31–40 of 58 posts
Nearly $5,000 /yr for medical, vision, dental seems quite high. Where is that default coming from?
Is this missing federal taxes? It's way off for higher income brackets (almost 100% off).
Yikes. No, I have added the federal taxes to it, and it appears to be deducting it from the total income. Could you provide a little more data so I can track down the issue you are seeing?
The thing it's missing, that was the big issue when I looked into relocating, is that my and my wife's jobs don't reimburse the same in Ca.
That's the biggest impact, above and beyond everything else.
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!)
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the real benefit comes when you take the money out since any gains made with the invested money will be tax free when withdrawn.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.
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.
https://www.canada.ca/content/dam/cra-arc/formspubs/pub/t412...
Formula is a bit complicated
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!)
or prescriptions
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.
Earlier quoted context omitted.
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.
Deleted my comment as I wasn't sure if I'm exactly right either. The reference for calculating payroll deductions is as follows: https://www.canada.ca/content/dam/cra-arc/formspubs/pub/t412... Formula is a bit complicated
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.