As you have known that the tax levied in Canada is progressive, which means the higher your income, the higher your tax rate. So to calculate your tax in Ontario, a fixed tax rate is imposed for a certain range of amounts. These include:

• A 5.05% tax rate is applied on income up to $46,226.
• 15% in taxes are levied on income beyond $46,226 and up to $92,454.
• The rate for amounts between $92,454 and $150,000 is 11.16%.
• A $12.16% tax rates apply to earnings between $150,000 and $220,000.
• Finally, a rate of 13.16% will be applied to earnings beyond $220,000.

The total rate of the goods and services tax (GST) in Canada (5%) and the provincial sales tax (PST) in British Columbia (B.C.) (7%) equals 12% of the global sales tax for the province. An alternative is to utilize the British Columbia Tax calculator to get a precise tax estimate. The British Columbia income tax calculator can provide you with a reasonably accurate estimate of your tax liability if you provide the correct data.

The tax is calculated by dividing the property's value for the current tax year by the overall tax rate. This is primarily comprised of a municipal tax set by the municipality in which the property is situated and an education tax that may vary from one municipality to another. Every Canadian municipality sets its yearly property tax rate. This rate typically ranges from 0.5% to 2.5%. Keep in mind that the size of your property, the price you paid for it, and your income have no bearing on what you will have to pay in your property taxes.