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Revision as of 14:42, 9 September 2026
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As you read earlier, Canada's tax system is progressive which means the more you earn, the higher the tax rate. Lowering your taxable income minimizes amount of tax you'll pay. 10% (8.55% for healthcare and 8.45% Medicare to General Revenue) for my employer and me is $15,612.80 ($7,806.40 each), which is less than both currently pay now ($1,131.93 $7,887.10 = $9,019.03 my share and $1,131.93 $8,994 = $10,125.93 my employer's share).
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