Unlock the Power of Digital Signature Licitness for Payroll Deduction Authorization in Canada

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howdy folks welcome to another beautiful day although it's beautiful now it was extremely windy earlier on today uh we actually went to the boathouse or the beach house for a meeting and we wanted to sit outside the waves were quite big and it was very very windy so yeah one of those days any which way so today i wanted to talk about taxes income taxes specifically in canada or specifically here in bc um it just came to my mind because i've looked at my payslip this morning and i'm like ah pay taxes i don't like taxes but hey you got to pay the taxes um and i thought what i'll do is i'll just let you know what the deductions are in vancouver in british columbia and i guess it's the same for most of canada except for quebec quebec's always different okay so firstly the first deduction that you have on your payslip would be your bcc uh or your cpp your canadian pension plan cpp canadian pension plan and they take 5.7 of your total salary every month goes to the canadian pension plan but your employer also contributes 5.7 so it's double that amount that goes into the pension plan um but it's only up to a maximum it's just over 3 500 a year so you won't pay more than 3 500 a year it's only for i think it works only up to 64 000 or something that you have to be paying that but everybody that works in canada even if you're self-employed you're supposed to pay that cpp contribution and the cpp claim is not always that easy you know it's supposed to be a pension contribution but like for us that's work permit holders i don't even know how we claim that because it's we're paying it in but if we should leave while we're getting pr so in other words you know it's good for us we pay again to the pension plan uh but if we should leave it's um i don't know if you can even claim it back but anyway so the first deduction on your payslip would be your cpp canada pension plan the second deduction on your payslip would be ei employment insurance and that's 1.58 of your total pay up to a maximum of 950 a month now that is what like we in south africa call uif so in other words it's the unemployment insurance fund yeah it's just called employment insurance and what it is is um if you should lose your job but only through no fault of your own then you can claim your half of your salary or something like that for a period of i think between four and 20 odd weeks but it's only if you lose the job through no fault of your own so if you resign or you get fired or something you cannot claim the employment insurance you can only claim it if you get retrenched oh and the other requirement is that you would you you are bettering yourself so you're doing something you're studying or bettering yourself trying to find a different job so those are the first two deductions and then there's only two more deductions which are your income taxes there's a federal income tax and then a provincial income tax now the federal income tax um on a salary on an annual income of about sixty thousand dollars which is about five thousand a month you will pay uh it's just over fifteen percent for the first bit and a small portion falls in a twenty percent bracket anyway the federal income tax kind of ranges from 15 for anything less than 49 020 annual income up to 33 for anything more for more than 216 000 and something dollars a year income so if you make more than 216 000 a year you are paying 33 percent um federal income tax on everything above it obviously it gets worked out in percentages i mean you don't pay 33 on the whole amount it's in the different branches there's all these different levels and then you have bc income tax so um provincial income tax now the provincial income tax ranges from 5.06 for anything less than 42 184 i think up to twenty point five percent for everything over two hundred and twenty thousand and something two hundred and twenty two thousand and something so in other words when i'm you know at the bottom end of the scale you're paying about 20 income tax if you combine federal and provincial and at the top end of the scale you will be paying sure 33 53.5 on everything over i guess about 220 000 you're gonna hand over more than half of it to the government you know which sucks i mean it's a it's a fairly solid strong tax rate but then again thinking about it you know we're in south africa i think at the top right top end of our taxes was 40 percent here it's 53 um but then again like i said thinking about it over here i don't need to pay for private security over here you know there's a lot of things that kind of work um you know there's really the free medical in south africa free medical just isn't the same so i guess i don't mind paying more taxes because i actually get more for it so you know it's great any which way then on a different note a couple other things i saw in the news and interesting thing today down on one of the highways here in the interior by merit there was a google glitch that sent like hundreds of drivers down this little logging road that was washed out so there was like a giant traffic jam on this little logging road can you imagine that google messed up badly there um and for the rest today was photo day at the school so the kids all went to school and had their photos it was their first full day they had like events and i don't know what all going on there so it was a good day for them and uh i just wish you could see the view out here even with the trees you've got the sun setting over there with the mountains and it's just this like beautiful orange oranges that goes through everything but i had a look through the camera you you can't see it eyes are just so much better than cameras i'm sorry all right folks you all must have a good one cheers [Music] you