tax brackets
| Provincial tax rate | |
| 41,725.00 | 5.06% |
| 83,451.00 | 7.07% |
| 93,476.00 | 10.50% |
| 116,344.00 | 12.29% |
| 157,748.00 | 14.70% |
| > 157,748.00 | 16.80% |
Tax credits
At provincial and federal are provided tax credits. These are amounts that used to reduce the level of taxes that you have to pay, the two categories are refundable and non-refundable.
The Canada Pension Plan (CPP)
Max Premium $2898.00
Employment Insurance (EI) premium
Max Premium $856.36
Tax Credits
Your amount that you have to pay as income tax can be reduced by tax credits.
Disclaimer This calculator is designed to be informational tool only, and when used alone, do not constitute advice. We strongly recommend that you seek the advice of a a professional accountant. Website vontikakis.com and its affiliates are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Website joblistvancouver.com is not responsible for any human or mechanical errors or omissions.
Share mobile
