Tax Ledger Canada · tax year kit

Parameters: 2025 CRA tables · treat 2026 payroll as close, not exact

Four drawers. No login. The numbers you actually need.

Take-home pay, which shelter account to fill first, what sales tax you pay, and how much of a gain the CRA will tax. Estimates, not a T1.

Drawer 01 · T4 pocket

What lands in the account

Employment income only. Skips RRSP deductions, union dues, and most credits other than the basic personal amount and the Canada employment amount.

Province or territory Gross annual pay Salary before deductions

Pay frequency Monthly (12) Semi-monthly (24) Biweekly (26) Weekly (52) Work type Employee (CPP + EI) Self-employed (both halves of CPP)

Drawer 02 · Shelter accounts

Where should the next dollar go?

Compares the same pre-tax dollar in each account. If you are buying a first home, FHSA usually wins. If your tax rate will be lower in retirement, RRSP usually beats TFSA.

Pre-tax dollars you can spare this year

Tax rate now Tax rate when withdrawn

Years invested Annual return %

First-home purchase with this money? Yes — qualifying FHSA withdrawal No — retirement / other Year you turned 18 (for TFSA room)

Drawer 03 · Sales tax

What tax sits on the sticker price

GST is federal. HST replaces GST+PST in some provinces. Quebec charges QST on top of GST.

Price before tax Or: you paid this (tax in)

Drawer 04 · Disposition

How much of the gain is taxable

Canada still uses a 50% inclusion rate for most people. The 2024 proposal to raise it was not the law this kit uses. Principal residence is usually exempt — do not run your house through this.

Proceeds of sale Adjusted cost base Selling costs Commissions, fees Marginal tax rate on the taxable half

Tax Ledger is not CRA, a tax preparer, or advice. 2025 federal and provincial brackets, CPP, EI, and account limits are baked into the page. Indexation, Ontario surtax, and Quebec’s abatement are included in simplified form. Confirm payroll on a T4 and room on CRA My Account before you contribute.