How do taxes work in Canada?

Credit to Author: Staff Writer| Date: Tue, 05 Sep 2023 18:50:56 +0000

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Let us explain to you swiftly how taxes in Canada work. Here are quick answers to better understand how the different tax rates work, how they reflect on your revenues and what you should be declaring when making your tax return.

Taxes are the money we give to the government to help pay for collective services. In Canada, that pays for schools, hospitals, roads and more.

When you get paid by your employer, they put a portion aside to give to the government. How much you pay, your tax rate, is a percentage of your income that you have to pay in taxes. Basically, the more money you make, the more you will have to pay.

You can reduce the amount of taxes you pay amongst other solutions by putting money into a registered retirement savings plan (RRSP).

But everyone pays taxes, which helps Canada offer benefits like free health care to its people.

For more answers and information, visit our information hub dedicated to newcomers. Find more helpful videos as part of this guide here.

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