401k equivalent in Canada and taxes


#1

Hi Everyone,

What are the payroll deductions in Canada, (I know taxes varies based on the provenience) . But in general what are the tax deductions, I have seen

Canada Pension Plan (CPP) deductions1
Total tax on salary or pension income

sections on on-line payroll calculators (https://easytaxca.com/payroll-calculator-2017/). What are the components of 401k out of these two.

Are there any tax deductions such as home loan interest or something else can be for tax deductions?

Thanks


#2

The canadian equivalent of US 401k plan is RRSP (Regstered Retirement Savings Plan).

No, there are no tax deductions from home loan interest as in US.

Canada is based on socialist model. Spread the wealth to the population.
USA is based on capitalist model. You keep all your money and let the government stay away from your pockets.