UK vs Canada financial side
#46
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Re: UK vs Canada financial side
Another difference between the UK and Canada, is that you have to do you own taxes in Canada! Everyone who earns an income does. Not the case in the UK. A pain, but you can get an accountant to do it. or there are online services.
RRSPs are good for a tax rebate, but when you withdraw at a later date (retirement, and they become a RIF), you will be taxed as if it is income. RRSPs can also be used for putting a down payment on buying a house. I unfortunately don't know this process in detail.
Then there are cash and margin accounts. You are taxed on any profits you make, but not when you make a withdrawal from the account.
RRSPs are good for a tax rebate, but when you withdraw at a later date (retirement, and they become a RIF), you will be taxed as if it is income. RRSPs can also be used for putting a down payment on buying a house. I unfortunately don't know this process in detail.
Then there are cash and margin accounts. You are taxed on any profits you make, but not when you make a withdrawal from the account.
#47
Re: UK vs Canada financial side
GST refunds every quarter depending on the income declared on tax return.
Rough "at a gance" idea of where the cut offs are for Ontario...I think this is a couple of years old.
Official site here
Rough "at a gance" idea of where the cut offs are for Ontario...I think this is a couple of years old.
If your family net income amount is equal to or exceeds the amount indicated in the table below, you will not be entitled to a GST/HST credit payment.
For a single person, you aren't eligible for the credit if your income exceeds $42,641, per the table in the second link. Other family structures have different income limits:
Single person $42,641
Single parent with one child $47,941
Single parent with two children $50,721
Single parent with three children $53,501
Single parent with four children $56,281
Married/common-law couple with no children $45,161
Married/common-law couple with one child $47,941
Married/common-law couple with two children $50,721
Married/common-law couple with three children $53,501
Married/common-law couple with four children $56,281
For a single person, you aren't eligible for the credit if your income exceeds $42,641, per the table in the second link. Other family structures have different income limits:
Single person $42,641
Single parent with one child $47,941
Single parent with two children $50,721
Single parent with three children $53,501
Single parent with four children $56,281
Married/common-law couple with no children $45,161
Married/common-law couple with one child $47,941
Married/common-law couple with two children $50,721
Married/common-law couple with three children $53,501
Married/common-law couple with four children $56,281
#48
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Re: UK vs Canada financial side
As a member who has contributed very little to the board, then coming asking questions about a complex subject such as taxation, I would suggest being more amicable and friendly would be a better way of getting people to respond. The in's and out of taxation in all countries are complex, so complex they require professional qualifications which take years to acquire and even then people become specialists in specific areas of taxation. Something I am sure you're aware of. However you don't seem to appreciate being directed to the relevant Canadian website and instead you'd like someone to give you an 'explanation' using 'simple examples'. But why would anyone go to that site in their own time, digest the information and then regurgitate it for you using simple examples when your responses to this thread have been nothing short of hostile.
I made no reference to anyone mentioning their kids being happier in Canada.
Last edited by Shakyuk; Aug 16th 2017 at 8:09 am.
#49
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Re: UK vs Canada financial side
What you have written seems to have no relevance to the post of mine you have quoted? My post comments on this members general demeanour in their post and people's responses who had posted links to information.
I made no reference to anyone mentioning their kids being happier in Canada.
I made no reference to anyone mentioning their kids being happier in Canada.
I was clearly responding to your post explaining why he/she had that attitude.
#50
Re: UK vs Canada financial side
You criticised his approach. Well, when one of the first reponses was talking about how it's better in Canada, because my kids are happy! I can see why that would be irksome when he was specifically asking certain questions.
I was clearly responding to your post explaining why he/she had that attitude.
I was clearly responding to your post explaining why he/she had that attitude.
#51
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Re: UK vs Canada financial side
I know it wasn't Shakyuk who mentioned the kids thing. I was pointing out to Shakyuk why someone would be irritated with that type of answer when he was going on his rant about how to respond 'properly'. No wonder nofrills got frustrated with the responses on this thread.
#52
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Posts: 962
Re: UK vs Canada financial side
I stand by my comment. Many posters offered up information relevant to the question and some offered information that was related to the wider subject of emigration to Canada. This happens in pretty much every thread on the forum.
Maybe it's just me, but if I asked a bunch of random strangers a specific question I would be grateful for those people taking the time out of their day to answer my question; even if some responses were not exactly on topic. I wouldn't be hostile and condescending.
