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Pay Deductions

Pay Deductions

Old Feb 8th 2012, 8:29 pm
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Default Pay Deductions

Hi I am currently planning a move to Vancouver. Just looking at my potential pay and deductions.

Working this out based on a salary of $140,000 per year.

(guessing the following are deducted pre tax)
Work pension plan 6.3% equivalent to $8820
CDP capped at max $2306
EI capped at max $839
Union payments $1200 ($100 per month)
total: $13165

$140,000 minus $13165 leaves $126835 taxable income.

I then used an online tax calculator to figure out i would pay $37,013.09 at an average tax rate of 29.18% / Marginal tax rate 43.70%.

So this would give me a take home income of around $89,821.91.

I've tried to include everything I've found through my research. Just wanted to know if these calculations seem correct or if i have completely missed something out.

Any advice would be really appreciated. Thanks.
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Old Feb 8th 2012, 9:29 pm
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Default Re: Pay Deductions

I make it you get about $240 more. What about extended health benefits? Does your employer have a scheme? Do you have to pay some of the cost yourself? Also BC MSP premium. Some employers run group schemes and some leave you to pay for it yourself. It is not a fortune $60 a month or $109 for a couple.
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Old Feb 8th 2012, 9:54 pm
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Default Re: Pay Deductions

hi thanks for your reply. Just contacted my potential employer about health care so i should know what benefits they're offering within the next few days. The rest of the package they're offering seems good so fingers crossed this part will have at least some contribution from them.
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Old Feb 10th 2012, 12:21 am
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Default Re: Pay Deductions

Please bear in mind your deductions are front loaded at the beginning of year. So you will taxed more at the beginning of the year, then once you have reached your cap for your contributions such as EI and CPP you will get the rest in your pay packet for the remainder of the tax year. So if you reach you max contributions in month 5, the remaining 7 months will give you more net income. Please remember to factor this in to your budget calculations. A good way to save as you will not be used to it and you will budget on the lower figure initially.

Last edited by englishrose1; Feb 10th 2012 at 12:22 am. Reason: spell check
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Old Feb 10th 2012, 2:43 pm
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Default Re: Pay Deductions

Comparable to my earnings and deductions for last year. Decent, and livable, even for Vancouver
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Old Feb 10th 2012, 6:38 pm
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Default Re: Pay Deductions

Originally Posted by gregster119
Hi I am currently planning a move to Vancouver. Just looking at my potential pay and deductions.

Working this out based on a salary of $140,000 per year.

(guessing the following are deducted pre tax)
Work pension plan 6.3% equivalent to $8820
CDP capped at max $2306
EI capped at max $839
Union payments $1200 ($100 per month)
total: $13165

$140,000 minus $13165 leaves $126835 taxable income.

I then used an online tax calculator to figure out i would pay $37,013.09 at an average tax rate of 29.18% / Marginal tax rate 43.70%.

So this would give me a take home income of around $89,821.91.

I've tried to include everything I've found through my research. Just wanted to know if these calculations seem correct or if i have completely missed something out.

Any advice would be really appreciated. Thanks.
Those deductions look about right. The other deductions I pay are for health insurance, life insurance and disability cover. You may have these included as a benefit already but if not you may have to pay a premium depending on how much coverage you want. eg X1 salary life cover is included but I pay a premium to bring it up to X4 salary.
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