Alberta Tax Rates
Jan 2nd 2004 | 2:40 am
#1
Thread Starter
Forum Regular
Joined: Sep 2003
Posts: 40
From: St Albert, Alberta
Alberta Tax Rates
Can someone please advise what the tax rates are for individuals in Alberta, what is the take home pay approximately after all taxes are deducted, I have heard that the take home cash amount is approximately 70%, is this correct.
Lastly is the GST applicable to all purchases, similar to the UK VAT apart from there are certain exemptions to UK VAT i.e. childrens clothing, food etc.
Cheers
Paul
Lastly is the GST applicable to all purchases, similar to the UK VAT apart from there are certain exemptions to UK VAT i.e. childrens clothing, food etc.
Cheers
Paul
Jan 2nd 2004 | 5:13 am
#2
Forum Regular
Joined: Oct 2003
Posts: 90
Re: Alberta Tax Rates
Originally posted by Bozlyone
Can someone please advise what the tax rates are for individuals in Alberta, what is the take home pay approximately after all taxes are deducted, I have heard that the take home cash amount is approximately 70%, is this correct.
Lastly is the GST applicable to all purchases, similar to the UK VAT apart from there are certain exemptions to UK VAT i.e. childrens clothing, food etc.
Cheers
Paul
Can someone please advise what the tax rates are for individuals in Alberta, what is the take home pay approximately after all taxes are deducted, I have heard that the take home cash amount is approximately 70%, is this correct.
Lastly is the GST applicable to all purchases, similar to the UK VAT apart from there are certain exemptions to UK VAT i.e. childrens clothing, food etc.
Cheers
Paul
As far as I am aware these are the following reductions taken from your pay:
1) medical insurance
2)CPP ( canada pension plan )
3)EI ( employment insurance )
4)Tax
5)alta health ( family coverage),
all this amounts to about 31%, but on the good side you do get 4% holiday pay added to basic wage.
These outgoings are what my husband has been informed, will be taken out of his wages at source, I have a feeling though this will vary dependent on employers.
Anybody out there give me an idea if these figures and outgoings are correct?
Remember don't wait for your ship to come in! swim out to meet the bloody thing!
Jan 2nd 2004 | 9:47 am
#3
BE Enthusiast
Joined: Dec 2003
Posts: 836
From: Ontario, Canada
Alberta is the least taxed of all the Provinces from what I know, most provinces do a %tage of federal tax for their own income tax. I think the federal rate for "middle class incomes - up to approx $60k?" is 28% and Alberta tax is around 40% of that rate ....I am no tax expert but I think thats more or less right
Property taxes ion Canada can be high ..they are based on value of home and are done at a municaipal level. Its not unusual to pay $3000 a year in prop tax.
However taxes on other things like Petrol, car tax are much lower !
Property taxes ion Canada can be high ..they are based on value of home and are done at a municaipal level. Its not unusual to pay $3000 a year in prop tax.
However taxes on other things like Petrol, car tax are much lower !
Jan 2nd 2004 | 10:04 am
#4
Banned
Joined: Aug 2003
Posts: 4,513
From: I refuse to answer on the grounds it may incriminate me
Firstly there are 2 income taxes, one is federal and the other is provincial. Also, there are additions when you earn over $50,000
Holiday pay is NOT added to your weekly pay unless you are in a construction job or other work that is considered temporary in nature.
The 4% quoted in a post here is the minimum vacation pay and is equal to 2 weeks pay over 1 year, so when you have 2 weeks off in the summer, you would get your 4% (2 weeks pay).
The way the tax works is when you complete your tax return there is a scale of tax payable and it is dependant on your income. First you look up your federal tax, then theres a scale for provincial tax, you add them up together. Each province has its own percentage of tax and its worked out as a percentage of what is payable federally for example:
You live in Newfoundland and just looked up your federal tax payable and it was $10,000. Newfoundland wants 64% of what the federal tax is which equals $6400
So the total amount of tax you should pay is $16,400
Im sure you could find the actual tax table and find one specifically for alberta. Try google search for Revenue Canada Income Tax Forms T1, you may even find an interactive PDF version so you can put some figures in and do a mock tax return !!!!
If I find one I will post, but am too lazy at the moment
Good luck
Neil
NSW Australia
Holiday pay is NOT added to your weekly pay unless you are in a construction job or other work that is considered temporary in nature.
The 4% quoted in a post here is the minimum vacation pay and is equal to 2 weeks pay over 1 year, so when you have 2 weeks off in the summer, you would get your 4% (2 weeks pay).
The way the tax works is when you complete your tax return there is a scale of tax payable and it is dependant on your income. First you look up your federal tax, then theres a scale for provincial tax, you add them up together. Each province has its own percentage of tax and its worked out as a percentage of what is payable federally for example:
You live in Newfoundland and just looked up your federal tax payable and it was $10,000. Newfoundland wants 64% of what the federal tax is which equals $6400
So the total amount of tax you should pay is $16,400
Im sure you could find the actual tax table and find one specifically for alberta. Try google search for Revenue Canada Income Tax Forms T1, you may even find an interactive PDF version so you can put some figures in and do a mock tax return !!!!
If I find one I will post, but am too lazy at the moment
Good luck
Neil
NSW Australia
Last edited by Luke I Amyofath; Jan 2nd 2004 at 10:09 am.
Jan 2nd 2004 | 10:22 am
#6
Banned
Joined: Aug 2003
Posts: 4,513
From: I refuse to answer on the grounds it may incriminate me
OK I found the PDF of 2003 tax form:
http://www.ccra-adrc.gc.ca/E/pbg/tf/5000-r/README.html
Dont be scared of canadian tax system, generally you end up with a refund come tax time.
Alberta is a good place to live because there is no sales tax like the rest of canada, you only pay GST of 7%, while other provinces can be more than double that, making buying good cheaper in Alberta !!!
http://www.ccra-adrc.gc.ca/E/pbg/tf/5000-r/README.html
Dont be scared of canadian tax system, generally you end up with a refund come tax time.
Alberta is a good place to live because there is no sales tax like the rest of canada, you only pay GST of 7%, while other provinces can be more than double that, making buying good cheaper in Alberta !!!
Jan 3rd 2004 | 7:29 am
#7
Forum Regular
Joined: Nov 2003
Posts: 44
From: canada
Re: Alberta Tax Rates
Genrally, the more you make the less % you take home.You normally will receive a refund at the end of the year (mine averages $1000.00) unless you in a very high tax bracket then you may get nothing back or even owe Canada Revenue. You also will receive payments 4 times a year for your GST tax credit rebate normally $80 per person ,again if you are a high earner you wont receive these either.
Alberta has no sales tax providing great savings on big ticket items.But this is offset by the fact you must pay for your own healthcare (about $60 a month I think ,I live in Alberta but can still use my free Ontario health # here)
If you are resident in another country you can claim full refund on any GST you paid,Just fill out form from customs when leaving Canada.
Alberta has no sales tax providing great savings on big ticket items.But this is offset by the fact you must pay for your own healthcare (about $60 a month I think ,I live in Alberta but can still use my free Ontario health # here)
If you are resident in another country you can claim full refund on any GST you paid,Just fill out form from customs when leaving Canada.
