Moved: income tax rates?
Mar 17th 2008, 2:53 pm
#1
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Thread Starter
Joined: Nov 2007
Posts: 66
Moved: income tax rates?
Not too sure if this should be in the other part or in this bit.
Other half wants to know what the standard income tax is.
We are planning to move to BC in the next 12 months, probably Okanagan area.
Any info on the tax would be welcome
Thanks
Other half wants to know what the standard income tax is.
We are planning to move to BC in the next 12 months, probably Okanagan area.
Any info on the tax would be welcome
Thanks
Mar 17th 2008, 3:15 pm
#3
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Joined: Sep 2003
Location: Upstate South Carolina
Posts: 30,768
Re: Moved: income tax rates?
www.taxtips.ca
Its hard to say what is "standard"...depends on personal factors and how creative you can get with your deductions to turn your (actual) income into you taxable income.
As a general idea, our income is around $70k, and with a wife and two kids to deduct I pay less than 20% total (including what you would think of as NI contributions (EI & CPP here). At that level my marginal rate is about 30%.
Its hard to say what is "standard"...depends on personal factors and how creative you can get with your deductions to turn your (actual) income into you taxable income.
As a general idea, our income is around $70k, and with a wife and two kids to deduct I pay less than 20% total (including what you would think of as NI contributions (EI & CPP here). At that level my marginal rate is about 30%.
Last edited by iaink; Mar 17th 2008 at 3:20 pm.
Mar 17th 2008, 4:00 pm
#5
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Location: Windsor, ON
Posts: 3,374
Re: Moved: income tax rates?
Said it before and I'll say it again, that taxtips calculator is incredibly complicated to someone from outside Canada I think, don't even know what half of the things are!
On a salary of $85K, it came back with 26%, that was with hardly filling anything in though....
Is the CPP actually any good? Or is it more of a gesture like the UK one, rather than something you could actually live on? I presume most people have a private plan too?
On a salary of $85K, it came back with 26%, that was with hardly filling anything in though....
Is the CPP actually any good? Or is it more of a gesture like the UK one, rather than something you could actually live on? I presume most people have a private plan too?
Mar 17th 2008, 4:06 pm
#6
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Joined: Sep 2003
Location: Upstate South Carolina
Posts: 30,768
Re: Moved: income tax rates?
CPP is a little better than nothing...and will depends when you start putting in of course, come here in your 50s and it wont count for much. Count on having a private plan too...thats one of the primary things that is tax deductable...money put in a registered plan (RRSP) up to a certain level is not taxable, so generates a return of money from the government after you send your return.(which you should reinvest, not spend on a big screen TV!)
The default position is to leave everything blank in the calculator except income from employment...thats your "worst case"
If you have kids you are entitled (eventually ) to recieve $1200 per kid "UCB" from the government, but it will be taxed.
The default position is to leave everything blank in the calculator except income from employment...thats your "worst case"
If you have kids you are entitled (eventually ) to recieve $1200 per kid "UCB" from the government, but it will be taxed.
Last edited by iaink; Mar 17th 2008 at 4:12 pm.
Mar 17th 2008, 4:07 pm
#7
Joined: Jul 2005
Posts: 15,883
Re: Moved: income tax rates?
CPP is not and never was intended to be a persons sole income in retirement.
It is very much advisable that you have either a private or company pension plan or you take maximum advantage of RRSP's.
