CJ6680

I´m looking at what my options are, gross pension will be approx. $35,000, does anyone know roughly how much tax i would pay on canadian tax with regards to uk tax and could you live comfortably on that.
:scared:

Keith

My wife and I live in Ottawa and live comfotably on $35,000. We do own a Condomium, but many people retire in rented apartments.

Because our incomes are roughly equal we only paid under $2000 in income tax last year. In Ontario we don't have health premiums to pay (it is paid out of income tax revenue) and if you are over 65 you only pay the first $100 per year for prescription drugs. We take a 1 to 2 month vacation in Florida to get away from the worst of the winter.

We spend approx $6000/year on vacations and eat out occaisionally, but we generally live a simple but comfortable lifestyle.

I have no idea of UK expenses, we left there in 1963.

CJ6680

do you have a personnal allowance before you start paying tax on your pensions and what % is the pensions taxed on
thanks

Keith

The personal was $7634 for 2002 and the over 65 allowance is $3728. Also most people on pensions ( non gov) also get a $1000 allowance, DSo the total per individual over 65 has $12,362 min allowance.
Other deductibles such as medical non health care costs ,such as dental. are also tax deductable. The province also has tax credits for property tax/rental costs.

I had an income of $19578 and paid $1329 in taxes.
My wife had an income of$15080 and paid $435 in taxes.

Of our combined $34658 we paid $1764 in taxes

My wife didn't work full time so I place most of my RRSP contributions in her name. This enabled us to end up with close to a 50/50 income total.The income from this also enables us to draw on more income if needed