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$54,000 - TAX/EI/CPP

$54,000 - TAX/EI/CPP

Old Nov 21st 2010, 5:23 pm
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Question $54,000 - TAX/EI/CPP

Can someone please help and confirm I'm not missing anything.
Is this calculation correct for a married couple (wife not working) with 2 children aged 5 & 2, anything else I need to take into account??

thanks in advance to you helpful lot

$54,000 GROSS

$4,673 Federal TAX total TAX %
$2,019 Province (BC) TAX 12.4%
$2,163 CPP (Canada Pension Plan) total CPP/EI %
$747 EI (Employment Insurance) 5.4%
$9,602 total 17.8%

$44,398 NET
$3,700 per month
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Old Nov 21st 2010, 5:43 pm
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Default Re: $54,000 - TAX/EI/CPP

Your tax alone will be $10,109 according to Tax income calculator
http://lsminsurance.ca/calculators/canada/income-tax
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Old Nov 21st 2010, 5:51 pm
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Default Re: $54,000 - TAX/EI/CPP

Originally Posted by scottymallo View Post
Your tax alone will be $10,109 according to Tax income calculator
http://lsminsurance.ca/calculators/canada/income-tax
my figures are net of all tax credits, 2 children. unless I've made a few schoolboy errors, is your figure taking into account child tax credit? thanks for checking. I'm using http://www.taxtips.ca/calculators/taxcalculator.htm
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Old Nov 21st 2010, 6:20 pm
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Default Re: $54,000 - TAX/EI/CPP

That is what I get with my tax software too. The taxtips calculator is very accurate.

A couple of things to keep in mind:

* CPP and EI are taken from the first (approx) $45,000 of earnings so your earnings will be a bit lower that the average for Jan - Oct, and higher in November and December.

* I read in another thread that you are now PRs. You will be entitled to Universal Childcare Benefit. This is $100 a month per child under 6. It is taxable. You will also be entitled to child tax benefit. You start getting this in July each year if you file your tax return in April. Based on $54,000 this will be $190 a month. However, the 2011 will be based on your 2010 earnings so it may be skewed by the exchange rate as you will have to report your UK earnings as well as your Canadian earnings for 2010.
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Old Nov 21st 2010, 7:07 pm
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Default Re: $54,000 - TAX/EI/CPP

Originally Posted by JonboyE View Post
That is what I get with my tax software too. The taxtips calculator is very accurate.

A couple of things to keep in mind:

* CPP and EI are taken from the first (approx) $45,000 of earnings so your earnings will be a bit lower that the average for Jan - Oct, and higher in November and December.

* I read in another thread that you are now PRs. You will be entitled to Universal Childcare Benefit. This is $100 a month per child under 6. It is taxable. You will also be entitled to child tax benefit. You start getting this in July each year if you file your tax return in April. Based on $54,000 this will be $190 a month. However, the 2011 will be based on your 2010 earnings so it may be skewed by the exchange rate as you will have to report your UK earnings as well as your Canadian earnings for 2010.
thank you very much
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