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| Subject: Income tax - Ontario |
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Does anyone know how to calculate your net monthly income based an a gross annual salary figure ?
I am asking this because I am looking for job listings in Ontario and they are giving annual gross salary and I would like to know how much it gets cut to get your net monthly salary out of that ?
Let´s say $60k, so how much do you really get per month ? $2,000, $3,000, $4,000 ?
I know how to do this calculation for US but not for Canada. Anybody knows ? Any website I can check that ?
Thanks
[26-10-2007,15:32]
[***.207.38.125]
CBV333 |
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(in reply to: Income tax - Ontario)
Go to Website www.cra.gc.ca (Canada Revenue Agency) and download the 2007 income tax documents and you will get to know.
There are a # of income tax softwares www.quicktaxweb.ca where you can try to determine your approximate net based on the gross.
see the following docs
http://www.cra-arc.gc.ca/E/pbg/tf/5000-s1/5000-s1-06e.pdf
http://www.cra-arc.gc.ca/E/pbg/tf/5006-c/5006-c-06e.pdf
http://www.cra-arc.gc.ca/E/pbg/tf/5006-r/5006-r-06e.pdf
If its 60K, net should be between 2700 to 3000 close to...
Calculate as per above documents and enjoy...
Let me know if you need something else
By the way, whats your latest status?
Praveen
[26-10-2007,16:18]
[***.170.52.90]
Praveen |
(in reply to: Income tax - Ontario)
Thanks Praveen,
This info is very useful to me, I always take time to resolve tax issues but I need to know.
Thanks for asking for my status: still the same WAITING, today I called Ottawa just to check that our medical results were uploaded and yes they told me they sent everything to Buffalo so if problem is, it is not that.
I hope it will come soon. I am tempted to email Buffalo but I am afraid it does not look good. So I refrain myself from doing so but I may do it by mid November.
[26-10-2007,16:41]
[***.207.38.125]
CBV333 |
(in reply to: Income tax - Ontario)
Better wait for some more time instead of sending mails. Even Buffalo does not respond to all the mails as well.
I have been in Canada since 2 1/2 yrs and have come to US 2 months before. I have sent the Passports yesterday and waiting for them to come back.
I will have to make a visit next month to land and come back in 2 or 3 days. Then make a permanent move in next 6 months or so.
Anyway all the best and let me know if you need anything else.
Thanks
Praveen
[26-10-2007,17:39]
[***.170.52.90]
Praveen |
(in reply to: Income tax - Ontario)
CBV,
Try this:
http://www.walterharder.ca/Take%20Home%20Pay%20Calculator.html
[26-10-2007,17:44]
[***.254.208.242]
Departed_Canadian |
(in reply to: Income tax - Ontario)
Thanks Praveen, I will keep you updated if you are interested
DC
That is a great website, exactly what I was looking for. The number that came out looks too high though but anyway it is an estimate and this is what I was looking for.
THANKS!
By the way I ordered my driving records today from my previous state, thanks againg for directing me to the right place.
[26-10-2007,18:21]
[***.207.38.125]
CBV333 |
(in reply to: Income tax - Ontario)
Yes, To me the take out home income looks higher. But shouldn´t be that of. Also, be familiar with the Canadian RRSP.. (pension, childcare funds) system. Depending on your selection that´ll also have impact on the take home amount, like US 401K.
[26-10-2007,18:29]
[***.254.208.242]
Departed_Canadian |
(in reply to: Income tax - Ontario)
nope, the harder.ca is correct. You can also reduce your income tax if you have donations, medical receipts, tuition etc. RRSP´s are a voluntary pension plan that defers your tax on anything you lock into a RRSP account. you pay the tax (hopefully at a lower rate) at a later time when you may / or may not earn as much and therefore be in a lower tax bracket.
[26-10-2007,21:29]
[***.121.220.199]
Sharon |
(in reply to: Income tax - Ontario)
While comparing US/Canada I never consider the "High Canadian Tax" is a real issue. I know that the take home incomes don´t vary a lot. In US we may pay less tax, but we have to pay FICA, medicare and above all health premium. Eventually the figures are very close.
I think the high tax issue is more prominent in the form of sell tax, 15% compared to US 6.5%. Also in general municipal taxes in Canada are generally higher for obvious reasons.
[27-10-2007,12:44]
[**.152.203.73]
Departed_Canadian |
(in reply to: Income tax - Ontario)
I was in Washington State last weekend. Salestax there is 8.9%. In BC, the combinded provincial tax and Federal GST is 13%. Not sure if Washington state has manufacturing tax (which means it is not shown on the sales receipt - Canada had such a tax before GST).
Municipal taxes are a combination of a provincial tax,city tax, transit, and school tax. It is always tied to the assessment of the property where you live. Business pays 3-6 times that of residents for the same value of property. Cities cannot run a defecit so what they spend they must collect the same year. If you live in the house you own, you get a discount.
My municipal taxes run about $1,200 a year. My Mom, living in a different city... with twice the property that I do pays about $3,400 a year. My annual water bill is about $250.
If you don´t own your house, those taxes are included in your overall rent.
[27-10-2007,15:44]
[***.121.220.199]
Sharon |
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