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During 2023, Aiden earned $60,000 gross employment income from his position as a co-ordinator at GGF Mutual Funds. He and his employer each contributed $1,500
During 2023, Aiden earned $60,000 gross employment income from his position as a co-ordinator at GGF Mutual Funds. He and his employer each contributed $1,500 to his Registered Pension Plan (RPP), while Aiden also contributed $1,000 to a Registered Retirement Savings Plan (RRSP), $2,000 to a Tax-Free Savings Account (TFSA), and $500 to a First Home Savings Account (FHSA). Aiden also paid $700 in medical expenses. Aiden had no other tax deductions other than those arising from the foregoing. What was Aiden's average Federal tax rate in 2023? Refer to 2023 Federal income brackets and rates below. Income Bracket Marginal Tax Rate 0 - $53,359 0.15 $53,360 - $106,717 0.205
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