12-12-2023, 06:24 AM
(11-12-2023, 11:52 AM)Levin Wrote: Canada has no inheritance tax.
But its income tax is very high relative to Singapore. From 15% to 33$ at the federal level. Then depending on which province one is working in, can be as low as 11.5% to as high as 25.75%.
Note that normally, the full income tax will be federal tax plus provincial tax so Canadians pay a lot of taxes. Their take-home pay is most probably less than Singaporeans' take-home pay. But Quebec is different. For Quebec, the federal tax is reduced by 16.5%. Not the tax rate, only the taxes is reduced.
Also doesn't mean one pays less tax in Quebec relative to other parts of Canada as the provincial tax is the highest in Canada at 25.75%.