Federal tax rates for 2008 are:
15% up to $37,885 of taxable income,
22% between $37,885 and $75,769,
26% between $75,769 and $123,184,
29% of taxable income over $123,184.
British Columbia tax rates for 2008 are:
5.06% up to $35,016 of taxable income,
7.7% between $35,016 and $70,033,
10.5% between $70,033 and $80,406,
12.29% between $80,406 and $97,636,
14.7% of taxable income over $97,636.
With these figures you can estimate to pay approximately 21% on taxable income up to $35,000 if you resided in the Province of B.C. on December 31st, 2008.
Taxable Income (Line 260) is calculated by subtracting from Total Income (Line 150) some of the following:
RRSP Contributions
RPP Contributions
Union or Professional Dues
Child Care Expenses
Moving Expenses
Eligible Support Payments Paid
Employment Expenses
Deduction for Split-Pension Amount (Form T1032).
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