I Tracked My Taxes For A Year

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According to the Fraser Institute, Canadians pay about 43% of their income in taxes. Now not all of that is income taxes, which really depend on your income. To test their tax estimate against my own situation, I tracked all the taxes I paid throughout the year.

Fraser Institute Study: https://www.fraserinstitute.org/sites/default/files/tax-freedom-day-2018.pdf
Fraser Institute Tax Index: Half a Century of Fuzzy Math: https://www.policyalternatives.ca/publications/commentary/fraser-institutes-consumer-tax-index-grossly-misrepresents-reality
Canadian Income Tax Video – Do You Know How Canadian Tax Works?: https://www.youtube.com/watch?v=U_IsUvhV35I
Payroll Taxes:
Taxes for Self-Employment & Side Hustles:
Beer & Wine Taxes in Ontario: https://www.fin.gov.on.ca/en/tax/bwt/index.html
Spirits Taxes in Ontario: https://www.fin.gov.on.ca/en/tax/st/index.html
Tobacco Taxes in Ontario: https://www.fin.gov.on.ca/en/tax/tt/index.html
Cannabis Duties: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/edn55/calculation-cannabis-duty-additional-cannabis-duty-cannabis-products.html#_Toc523301213
Gasoline Tax: https://www.fin.gov.on.ca/en/tax/gt/index.html
Zoocasa Study: https://www.zoocasa.com/blog/how-property-tax-differs-across-canada-infographic/

You can find more financial advice and insights on our PWL Capital team page.

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Integrand says:

Hello, I just finished my second year of electrical engineering in BC, and Ive grown up here, but the one thing the school system, or even any system, doesnt teach us is taxes, and Ive held one or two jobs with taxable income and I still havent a clue how to file a tax return or even what taxes I need to pay, or even how RSP/the retirement and education savings plans that there are.
Just want to say that Im finding your videos very VERY informative and am going to continue my viewing minutes!

I recommend how to videos or even just other explanitory videos of how these taxes work (if you havent already)

Thanks a ton and keep up the good work!!!

Craig Tomkow says:

Hi Susan. I am a big fan of your videos. A quick comment about calculating your tax owing. Isn't your net income line 236, not line 150 (gross income)? So it should be (line 435) / (line 236).

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