Calculation of individual income tax in Canada

According to the latest standards, in terms of federal tax, the annual income below 37,885 Canadian dollars (about192,000 yuan) is low, and the tax rate is only15%; 22% is higher than this and lower than 75,768 Canadian dollars, and 26% is higher than 123 184 Canadian dollars (about 625,000 yuan). These two grades are middle class; If the annual income is higher than 123 184, the tax rate is 29%.

According to the income tax law, Canadian residents are obliged to pay taxes on all their income at home and abroad. Non-residents in Canada should also pay taxes on their income from Canada, including personal labor income, business income of permanent offices in Canada, and capital gains from the disposal of taxable property in Canada.

Tax target: Canadian citizens or residents; Spouses and immediate family members who have settled in Canada; Doing business or employment in Canada; Apply to the Canadian federal government or the local provincial government for certain tax refund items or allowances; Sell stocks, bonds, real estate, etc. In Canada.

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Matters needing attention in tax declaration of new immigrants

According to the Canadian tax law, once you become a Canadian resident, you have to pay capital gains tax (no matter in the world) for the appreciation of all your assets.

Before you immigrate, you need to clearly show all your personal and family assets, including real estate and stocks, on a balance sheet. Professionals will provide valuation services and then write down each valuation.

According to the principle that Canadian taxes calculate the total income and tax payable according to independent individuals, family assets can be held by different family members in tax strategy, so as to avoid a single member paying higher taxes because of higher total income.

Family members should redistribute assets before emigration. Because the Canadian tax law strictly controls residents to reduce taxes through income redistribution. Therefore, while evaluating assets, we should also estimate the appreciation potential of assets and the possibility of increasing personal income, so as to decide whether it is necessary to distribute assets to different family members before immigration.

Baidu Encyclopedia-Canada