Anyway, I'm happy to agree to disagree on how people should compose themselves when asking for help.
#53
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Joined: Apr 2013
Posts: 78
Re: UK vs Canada financial side
"I stand by my comment. Many posters offered up information relevant to the question and some offered information that was related to the wider subject of emigration to Canada. This happens in pretty much every thread on the forum."
I'm not surprised you stand by your comment, because for people like you internet boards are the only way you socialise, and when proved wrong, you think you are losing face, and will fight, and argue until let alone, as you can't stand up losing face, when proven wrong.
You clearly have spent spent some time analysing this thread and responses of various posters and still can't realise, answer I was getting were nowhere near what I was asking about, with some posters mentioning some website, where I could look for answers to my questions, when in fact, as mentioned before, I was looking for a general idea of how things work in Canada, and I even provided clear examples of how they work in the UK.
I wasn't looking for a complicated tax advice, I was looking for a simple comparison of how these things work in Canada as compared to the UK.
You and your useless "helpful" mates have wasted so much time, provided half witted responses until shelley748 and not2old, actually read my opening post, and provided me with a very simple response to my very simple question.
Lucky you and your "helpful" mates are not in the UK anymore, as the country have an excess of idiots that can't read a simple text and respond to it.
The more the country manages to export idiots such as you and your mates the better for us in the UK.
You clearly are better suited to your janitor's career you are trying to develop in Canada then engaging in any exchanges on public forums.
I'm not surprised you stand by your comment, because for people like you internet boards are the only way you socialise, and when proved wrong, you think you are losing face, and will fight, and argue until let alone, as you can't stand up losing face, when proven wrong.
You clearly have spent spent some time analysing this thread and responses of various posters and still can't realise, answer I was getting were nowhere near what I was asking about, with some posters mentioning some website, where I could look for answers to my questions, when in fact, as mentioned before, I was looking for a general idea of how things work in Canada, and I even provided clear examples of how they work in the UK.
I wasn't looking for a complicated tax advice, I was looking for a simple comparison of how these things work in Canada as compared to the UK.
You and your useless "helpful" mates have wasted so much time, provided half witted responses until shelley748 and not2old, actually read my opening post, and provided me with a very simple response to my very simple question.
Lucky you and your "helpful" mates are not in the UK anymore, as the country have an excess of idiots that can't read a simple text and respond to it.
The more the country manages to export idiots such as you and your mates the better for us in the UK.
You clearly are better suited to your janitor's career you are trying to develop in Canada then engaging in any exchanges on public forums.
#54
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Thread Starter
Joined: Apr 2013
Posts: 78
Re: UK vs Canada financial side
@Shakyuk
[QUOTE=nofrills;12320853]"I stand by my comment. Many posters offered up information relevant to the question and some offered information that was related to the wider subject of emigration to Canada. This happens in pretty much every thread on the forum."
I'm not surprised you stand by your comment, because for people like you internet boards are the only way you socialise, and when proved wrong, you think you are losing face, and will fight, and argue until let alone, as you can't stand up losing face, when proven wrong.
You clearly have spent spent some time analysing this thread and responses of various posters and still can't realise, answer I was getting were nowhere near what I was asking about, with some posters mentioning some website, where I could look for answers to my questions, when in fact, as mentioned before, I was looking for a general idea of how things work in Canada, and I even provided clear examples of how they work in the UK.
I wasn't looking for a complicated tax advice, I was looking for a simple comparison of how these things work in Canada as compared to the UK.
You and your useless "helpful" mates have wasted so much time, provided half witted responses until shelley748 and not2old, actually read my opening post, and provided me with a very simple response to my very simple question.
Luckily your "helpful" mates are not in the UK anymore, as the country have an excess of idiots that can't read a simple text and respond to it.
You should join them too over there, if you not there yet. Do the old country a favour.
The more the country manages to export idiots such as you and your mates the better for us in the UK.
[QUOTE=nofrills;12320853]"I stand by my comment. Many posters offered up information relevant to the question and some offered information that was related to the wider subject of emigration to Canada. This happens in pretty much every thread on the forum."
I'm not surprised you stand by your comment, because for people like you internet boards are the only way you socialise, and when proved wrong, you think you are losing face, and will fight, and argue until let alone, as you can't stand up losing face, when proven wrong.
