Is there a cut off for taxes?

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MKBLR
Member since: Mar 13

Posts: 195
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Post ID: #PID

Posted on: 16-07-15 09:40:08

Dear CDs,

I would like to know if there is any cut off or threshold limit beyond which one has to pay income tax in Canada? Like in India, one has to pay income tax if one has income beyond Rs. 2.5 lakhs per annum. Is there something in Canada also? Like $10k per annum?

Thanx

tamilkuravan
Member since: Jun 05

Posts: 5775
Location: God's own country
Post ID: #PID

Posted on: 16-07-15 09:59:18

Yes. It is there.
It is known as Standard deduction and is around $ 15,000 for a family (Google please) and around $ 8000 for an individual.

However you will get max. benefits possible (from the Govt.) as long as your family salary is around $ 35K to 40 K a year. Once you cross that limit, they will start cutting the benefits proportionately.

Murali

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tamilkuravan
Member since: Jun 05

Posts: 5775
Location: God's own country
Post ID: #PID

Posted on: 16-07-15 10:02:20

The exemption limit for the year 2015 :

Single : 6300 $
Head of household : 9250 $
Married : $ 12,600

Murali

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I am a Gents and not a Ladies.

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