I ran the numbers for my jurisdiction. For just tax, it comes out to 21%. If you add employment insurance, the socialized healthcare premium, and government pension (these are all mandatory) it goes up to 27%.
If you invest 20% of your take-home in retirement, that brings you to a 44% deduction, but I gently question whether you should do that if you’re struggling to put food on the table.
I ran the numbers for my jurisdiction. For just tax, it comes out to 21%. If you add employment insurance, the socialized healthcare premium, and government pension (these are all mandatory) it goes up to 27%.
If you invest 20% of your take-home in retirement, that brings you to a 44% deduction, but I gently question whether you should do that if you’re struggling to put food on the table.