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Old Nov 9th 2017, 6:25 pm   #1
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Default Income tax in B.C.

Hi all, I haven't been on here in a while since gaining my PR this summer; busy organising things for the big move from the UK! I have received a job offer which is reasonable and to be honest probably better than I expected. I am trying to calculate my actual take home pay and can't seem to find a definitive guide anywhere. I found a website showing BC income tax but it looks remarkably low (approx figures 5% up to $40k, 7% from $40-80k, 10% from $80-100 and so on) - but I assume there is some federal income tax aswell? Is anyone able to show me a calculator or simply tell me what I can expect to take home monthly from a salary of $75,000 + $8,400 car allowance (its a sales role so there will be commission+bonus' on top of that but want to know my basic for mortgage purposes etc.)
Thanks in advance.
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Old Nov 9th 2017, 6:37 pm   #2
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Default Re: Income tax in B.C.

Quote:
Originally Posted by Phaedru5 View Post
Hi all, I haven't been on here in a while since gaining my PR this summer; busy organising things for the big move from the UK! I have received a job offer which is reasonable and to be honest probably better than I expected. I am trying to calculate my actual take home pay and can't seem to find a definitive guide anywhere. I found a website showing BC income tax but it looks remarkably low (approx figures 5% up to $40k, 7% from $40-80k, 10% from $80-100 and so on) - but I assume there is some federal income tax aswell? Is anyone able to show me a calculator or simply tell me what I can expect to take home monthly from a salary of $75,000 + $8,400 car allowance (its a sales role so there will be commission+bonus' on top of that but want to know my basic for mortgage purposes etc.)
Thanks in advance.
British Columbia income tax calculator - Canadian tax calculators

You may not be aware that mortgage lending rules change in January:

As expected, Canada’s banking watchdog, the Office of the Superintendent of Financial Institutions Canada (OSFI), confirmed October 17 that starting next year, all borrowers – even those who have down payments of 20% or higher and do not require mortgage insurance – will need to qualify for mortgages that are two percentage points higher than the rates at which they are applying.

https://www.biv.com/article/2017/10/...g-january-1-2/
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Old Nov 9th 2017, 7:12 pm   #3
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Default Re: Income tax in B.C.

TaxTips.ca - 2016 and 2017 Canadian Income Tax and RRSP Savings Calculator

This one will give you a breakdown of Provincial / Federal taxes, CPP and EI etc.

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Old Nov 10th 2017, 1:27 am   #4
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Default Re: Income tax in B.C.

Depending on where you want to live, and the number of people in your family, $75,000 Gross salary may well not be enough ...............

for example, it would be hard to live in Vancouver, or even many parts of Metro Vancouver
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Old Nov 10th 2017, 9:06 am   #5
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Default Re: Income tax in B.C.

Hi, I appreciate the responses and have now managed to calculate expected taxes. With regards affordability unfortunately some of us have to make do with what we can get! We are a family of 3 and moving to the North Okanagan, my wifes family are there already and she will be working as a Nurse so with our combined incomes plus any bonus' (and I am very good at my job) Im sure we will do fine. And if we're not, hell, we'll have a nice view out of the window at least
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