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Need to add CPP (Canada Pension Plan) contributions to the taxes. That's another $2898 deducted in 2020. Also, I threw $100k into the EY online tax calculator
by paulhart 6y ago
Need to add CPP (Canada Pension Plan) contributions to the taxes. That's another $2898 deducted in 2020.
Also, I threw $100k into the EY online tax calculator - https://www.eytaxcalculators.com/en/2020-personal-tax-calculator.html https://www.eytaxcalculators.com/en/2020-personal-tax-calcul... - and it claims you'd have $77,410 left after federal and provincial taxes in BC (getting into RRSP contributions etc just makes things complicated).
- senecaso 6y agoAdded CPP. Let me confirm my numbers against that tax calculator. I based this on the rates found in the "About" page, but its possible I screwed up the calculation.
- senecaso 6y agoI just compared my numbers to https://simpletax.ca/calculator https://simpletax.ca/calculator and they look pretty close. I checked the site you mentioned, and you're right, they are vastly different. I can't explain that with certainty, but perhaps its not deducting things like RRSP contributions which lowers the tax?