Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$7,960
Federal tax deduction
- $944
CPP deduction
- $254
EI deduction
- $126
Total tax
- $1,324
Net pay
* $6,636
Marginal tax rate
21.2%
Average tax rate
16.6%
83.4%
Net pay
16.6%
Total tax
Total tax
Net pay
Summary
If you make $7,960 a year living in the region of British Columbia, Canada, you will be taxed $1,324. That means that your net pay will be $6,636 per year, or $553 per month. Your average tax rate is 16.6% 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 $21.18, hence, your net pay will only increase by $78.82.
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.