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Show HN: Income/savings calculator for moving to Canada

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Re: Show HN: Income/savings calculator for moving to Canada

#41

Post by senecaso »

senecaso wrote: post #27
tejohnso wrote: post #24

It would be nice if there were explainers beside the figures. Immediately upon looking at the default page we see a base salary of $100,000 gives taxable income of $69,015.64. How?

base salary - nontaxable expenses non taxable expenses = RRSP + CPP + EI (plus anything else you add to the list) I'll look at revising the instructions to make it more clear that the tables below directly impact the calculation. Would that help?

I think I can lay out the summary fields a bit differently to reflect how the calculation is being made, so its more obvious to the user whats going on. I'll see if I can do that later today. Thanks for the input.

Re: Show HN: Income/savings calculator for moving to Canada

#42

Post by parliament32 »

senecaso wrote: post #31
tejohnso wrote: post #23

Nearly $5,000 /yr for medical, vision, dental seems quite high. Where is that default coming from?

it was a guess based on numbers I polled from someone I know, then I just multiplied it by 3, for a "family of 3" as indicated in the comments. If you are willing to provide a more accurate number, I'll include that.

That's way too high. I pay $800/yr for basically 100% coverage in a group plan for me plus one.

Re: Show HN: Income/savings calculator for moving to Canada

#43

Post by senecaso »

jbay808 wrote: post #40
nerdponx wrote: post #34

Earlier quoted context omitted.

I'd be interested in total take-home pay when comparing Canadian taxes to US taxes + employer-sponsored healthcare coverage.

I think the difference in taxes are a very minor factor compared to the difference in pre-tax compensation in the US vs Canada.

they sure are! From the digging around I have done, you can expect a 40% cut from a Bay area salary to Vancouver. The question then becomes, what sort of standard of living could I expect to maintain after taking such a large cut, and that's what I was trying to surface with this calculator.

Re: Show HN: Income/savings calculator for moving to Canada

#46

Post by glitchc »

jbay808 wrote: post #40
nerdponx wrote: post #34

Earlier quoted context omitted.

I'd be interested in total take-home pay when comparing Canadian taxes to US taxes + employer-sponsored healthcare coverage.

I think the difference in taxes are a very minor factor compared to the difference in pre-tax compensation in the US vs Canada.

It's a triple whammy. Compensation is lower, taxes are higher, food is more expensive. Only healthcare is cheaper. It's mostly paid for, prescriptions included, if you work for a company with a decent health plan. Cars are also more expensive overall (ownership + insurance).

Re: Show HN: Income/savings calculator for moving to Canada

#47

Post by 52-6F-62 »

nerdponx wrote: post #34
mmastrac wrote: post #17

Earlier quoted context omitted.

> Taxes are killer in the Great White North. Fortunately this pays for an extensive social security network including health care (though sadly not dental!)

I'd be interested in total take-home pay when comparing Canadian taxes to US taxes + employer-sponsored healthcare coverage.

I think that’s an unfair comparison.

I wouldn’t recommend looking for an American lifestyle in Canada.

Re: Show HN: Income/savings calculator for moving to Canada

#48

Post by alloai »

For first year, you can not take rrsp contributions. And starting the second year, rrsp contribution room is 18% of your previous year salary. for 100 000 salary, you can only contribute 18 000 (maximum is about 22000 something). Want to know if you have source code, I can help to contribute the calculations. I've accounting background studying react and python right now.

Re: Show HN: Income/savings calculator for moving to Canada

#49

Post by senecaso »

alloai wrote: post #48

For first year, you can not take rrsp contributions. And starting the second year, rrsp contribution room is 18% of your previous year salary. for 100 000 salary, you can only contribute 18 000 (maximum is about 22000 something). Want to know if you have source code, I can help to contribute the calculations. I've accounting background studying react and python right now.

Oh, nice, thanks! Its in a private repo right now, but I can probably make it public since there isnt anything I need to protect in there.

I'm guessing most users going into tech would likely make at least $150k/yr, so they would be eligible to make the max contribution for the year. Good point about the 100k default base salary though. I didnt realize it was min(18% prev yrs salary, $27230.00), thats good to know, thanks!

Re: Show HN: Income/savings calculator for moving to Canada

#50

Post by rhombocombus »

glitchc wrote: post #15

Your federal and provincial income taxes are way too low. If you click on the link below, you'll see BC has an average tax rate of 25.8% on 100K. https://neuvoo.ca/tax-calculator/Ontario-100000#:~:text=%245... . Taxes are killer in the Great White North.

I am pretty sure I pay more in Oregon when you include healthcare expenditures. State income tax plus federal plus fica plus monthly premiums for spouse and kiddo ads up to a huge chunk of my take home (over 35% of my gross earnings).
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