Other specific taxes for individuals in Canada

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When you work as an employee in Canada, not only is your salary subject to income tax, but there are also mandatory deductions intended to fund key social programs . These deductions are applied directly to your paycheck and are mandatory for both residents and non-residents working in the country. Among the main deductions we find:

Employment Insurance (EI) contributions: 1.66% of your ecuador phone number library annual earnings up to a maximum of CAD 1,002 (US$741). This insurance provides temporary financial support to those who lose their job or take maternity, paternity or family care leave.

Canada Pension Plan (CPP) contributions: 5.95% of your annual earnings up to a maximum of CAD$3,166 ($2,342). This plan ensures a pension upon retirement and also covers disability and death benefits for contributors and their families.

So far, these are the most relevant taxes in Canada for individuals. Are they the only ones? No, there are other taxes that, although less common, must be taken into account:

Luxury tax: Taxes items such as high-end vehicles, yachts and private jets at 20% on values ​​over CAD$100,000 ($74,000).
Property transfer tax: This varies by province and applies when purchasing real estate. For example, in Ontario, rates range from 0.5% to 2.5%, depending on the value of the property.