Clarification on Tax Rate in Canada (specifically BC)

@spai you can probably post this in this conversation too A tax consultant has offered to answer questions related to Canadian taxes

Here’s what I understand:
Marginal tax means it is based on tax slabs

eg: if your annual income is $100K and if marginal tax rates are like this:
10% on for $20000 ($2000)
20% on next $30000 ($6000)
30% on next $40000 ($12000)
40% on amount greater than that (in this case 40% of $10000 = $4000)

the tax you owe will be $24000, so effective tax rate is 24%.

There is no concept of married filing jointly in Canada, but that can be an advantage in some cases if there’s a huge difference in the income rate between the spouses (I don’t know the specifics, probably a good question to ask a CPA / financial planner).

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