01-25-2020, 09:51 PM
(01-25-2020, 12:06 AM)Momo26 Wrote: Are you including federal? If also include CPP and EI deductions that's more like:
Salary
$80,000
Federal tax deduction
- $11,245
Provincial tax deduction
- $5,566
CPP deductions
- $2,749
EI deductions
- $860
Total tax
- $20,420
Net pay
* $59,580
The above is basically the maximum amount of taxes you will pay with an $80K income. The Stats Canada numbers are averages of actual taxes. The actual taxes are smaller because many people have some of spousal deductions, child deductions, RRSP deductions, sheltered income (TFSA), dividend, capital gains deductions, property tax credits, second-children's early-evening pre-sports left-handed piano lesson tax credits etc.
And while I didn't read the detail definition of "taxes" on the Stats Canada site, I do expect that EI and CPP are excluded from that, which would already drop the taxes to $17K and a tax rate of roughly 21%, before any of the deductions and tax credits.

