Q: I currently take home around 70% of my income in the States. I'm wondering how different the tax rate is in Canada (Vancouver). I'm guessing the rate varies based on income, so assume $100K. Would there be any other deductions? Is healthcare included in this?
A: I'm looking at a T1 Special income tax form) right now--between $71 190 and $ 115 739 you will pay 26%. That is just federal tax. Then you have to add provincial tax which is 11.6% (Ontario). Then you add union dues etc/property tax (if you own a house) sales tax in Ontario is 14% at present. CPP (Canada Pension Plan-you must pay) /employment insurance all off of your cheque (sales tax of course isn't off your cheque--although eventually it is if you buy something) So having said all that, you'd be lucky to see 50K. Health care is included.
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