Wage and Tax Deductions in Canada 2023 (How to Calculate your Paycheck)

Trying to figure out the tax deductions in your weekly, bi-weekly, or monthly cheques is unbelievably difficult! But hopefully, this video will give you some clarification on the matter. I discuss everything in relation to filing your taxes, Federal and Provincial tax deductions, as well as marginal tax rates. If you have any questions, please do not hesitate to leave us a comment! We are not in any way professionals on the matter, but we have been living in Canada for quite some time so we have gained a lot of knowledge on the matter!

USEFUL LINKS:

1. Cost of Living in Canada 2023 (A Monthly Breakdown)!:    • Cost of Living in Canada 2023 (A Mont...  

2. 20 Most in Demand Jobs in Canada 2023:    • 20 Most in Demand Jobs in Canada 2023  
USEFUL WEBSITES:

1. Ontario 2023 and 2022 Tax Rates & Tax Brackets
https://www.taxtips.ca/taxrates/on.htm
2. Income Tax Calculator Ontario
https://ca.talent.com/tax-calculator?...
3. Understanding the tax deductions on your pay stub: https://www.getsmarteraboutmoney.ca/l...

4. Business or professional income:
https://www.canada.ca/en/services/tax...

WHAT IS OUR CHANNEL ABOUT:
We hope to be your virtual guide to help smooth your transition to Canada! Newcomers should prioritize securing a place to live by understanding the local rent dynamics and exploring subsidized housing options. While diving into the Canadian workforce, it's crucial to work on obtaining a driver's license (though using the subway and the bus are also great options!). We also walk you through getting a car and home insurance, acquiring an OHIP Card, and pursuing educational financial aid programs like OSAP. Understanding the cost of living is pivotal, influencing choices from phone plans to shopping for clothes. Government assistance programs, like ODSP, child benefits, and daycare ensure a smooth integration into the Canadian way of life. We also discuss Islamic schools, homeschooling, and public schools to help ease your children’s transition.

A Little Bit About Us:
Since moving to Canada, we have learned A LOT! We only wish there was someone to guide us when we first moved here - it definitely would have saved us a lot of money and time. We hope to be that virtual guide for you! Welcome to The Last Stop!