Taxes in Canada

The Canada Revenue Agency (CRA) is the federal agency responsible for administering tax laws and programs in Canada.

You can get all the details of the taxes in CRA website:

https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax.html

Federal Tax Rates 2023

  • 15% on the portion of taxable income that is $53,359 or less, plus
  • 20.5% on the portion of taxable income over $53,359 up to $106,717, plus
  • 26% on the portion of taxable income over $106,717 up to $165,430, plus
  • 29% on the portion of taxable income over $165,430 up to $235,675, plus
  • 33%on the portion of taxable income over$235,675

Provincial and territorial tax rates for 2023

Click here for detailed provincial & territorial tax rates for 2023

Salary & Take Home

Have you ever wondered how much salary you should ask when you switch a job?
Did you calculate the taxes in advance before you negotiate?

This picture shows you the tax & take home for the salary ranges in Canada.

I have tried to provide an approximate amount of taxes for the salary range.

Salary & Taxes Split

The below tables gives a split of taxes.

Disclaimer:
* Purely for informational purposes & these figures are approximate
* Above Tax calculation is for ON province & is for personal income taxes
* Data does not show RRSP or any other tax savings deductions
* There may be other components which also gets deducted based on the employer (health benefit, insurance etc.). In those cases, take home will again come down.
* Please reach out to a professional tax consultant before you make any decisions.

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