21–30 of 58 posts
Not to underestimate OP’s effort but this calculator is much better and has more options https://simpletax.ca/calculator
Earlier quoted context omitted.
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the real benefit comes when you take the money out since any gains made with the invested money will be tax free when withdrawn.
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 loo…
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.
The reality is the disparity in income has a much larger impact on quality of life than a few thousand dollars paid in taxes.
(I assumed the low income person was working full time at minimum wage, and used the default $100,000 as a higher income. Quebec was ignored since people are less likely to move there unless they speak French or are employed in certain industries.)
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?
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?
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.
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.
Yep, I think you are right. I'm subtracting taxes from "total income" right now, instead of "taxable income", so I'm not excluding the contributions! Thanks for pointing that out. I'll address that shortly.
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.