Meadbh
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jul 22, 2006
- Messages
- 11,401
What is the Canadian tax rate to fund this?
For people unfamiliar with the US SS tax, it is 12.4%, 1/2 paid by employer 1/2 by employee, levied on earned income up to $118,500 for 2015. And there's also Medicare tax of 2.9%, split between employer and employee. This Medicare tax has no income limit. Then, there's additional Medicare tax for high earners of more than $200K. On top of that, there's federal income tax, and state income tax for most states.
Contribution rates for CPP (Canada Pension Plan), Federal and Provincial income taxes are below. The OAS (Old Age Supplement) is a small amount paid irrespective of employment, but it is clawed back if total taxable income (including investments) is over $71,000 or so. In addition, some Provinces charge healthcare premiums, whereas others pay for healthcare out of general tax revenues. As an example, below I have inserted the healthcare (MSP) premiums for BC, where I live.
Contributions to the Canada Pension Plan - Service Canada
Canadian income tax rates for Individuals - current and previous years
MSP - Premiums
http://www.taxplanningguide.ca/tax-...-2-individuals/old-age-security-oas-clawback/
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