Figuring Income Taxes in Canada (insurance, how much, home)

[Jadel812]

I would like to know what the percentage of taxes that an individual has to pay on an annual income of about $70,000.00 Canadian Dollars. How would I know what the take home pay will be say on a bi-weekly basis?

[muhfuhkuh]

I think someone on this board said between 40-43% is swallowed in tax, so figure on the high end. (70000 x .57) / 24 = ~1663 per paycheck take-home.

[mochatsubo]

[url=http://www.taxtips.ca/calculators/taxcalculator.htm]taxtips.ca - Canadian tax calculator[/url]

[Cornerguy1]

Originally Posted by Jadel812

I would like to know what the percentage of taxes that an individual has to pay on an annual income of about $70,000.00 Canadian Dollars. How would I know what the take home pay will be say on a bi-weekly basis?

There are 2 components to the income taxes withheld from a pay cheque: federal income tax and provincial income tax. Each province has a different tax rate, so your location will have a bearing on how much tax liability you have.

You could try Welcome Page | Page d'accueil for current tax forms.

Keep in mind that there are other amounts besdies tax which are deducted at source: Employment Insurance premiums and Canada Pension Plan dues are standard, and there may be other components such as union dues, etc.