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How are bonuses taxed in Canada?
– moneysense.ca
If you’re fortunate enough to get a bonus from your employer this year, or if you’ve recently earned a pay bump, how should you spend it?
Maybe that money is already spoken for. Many Canadians are struggling financially right now, so a bonus or salary increase might simply help cover the rising cost of living or create a bit of breathing room in your budget. But if you’re keeping up with monthly obligations like rent, mortgage payments, household bills and loans, you may have some flexibility in how you allocate those bonus bucks—including saving towards your financial goals.
“Year-end bonuses are very exciting and tempting,” says Reni Odetoyinbo, a financial influencer in Toronto who shares money tips on her site, Reni, The Resource. “I like to look at all my goals for the year and see if anything needs topping up to decide how I spend the bonus.” (Read her Q&A with MoneySense.)
Are work bonuses taxed?
Before you start divvying up your dollars: Know that bonuses are taxed like your other wages, so you may not receive as much as you think…
