Mo' Money Podcast | Personal Finance With Jessica Moorhouse

Gerry Vittoratos has been working for Thomson Reuters for over 10 years as a trainer and tax support resource person. In his capacity as head trainer, Gerry has been providing training sessions to tax professionals all over Canada. He has also made several radio and TV appearances on BNN and Global TV as the UFile tax specialist discussing a multitude of tax topics. Here are some of the things we talked about in this episode. Tax Brackets, Average Tax Rate & Marginal Tax Rate. We talked at length about tax brackets and how in Canada we have a progressive tax system. That means that you pay different tax rates on different portions of your income. Your average tax rate is the amount of tax you pay divided by your income. Average Tax Rate = Total Tax / Total Income Your marginal tax rate is the amount of tax you would pay on your next dollar of income. With that said, your average tax rate is what you need to know because it will show you how much money you have to pay the government in taxes. To help, chec