How much tax taken off?

1

Hello can anyone tell me how much tax is taken off your lump sum about and then your monthly CPP-D amount? Thank you !

2

Nothing, unless you ask for a certain amount to be withheld.

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3

Thank you for responding. I thought that the lump sum and your CPP-D monthly payment were both taxable? Maybe Iā€™m confused

4

Withholding is just a prepayment, not a final amount owing. You can choose to withhold/pre-pay as much as you want, but the final amount that you owe will depend on your total income and tax credits.

The Wealthsimpe Canada tax calculator will give you a pretty good estimate for your province.

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5

I believe you can change the amount online yourself for the monthly.