Income Tax calculations in Canada | Federal & Provincial Taxes | 25% as thumbrule | Chashuvlogs

Hey everyone,

Welcome back to ChashuVlogs! Today, we're diving into a topic that's crucial for anyone living in or moving to Canada – tax brackets. Understanding how tax brackets work can help you manage your finances better and plan for the future. In this video, we'll break down the tax system in Canada, focusing on both federal and Ontario provincial taxes.

First, let's explore the federal tax brackets for 2023:

15% on the first $53,359 of taxable income
20.5% on the next portion of taxable income over $53,359 up to $106,717
26% on the next portion over $106,717 up to $165,430
29% on the next portion over $165,430 up to $235,675
33% on any income over $235,675
Next, we'll look at the Ontario provincial tax brackets for 2024:

5.05% on the first $49,231 of taxable income
9.15% on the next portion from $49,231 to $98,463
11.16% on the next portion from $98,463 to $150,000
12.16% on the next portion from $150,000 to $220,000
To give you a clearer picture, let's calculate the taxes for an annual income of $100,000 in Ontario. For federal taxes, you would owe $17,565.26. For Ontario provincial taxes, you would owe $7,162.40. This brings your total tax bill to $24,727.66.

We hope this video helps you understand how Canadian tax brackets work and how they can impact your finances. Don't forget to like, subscribe, and hit the bell icon for more informative content. If you have any questions or topics you'd like us to cover, leave a comment below!

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In our future videos, we will be covering below topics:
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- Things to do in Canada as an Immigrant
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