Pay Deductions
#1
Thread Starter
Just Joined
Joined: Oct 2009
Posts: 7

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.
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.
#2
Binned by Muderators










Joined: Jul 2007
Posts: 11,708
From: White Rock BC











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.
#3
Thread Starter
Just Joined
Joined: Oct 2009
Posts: 7

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.
#4
BE Enthusiast




Joined: Nov 2008
Posts: 382
From: Lakeview, Mississauga











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 9th 2012 at 12:22 pm. Reason: spell check
#5
Banned






Joined: Jul 2011
Posts: 1,088











Comparable to my earnings and deductions for last year. Decent, and livable, even for Vancouver
#6
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.
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.




