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!
#CanadaTaxBrackets #OntarioTaxes #CanadianIncomeTax #TaxTips #ChashuVlogs #FinanceCanada #TaxPlanning #FederalTax #ProvincialTax #TaxEducation #IncomeTaxCanada
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In our future videos, we will be covering below topics:
- India to Canada flight travel experience
- India to Canada immigration process
- Tips for parents travelling to Canada with baby / infant
- Things to do in Canada as an Immigrant
- Airbnb in Canada
- House rents in Toronto and Mississauga Canada
- Grocery Shopping in Mississauga Canada
- Buying first car in Canada

[@vimaljeeva1091]

Thanks for the detailed video 😍

[@Chashuvlogs]

Thank you for your comment!! ❤️

[@rudrapbiswas]

Chasu ji,
From past couple of months, I have been following your videos. I have some queries, regarding Canada migration.
Probably, by end of Nov this year, humlog (We 2 and our 7 year old kid) Canada move karenge. This is going to be a relocation offered by my employer from India office to Canada. I was told to relocate in Ontario.
Can you plz help me suggesting how to find a rented house. Also, I have no idea on the cost of living there. What should be a descent salary for a family of 3 to live in Ontario?

[@Chashuvlogs]

Hello! Thank you so much for following my videos and reaching out. I'm glad to hear you're finding them helpful.
First thing, company transfer is the best thing. You come here with a job in hand is the best situation. See if they can also sponsor your spouse work permit.
In Ontario, staying is Mississauga is probably the best choice. See this video: ruclips.net/video/x1Pt8ggXGdA/видео.htmlsi=ywH0RIjBOxYBg6tF
CAD 80,000 salary should be good for a family of 3 to live comfortably in a 1 bedroom house. Cost of Living: ruclips.net/video/L6i23276K74/видео.htmlsi=kyw457NzBgAWtP-h
Lastly, you can search for rent house via agents, they won't charge you any money and they will show you properties of your interest. You will many agents once you come here.
I hope this information is useful. November will be cold in Canada, so come prepared with sufficient jackets.

[@rudrapbiswas]

@@Chashuvlogs Thank you so much 🙏

[@Chashuvlogs]

@@rudrapbiswas Dependent Work Permit dekhlena. It will really help you. Just a friendly suggestion.

[@rudrapbiswas]

@@Chashuvlogs Work permit is company sponsored relocation. We will be living in Ontario. What's the descent salary for 3 of us live decently in an Indian community area?

[@Chashuvlogs]

Hi.. Sorry for the late reply. A salary of CA $80,000 per year should be a good salary to have a comfortable life for a family of 3. Please don't expect to save anything much.