You clearly have spent spent some time analysing this thread and responses of various posters and still can't realise, answer I was getting were nowhere near what I was asking about, with some posters mentioning some website, where I could look for answers to my questions, when in fact, as mentioned before, I was looking for a general idea of how things work in Canada, and I even provided clear examples of how they work in the UK.
I wasn't looking for a complicated tax advice, I was looking for a simple comparison of how these things work in Canada as compared to the UK.
You and your useless "helpful" mates have wasted so much time, provided half witted responses until shelley748 and not2old, actually read my opening post, and provided me with a very simple response to my very simple question.
Luckily your "helpful" mates are not in the UK anymore, as the country have an excess of idiots that can't read a simple text and respond to it.
You should join them too over there, if you not there yet. Do the old country a favour.
The more the country manages to export idiots such as you and your mates the better for us in the UK.
Last edited by nofrills; Aug 20th 2017 at 4:35 pm. Reason: spelling mistake
#55
Re: UK vs Canada financial side
According to whom? You're on one side and others are on the other side. Who says who is right?
You're not doing the same of course, oh no.
Ah, got it. You haven't spent time analysing what people said of course?
Pot...Kettle...Black...
How nice.
, you think you are losing face, and will fight, and argue until let alone, as you can't stand up losing face...
You clearly have spent spent some time analysing this thread and responses of various posters
Pot...Kettle...Black...
...half witted responses...
#57
Re: UK vs Canada financial side
I can see a case that Shakyuk, being unable to focus on tiny details of the tax code as they apply to specific retirement plans, might not be dull enough for Canada but, surely, that's why Canada needs Shakyuk.
#58
Joined: Sep 2008
Posts: 12,830
Re: UK vs Canada financial side
Why? What reason is there for thinking that, for example, Shakyuk, would not be an asset to Canada? Less than that, maybe Shakyuk would just like to try Canada, why is it to be hoped that he or she should be denied that opportunity?
I can see a case that Shakyuk, being unable to focus on tiny details of the tax code as they apply to specific retirement plans, might not be dull enough for Canada but, surely, that's why Canada needs Shakyuk.
I can see a case that Shakyuk, being unable to focus on tiny details of the tax code as they apply to specific retirement plans, might not be dull enough for Canada but, surely, that's why Canada needs Shakyuk.
Subtly I could never be accused of, but maybe this time?
Last edited by Aviator; Aug 21st 2017 at 4:16 am.
#59
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Joined: Mar 2012
Location: Calgary
Posts: 962
Re: UK vs Canada financial side
I'm not surprised you stand by your comment, because for people like you internet boards are the only way you socialise, and when proved wrong, you think you are losing face, and will fight, and argue until let alone, as you can't stand up losing face, when proven wrong...
Well, that escalated quickly.
The lofty heights from which your condescending dribble was falling upon my head was actually quite impressive and did make me laugh but you've made a lot of assumptions and unfortunately for you most of them are wrong.
I think your response to me has highlighted the point I was making; that your attitude on the forum has been quite poor. That is why I stand by my point, not because of the reasons you give. You accuse of me being argumentative, yet I wrote:
You clearly have spent spent some time analysing this thread and responses of various posters and still can't realise, answer I was getting were nowhere near what I was asking about, with some posters mentioning some website, where I could look for answers to my questions, when in fact, as mentioned before, I was looking for a general idea of how things work in Canada, and I even provided clear examples of how they work in the UK.
I don't want to offend you anymore, so I'll move Canada just for you. All I'd ask of you is that you keep people like you, with your self important attitudes in the UK with you. That will be swell!
Last edited by Shakyuk; Aug 21st 2017 at 8:45 am.
#60
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Joined: Mar 2012
Location: Calgary
Posts: 962
Re: UK vs Canada financial side
Why? What reason is there for thinking that, for example, Shakyuk, would not be an asset to Canada? Less than that, maybe Shakyuk would just like to try Canada, why is it to be hoped that he or she should be denied that opportunity?
I can see a case that Shakyuk, being unable to focus on tiny details of the tax code as they apply to specific retirement plans, might not be dull enough for Canada but, surely, that's why Canada needs Shakyuk.
I can see a case that Shakyuk, being unable to focus on tiny details of the tax code as they apply to specific retirement plans, might not be dull enough for Canada but, surely, that's why Canada needs Shakyuk.
Thanks dbd33, one day I hope I will be an asset to Canada! I'm an engineer and I live in spread sheets, codes and software... you'd be surprised how dull I can be! I can't wait to be boring in Canada.
I think Aviator may not have been referring to me though.