Tax allowance
#1
Thread Starter
Forum Regular



Joined: Oct 2007
Posts: 161
From: Richmond, Vancouver, BC









Do they have a tax allowance threshold in Canada like the UK on the wages. Have tried searching for information but have come to the conclusion that they must call it something different? Trying to work out how much money I will take home each month?
Karen
Karen
#2
Analyst for hire






Joined: Jan 2007
Posts: 1,698
From: Toronto











Basic Personal Amount is the number you're looking for. Currently it's $9,600 for the tax year of 2007 I believe. At least according to the CRA website.
#3
Thresholds vary by provinces and personal circumstances, here's a link to a tax calculator (which is also in a couple of recent threads on here - might be worth checking them out) that might give you an idea-
http://www.ey.com/GLOBAL/content.nsf...7_Personal_Tax
http://www.ey.com/GLOBAL/content.nsf...7_Personal_Tax
#4
Binned by Muderators










Joined: Jul 2007
Posts: 11,708
From: White Rock BC











It is not quite the same as the UK. The government gives a non-refundable tax credit i.e. they assume you have already paid tax at the basic rate on the first $9,600 of taxable income. This way, everyone gets the same tax break. With the UK system higher rate tax payers save more tax than basic rate payers.




