u/IdrisRk

I’m newly self-employed in British Columbia and trying to budget properly for taxes.

Does setting aside 31% of my monthly income sound reasonable for federal tax + provincial tax + CPP? I feel like that’s high but I really don’t know. When researching it myself I found that people put 20-30% away. So how do I know what amount to actually put away?? This is giving me such a headache.

If I make $5200 per month and put aside 31% for taxes that’s $1612!

For context, this is net self-employment income after expenses.

Curious what percentage other self-employed people in Canada/BC usually put aside each month.