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Tax rate Taxable income threshold
15% on the portion of taxable income that is $53,359 or less, plus
20.5% on the portion of taxable income over $53,359 up to $106,717, plus
26% on the portion of taxable income over $106,717 up to $165,430, plus
29% on the portion of taxable income over $165,430 up to $235,675, plus
33% on the portion of taxable income over $235,675
2. How to Save Money in Canada:
Registered Retirement Savings Plan (RRSP): An RRSP is a retirement savings plan that you establish, that the CRA registers, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.
Tax-Free Savings Account (TFSA): A TFSA allows Canadians to set money aside in eligible investment vehicles to grow tax-free throughout their lifetime. All income types (e.g., interest, capital gains, dividends) earned in a TFSA are tax-free when withdrawn.
Use Public Transport: Especially in big cities like Toronto, Vancouver, and Montreal, using public transportation can save you a considerable amount compared to owning a car.
Take Advantage of Loyalty Programs: Many Canadian stores and businesses offer loyalty programs that can save you money in the long run.
Budget Wisely: Track your spending, and use tools or apps designed to help Canadians budget their expenses.
3. Ideas for New Immigrants in Canada:
Build Credit: Apply for a credit card, even if it's a secured one, and start building credit as soon as possible.
Networking: Join local community groups or associations related to your profession or interests. Networking can open doors to job opportunities and social connections.
Understand Your Rights: Familiarize yourself with Canadian laws and your rights as an immigrant. This can help you avoid any potential issues in the future.
Take Language Classes: If English or French isn't your first language, consider taking classes. Both federal and provincial governments offer language programs for newcomers.
Utilize Immigrant-Serving Agencies: These agencies provide free services to help newcomers settle, find jobs, and integrate into Canadian society.
Learn About Healthcare: Understand how healthcare works in your province and register for a health card.
Seek Educational Opportunities: Canada has numerous pathways for further education. Consider upgrading your skills or getting your qualifications recognized.
Embrace Winter: Learn to enjoy Canadian winters by taking part in activities like skating, skiing, or simply dressing warmly and enjoying the snow.
Salary:
#CanadianSalary
#JobPayCanada
#WageWatch
#SalaryInsights
#PayScaleCanada
#EarningsInCanada
#KnowYourWorth
#CanadianIncome
Money Saving:
#CanadianSavers
#FrugalCanadian
#CanadaOnABudget
#SaveMoneyCanada
#CanadianDiscounts
#BudgetingInCanada
#MoneyHacksCanada
#FrugalLivingCA
Financial Tips/Advice:
#CanadianFinance
#FinanceTipsCanada
#CentsAndSense
#SmartMoneyCA
#CanadianFinancialFreedom
#InvestingCanada
#RRSPvsTFSA (specific to the debate between these two popular Canadian investment accounts)
#CanadianWealthBuilding
General:
#PersonalFinanceCanada
#MoneyMattersCA
#CanadianBudget
#FinancialWellnessCanada
Remember, hashtags should be used to help categorize and make your content discoverable. It's essential to ensure that the hashtags you choose are relevant to your content. Periodically reviewing the performance of your hashtags and adjusting as needed can also be beneficial.