How much income tax do you pay on 20000 in Can?

Answer 1

In Canada, the income tax you pay on $20,000 will depend on the province or territory you reside in, as tax rates vary across the country. For the federal tax, the first $53,359 of taxable income is taxed at a rate of 15%. After applying basic personal deductions, the effective tax rate on $20,000 may be quite low, often resulting in a minimal amount owed or even a refund depending on other deductions and credits you may qualify for. It's best to use an online tax calculator or consult a tax professional for precise figures based on your specific circumstances.