Income tax in B.C.
#1
Phaedrus by Plato (not5)
Thread Starter
Joined: May 2017
Location: Vernon, BC
Posts: 206
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.
Thanks in advance.
#2
Re: 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.
Thanks in advance.
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/
#3
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
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.
This one will give you a breakdown of Provincial / Federal taxes, CPP and EI etc.
#4
BE Forum Addict
Joined: Feb 2013
Location: BC, Canada
Posts: 3,873
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
for example, it would be hard to live in Vancouver, or even many parts of Metro Vancouver
#5
Phaedrus by Plato (not5)
Thread Starter
Joined: May 2017
Location: Vernon, BC
Posts: 206
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