wE ArE AlL In tHiS ToGeThEr!
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Dr. Eileen de Villa Salary
Total income $309,595
Federal tax $78,445
Provincial tax $48,661
CPP/EI Premiums $3,754
Total tax $130,861
After-tax income $178,734
Average tax rate 41.08%
Marginal tax rate 53.53%
At least she get taxed to hell and back.
The Turbotax calculation above only includes the basic income tax credits. I don't know what tax shelters she takes advantage of in order to offset the tax bill. At any rate she gets taxed a lot.
She probably maxed out her RRSP contributions. You can deduct these from your income. I maxed out my and my wife's this year. Lowered my taxes by a couple grand.