Hi,

Can anybody point me towards a good salary calculator that works out how much tax, national insurance (if there is a Canadian equivalent?) and any other taxes that will come out my monthly wage!

Trying to work out how much I will have to live on and work out the cost of living for my Toronto move.

Thanks,

P

i've used this in the past

http://www.taxtips.ca/calculators.htm

Great this looks just what I was looking for!

http://www.cra-arc.gc.ca/pdoc/

OK now I am confused both calculators give different results! I like the first one it gives me more money!

But the second one is provided by the people who are actually going to take your money

Good point!

Can you tell me what "Total claim amount from federal TD1 " is all about?

Also the tax seems really high pretty much 47% of my salary goes in tax which seems a bit much! or is that just what I have to pay in Canada!!

Thanks,

P

True, but I find the taxtips calculator easier to use, so more likely to get the right answer.

The TD1 form is to calculate in advance the amount of tax credits you will likely get in a year, so the tax deducted by your employer will roughly match the tax you will owe. If you don't complete it and hand it to your employer they will just assume you are only entitled to a personal tax credit.

That does sound high. If you want to let me know the figures you are working on I will check them. PM me if you prefer.

In fact checking both there is a $20,000 difference so something is not right!

I posted excaly the same post last week, in maple leaf and i like you couldnt work the tax thing out either
alexx


Hi
can any one help
Question :
i have been looking on how much tax and other deductions ect you pay on your salaries in canada compared to uk,
I know you pay different amounts depending in what state you live in and i have used the on line tax calulaters and oh my goodness you seem to pay loads more then the uk, they were saying you pay nearly half of your wages in taxes, is this right !!!!
i was trying to find what your take home pay would be.
any advice would be great
thanks alex

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Last edited by alexx11 : May 1st 2008 at 11:49 am.

In most pay ranges, say between $40,000 and $80,000 you can expect to keep between 71% to 78% of everything you earn. It does depend upon the province. You only get marginal tax rates in the high 40s on income over $120,000.

PM sent.

send me 1 too lol

Try

http://www.cra-arc.gc.ca/tax/individ...axrates-e.html


and

http://www.ey.com/GLOBAL/content.nsf...7_Personal_Tax