Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$7,021
Federal tax deduction
- $813
CPP deduction
- $201
EI deduction
- $111
Total tax
- $1,125
Net pay
* $5,896
Marginal tax rate
21.2%
Average tax rate
16.0%
84.0%
Net pay
16.0%
Total tax
Total tax
Net pay
Summary
If you make $7,021 a year living in the region of British Columbia, Canada, you will be taxed $1,125. That means that your net pay will be $5,896 per year, or $491 per month. Your average tax rate is 16.0% and your marginal tax rate is 21.2%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of $100 in your salary will be taxed $21.19, hence, your net pay will only increase by $78.81.
Bonus Example
A $1,000 bonus will generate an extra $788 of net incomes. A $5,000 bonus will generate an extra $3,941 of net incomes.
NOTE* Withholding is calculated based on the British Columbia tables of Canada, income tax. For simplification purposes some variables (such as marital status and others) have been assumed. This document does not represent legal authority and shall be used for approximation purposes only.