chaddsuk

Hi Everyone

I was hoping you could tell me what my take home pay would be on a $75,000 salary living in Ontario?

I am married and have three children (aged 16,6 & 1). I will be working on a temp visa so I was unsure if I still need to pay CPP?

Any advice would be appreciated as I am trying to put together a monthly budget and it would be helpful to know what I will be earning!

My wife will not be working if that makes any difference.

Thanks

Chris

Atlantic Xpat

http://www.taxtips.ca/calculator/basic_calculator.htm

chaddsuk

Thanks though I am not if CPP is applicable to temp workers?

Siouxie

CPP is applicable to everyone.

http://www.taxtips.ca/cppandei/whopa...tributions.htm

januarymix

Ouch that hurts every time I try it

chaddsuk

Ah thanks everyone, well if end up staying permanently then its all good I guess.

Though I heard that you only pay CPP for 7-8 months of the year, is that correct? I swear I read that somewhere

Former Lancastrian

You pay the maximum amount annually so if its paid off in 6 months then no other deductions for the rest of the year. This will vary by employer and if you work overtime etc etc its the same with EI deductions.

iaink

On $75k in Ontario, Married with 3 kids under 18 take home is (at least) $58,348.

When you start work make sure that your TD1 / TD1(ON) forms are filled in to take the allowances for your wife and the child amount (x 3) so that the correct tax is deducted at source. If you dont do that they will take an extra couple of grand off the top that you wont see until a year later when the rebate is issued once you have filled your tax forms.


With 3 kids there are likely more deductions you can make in addition to that to cover sports / arts cost over the year. If your other half works then there are likely other deductions too for child care / camps

As noted, that $58k wont be split evenly over the year because CPP / EI are front end loaded until the contribution is maxed out.

chaddsuk

Thank you all, I believe I understand now

orly

Is your partner working?

iaink

Not according to this

orly

That'll be why I need glasses.