Income Tax Calculator British Columbia
Find out how much your salary is after tax
Salary rate
Withholding
Salary $42,000
EI deduction - $664
CPP deduction - $2,195
Federal tax deduction - $5,678
Provincial tax deduction - $2,001
Total tax - $10,537
Net pay * $31,463
Marginal tax rate 26.9%
Average tax rate 25.1%
25.1%Total tax
74.9%
Net payThe Taxberg
$31,463
Net pay
$3,124
Tax the employer pays
$10,537
Tax you pay
Total tax paid
$13,661
Did you know your employer also pays tax on your salary? It costs the employer $3,124 to pay you $42,000. In other words, every time you spend $10 of your hard-earned money, $3.25 goes to the government.
Real tax rate
30.3%
So, with you and the employer both paying tax, what used to be a 25.1% tax rate now rises to 30.3%, meaning your real tax rate is actually 5.2% higher than what it seemed at first.
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Summary
If you make $42,000 a year living in the region of British Columbia, Canada, you will be taxed $10,537. That means that your net pay will be $31,463 per year, or $2,622 per month. Your average tax rate is 25.1% and your marginal tax rate is 26.9%. 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 $26.9, hence, your net pay will only increase by $73.1.
Bonus ExampleA $1,000 bonus will generate an extra $731 of net incomes. A $5,000 bonus will generate an extra $3,655 of net incomes.
| Country | Net pay | Average tax | Rank |
|---|---|---|---|
| Nunavut | CAD 31,898 | 24.1% | 1 |
| British Columbia | CAD 31,463 | 25.1% | 2 |
| Northwest Territories | CAD 31,154 | 25.8% | 3 |
| Nova Scotia | CAD 29,259 | 30.3% | 11 |
| Prince Edward Island | CAD 29,227 | 30.4% | 12 |
| Manitoba | CAD 29,088 | 30.7% | 13 |
NOTE* Withholding is calculated based on the British Columbia tables of CA, 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.