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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

#11

Post by richajak »

senecaso wrote: post #4
ebg13 wrote: post #2

This doesn't seem very useful to me. It looks like it only estimates taxes for you and doesn't do any legwork on cost of living.

Right now it only provides some very basic cost of living, and things like RRSP contributions. I can probably enhance it by adding the COL data per region, but I would have to focus on a small selection of cities otherwise it would be too much work.

In addition to RRSP, you can reduce tax by contributing to TFSA.

Just focus on Ontario and BC, these will be sufficient for most tech immigrants.

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

#12

Post by senecaso »

paulhart wrote: post #7

Need to add CPP (Canada Pension Plan) contributions to the taxes. That's another $2898 deducted in 2020. Also, I threw $100k into the EY online tax calculator - https://www.eytaxcalculators.com/en/2020-personal-tax-calcul... - and it claims you'd have $77,410 left after federal and provincial taxes in BC (getting into RRSP contributions etc just makes things complicated).

Added CPP. Let me confirm my numbers against that tax calculator. I based this on the rates found in the "About" page, but its possible I screwed up the calculation.

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

#14

Post by senecaso »

richajak wrote: post #11
senecaso wrote: post #4

Earlier quoted context omitted.

Right now it only provides some very basic cost of living, and things like RRSP contributions. I can probably enhance it by adding the COL data per region, but I would have to focus on a small selection of cities otherwise it would be too much work.

In addition to RRSP, you can reduce tax by contributing to TFSA. Just focus on Ontario and BC, these will be sufficient for most tech immigrants.

Good call. I'll take a look at that later today.

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

#16

Post by senecaso »

paulhart wrote: post #7

Need to add CPP (Canada Pension Plan) contributions to the taxes. That's another $2898 deducted in 2020. Also, I threw $100k into the EY online tax calculator - https://www.eytaxcalculators.com/en/2020-personal-tax-calcul... - and it claims you'd have $77,410 left after federal and provincial taxes in BC (getting into RRSP contributions etc just makes things complicated).

I just compared my numbers to https://simpletax.ca/calculator and they look pretty close. I checked the site you mentioned, and you're right, they are vastly different. I can't explain that with certainty, but perhaps its not deducting things like RRSP contributions which lowers the tax?

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

#17

Post by mmastrac »

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.

> Taxes are killer in the Great White North.

Fortunately this pays for an extensive social security network including health care (though sadly not dental!)

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

#18

Post by wasalp »

richajak wrote: post #11
senecaso wrote: post #4

Earlier quoted context omitted.

Right now it only provides some very basic cost of living, and things like RRSP contributions. I can probably enhance it by adding the COL data per region, but I would have to focus on a small selection of cities otherwise it would be too much work.

In addition to RRSP, you can reduce tax by contributing to TFSA. Just focus on Ontario and BC, these will be sufficient for most tech immigrants.

That's not accurate. TFSA contributions are only made with post tax income, the real benefit comes when you take the money out since any gains made with the invested money will be tax free when withdrawn.

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

#20

Post by senecaso »

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 just compared those numbers with the tax calculator from https://simpletax.ca/calculator and they are roughly the same. However, my numbers line up with that when you factor in tax deductible expenses on things like RRSP. If you remove the RRSP line from the expenses table, you should see that 100k in base salary lines up to the articles claimed $27.7k. The numbers arent exact, but they are pretty close. I will look further into the discrepancy.
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