Child Benefit/Compulsory Pension contributions
Jan 25th 2008, 5:18 pm
#1
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Child Benefit/Compulsory Pension contributions
Anyone able to let me know how much Canadian equivalent child benefit that qualifying immigrants are likely to receive per year. Also, how much compulsory pension contributions are taken from salary per month?
Jan 25th 2008, 5:25 pm
#2
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Re: Child Benefit/Compulsory Pension contributions
Jan 25th 2008, 5:28 pm
#3
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Re: Child Benefit/Compulsory Pension contributions
As the Wiki article on Taxation states:
Employment Insurance premiums are 1.8% of earnings up to $40,000. The maximum contribution is $720 a year.
The Tax Tips website has a calculator that you can use to estimate your deductions.
Note that, because the amount of the benefit to which you are entitled is based on your family's income in the previous year, newly arrived British expats typically do not receive much in the way of CCTB [Canadian Child Tax Benefit]. When your British income from the previous year is converted into Canadian dollars, it makes you look as if you belong to a high income bracket. In the year following your arrival in Canada, when you will have been earning a Canadian income, your earnings are more likely to fall within Canadian norms.
Canada Pension Plan premiums are 4.95% of earnings between $3,500 and $43,700 – up to a maximum premium of $1,989.90 a year.Employment Insurance premiums are 1.8% of earnings up to $40,000. The maximum contribution is $720 a year.
The Tax Tips website has a calculator that you can use to estimate your deductions.
Jan 25th 2008, 5:30 pm
#4
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Re: Child Benefit/Compulsory Pension contributions
Many thanks for the info Judy, very helpful!
Jan 25th 2008, 5:33 pm
#5
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Re: Child Benefit/Compulsory Pension contributions
Child Tax Benefit, depends on the age of the children and the family income. Each year is based on the previous years tax return.
http://www.cra-arc.gc.ca/benefits/cctb/menu-e.html
http://www.cra-arc.gc.ca/benefits/menu-e.html
Canada Pension is based as a percentage income.
http://www1.servicecanada.gc.ca/en/i...c/soctoc.shtml
http://www.cra-arc.gc.ca/benefits/cctb/menu-e.html
http://www.cra-arc.gc.ca/benefits/menu-e.html
Canada Pension is based as a percentage income.
http://www1.servicecanada.gc.ca/en/i...c/soctoc.shtml
Jan 25th 2008, 5:39 pm
#6
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Re: Child Benefit/Compulsory Pension contributions
Many thanks for info websites Surrey Expat!
Jan 26th 2008, 5:03 am
#7
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Re: Child Benefit/Compulsory Pension contributions
I can only talk from experience. CCTB in Canada is means tested, therefore if you earn what the government thinks you can live on you will get zilch. Very unlike the UK system, the Royals get the same as our single parent on 'Little Britain'. Is that fair? - that depends on your point of view :-)
Jan 26th 2008, 8:58 am
#8
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Re: Child Benefit/Compulsory Pension contributions
Disappointing, is what I would say, am calculating what the 'real' cost of living in Canada will be, it seems that only housing and cars are the cheaper reasons for leaving 'Blighty', but obviously all the other reasons that Canada will be better for my family include better lifestyle, more opportunities for my kids in terms of sport, education and slower pace of life, etc, etc, etc. At least we won't be going over with financial rose tinted glasses!
Jan 26th 2008, 2:34 pm
#9
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Re: Child Benefit/Compulsory Pension contributions
Disappointing, is what I would say, am calculating what the 'real' cost of living in Canada will be, it seems that only housing and cars are the cheaper reasons for leaving 'Blighty', but obviously all the other reasons that Canada will be better for my family include better lifestyle, more opportunities for my kids in terms of sport, education and slower pace of life, etc, etc, etc. At least we won't be going over with financial rose tinted glasses!
Don't be sucked into thinking that there's a better lifestyle to be had simply because it's Canada. The reasons for moving here have to be specific to you and your family's needs to make it the right kind of move.
Jan 26th 2008, 4:30 pm
#10
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Re: Child Benefit/Compulsory Pension contributions
It's only got the potential for being a better lifestyle if you have enough money to live on otherwise it might well end up being very miserable. It's not cheap living here once Canadian dollars are being earned.
Don't be sucked into thinking that there's a better lifestyle to be had simply because it's Canada. The reasons for moving here have to be specific to you and your family's needs to make it the right kind of move.
Don't be sucked into thinking that there's a better lifestyle to be had simply because it's Canada. The reasons for moving here have to be specific to you and your family's needs to make it the right kind of move.
