![]() ![]() Zurich cantonal tax (basic tax) III - Single taxpayers (income taxes) Taxable income (CHF) II - Married taxpayers and single taxpayers with minor children Taxable income (CHF)įor taxable income above CHF 912,600 the overall tax rate will be 11.5%. Personal income tax rates Direct federal tax on income (for 2023) I - Single taxpayers Taxable income (CHF*)įor taxable income above CHF 769,700 the overall tax rate will be 11.5%. Furthermore, dividend income from substantial participations may be taxed at a lower tax rate based on domestic federal and cantonal law. Based on applicable DTTs, the actual taxable income in Switzerland may differ from the tax rate determining income. This results in an applicable tax rate that is levied on all taxable income. ![]() all income sources are added together), and from such total income all applicable deductions are subtracted. Some cantons have recently introduced flat rate taxation.Īll income is taxed on the basis of the same tax return with generally the same tax rate (i.e. Income tax rates are progressive at the federal level and in most of the cantons. Income taxes are levied at three different levels: at the federal level (which is the same all over Switzerland), at the cantonal level (which is the same within a certain canton and is based on the canton's own tax law and tax rates), and at the municipal level (municipalities follow the cantonal tax law, but are entitled to set their own communal tax rate within certain parameters). Non-tax-resident individuals are only taxed on Swiss sources of income and wealth. Via credit/debit card: CAD 2.99 fixed fee + 2.90% commission.All tax-resident individuals are taxed on their worldwide income and wealth.Via PayPal balance/bank account: CAD 2.99 fixed fee.With PayPal, whenever you transfer money to the account of somebody else in a different currency, you'll pay a currency conversion fee in addition to the margin we touched on above. ![]() In effect, this means that for every CAD 1,000 you transfer over to the US, PayPal will convert only around CAD 960 of that amount into US dollars at the true exchange rate. ![]() However, according to our own analysis of the exchange rate that PayPal displays on its pricing calculator for CAD/USD transfers compared to the mid-market exchange rate, PayPal's exchange rate margins fluctuate constantly and can be slightly lower or higher than this amount. the one you see on Google) and the exchange rate that PayPal offers.Īccording to PayPal's fee schedule, this fee constitutes a margin that's 4% above the mid-market rate. In most cases, the bulk of the fees PayPal will charge you when sending money from Canada to the US will come in the form of the exchange rate margin, the difference between the mid-market exchange rate (i.e. If you'd like to take a deep dive into PayPal's fees, you can check out our guide here, but we've summarised the main fees below: PayPal Canada to the US - Exchange Rates Ultimately, this is because of the highly variable, nontransparent fees and USD to CAD exchange rates that you'll be charged along the way. Weighing up total fees and exchange rates for international payments, it quickly becomes clear that PayPal is one of the most expensive ways to transfer into a different currency. ![]()
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