Disposable Income
#1
Forum Regular
Thread Starter
Joined: Jun 2002
Posts: 193
Disposable Income
Hi Group
I am actually only 2-3 months away from permanantely moving to Canada. But quite a few ppl around me keep telling me that the country is very good and everything, but they say I will always feel very poor due the taxes and stuff since there will not be much money left in my pocket. Can somebody pls tell me how much a person making CAD80,000.00 /year can take home after all the taxes and contributions to the pension plans and stuff. Will the leftover money be sufficient to live a decent middle class life with a house , couple of cars and a overseas vacation every year and some savings :-) or am I asking for too much. Pls let me know your thoughts on this.
Thanks for any help
Cheers...RSK
I am actually only 2-3 months away from permanantely moving to Canada. But quite a few ppl around me keep telling me that the country is very good and everything, but they say I will always feel very poor due the taxes and stuff since there will not be much money left in my pocket. Can somebody pls tell me how much a person making CAD80,000.00 /year can take home after all the taxes and contributions to the pension plans and stuff. Will the leftover money be sufficient to live a decent middle class life with a house , couple of cars and a overseas vacation every year and some savings :-) or am I asking for too much. Pls let me know your thoughts on this.
Thanks for any help
Cheers...RSK
#2
Guest
Posts: n/a
Re: Disposable Income
simgle, no dependents, rent, take home in Ontario will be around 52%, plus
compulsary savings like CPP etc etc.
couple of cars, international vacation every yr,,,,,hmmm,,,may be
not.,,,also depends of your expenses obviously.
"RSK" <member2287@british_expats.com> wrote in message
news:[email protected]...
> Hi Group
> I am actually only 2-3 months away from permanantely moving to
> Canada. But quite a few ppl around me keep telling me that the country
> is very good and everything, but they say I will always feel very poor
> due the taxes and stuff since there will not be much money left in my
> pocket. Can somebody pls tell me how much a person making CAD80,000.00
> /year can take home after all the taxes and contributions to the pension
> plans and stuff. Will the leftover money be sufficient to live a decent
> middle class life with a house , couple of cars and a overseas vacation
> every year and some savings :-) or am I asking for too much. Pls let me
> know your thoughts on this.
> Thanks for any help
> Cheers...RSK
> --
> Posted via http://britishexpats.com
compulsary savings like CPP etc etc.
couple of cars, international vacation every yr,,,,,hmmm,,,may be
not.,,,also depends of your expenses obviously.
"RSK" <member2287@british_expats.com> wrote in message
news:[email protected]...
> Hi Group
> I am actually only 2-3 months away from permanantely moving to
> Canada. But quite a few ppl around me keep telling me that the country
> is very good and everything, but they say I will always feel very poor
> due the taxes and stuff since there will not be much money left in my
> pocket. Can somebody pls tell me how much a person making CAD80,000.00
> /year can take home after all the taxes and contributions to the pension
> plans and stuff. Will the leftover money be sufficient to live a decent
> middle class life with a house , couple of cars and a overseas vacation
> every year and some savings :-) or am I asking for too much. Pls let me
> know your thoughts on this.
> Thanks for any help
> Cheers...RSK
> --
> Posted via http://britishexpats.com
#3
Re: Disposable Income
Originally posted by RSK
Hi Group
I am actually only 2-3 months away from permanantely moving to Canada. But quite a few ppl around me keep telling me that the country is very good and everything, but they say I will always feel very poor due the taxes and stuff since there will not be much money left in my pocket. Can somebody pls tell me how much a person making CAD80,000.00 /year can take home after all the taxes and contributions to the pension plans and stuff. Will the leftover money be sufficient to live a decent middle class life with a house , couple of cars and a overseas vacation every year and some savings :-) or am I asking for too much. Pls let me know your thoughts on this.
Thanks for any help
Cheers...RSK
Hi Group
I am actually only 2-3 months away from permanantely moving to Canada. But quite a few ppl around me keep telling me that the country is very good and everything, but they say I will always feel very poor due the taxes and stuff since there will not be much money left in my pocket. Can somebody pls tell me how much a person making CAD80,000.00 /year can take home after all the taxes and contributions to the pension plans and stuff. Will the leftover money be sufficient to live a decent middle class life with a house , couple of cars and a overseas vacation every year and some savings :-) or am I asking for too much. Pls let me know your thoughts on this.
Thanks for any help
Cheers...RSK
Coming from the UK taxes will actually seem lower, but as you have to add the 15% GST/PST the price you see everytime they are more "in your face" than the hidden 17.5% VAT. Income taxes are certainly not worse than the UK, but typically you overpay week on week and get a nice rebate come April. Everyone loves to compare taxes to the US, but they never look at what you are getting for your money, or the fact that having to get medical insurance is another form of tax there.
I've never earned 80k, so I cant tell you the bottom line. I get nearer 60, and pay about 35% anually to the government, plus about 2k in property taxes (with wife and child to deduct). It will depend on the number of dependents you have etc.
Even on 60k I have the nice house, 2 cars etc, but not too much left over at the end of the month. I appreciate that many immigrants earn a lot less than me, and still love the canadian way of life, so 80K is more than enough I think.
Hope this helps.
Iain
Last edited by iaink; Jan 26th 2004 at 2:47 pm.
#4
Guest
Posts: n/a
Re: Disposable Income
Please don't pay attention to replies from people who have no idea what they
are dealing with. See here:
http://www.ey.com/global/Content.nsf...2_Personal_Tax
The above calculator is for year 2002, and taxes for 2003 are in some
Provinces tiny lower, but at least you'll get the idea.
--
../..
Andrew Miller
Immigration Consultant
Vancouver, British Columbia
email: [email protected]
(delete REMOVE from the above address before sending email)
________________________________
"RSK" <member2287@british_expats.com> wrote in message
news:[email protected]...
> Hi Group
> I am actually only 2-3 months away from permanantely moving to
> Canada. But quite a few ppl around me keep telling me that the country
> is very good and everything, but they say I will always feel very poor
> due the taxes and stuff since there will not be much money left in my
> pocket. Can somebody pls tell me how much a person making CAD80,000.00
> /year can take home after all the taxes and contributions to the pension
> plans and stuff. Will the leftover money be sufficient to live a decent
> middle class life with a house , couple of cars and a overseas vacation
> every year and some savings :-) or am I asking for too much. Pls let me
> know your thoughts on this.
> Thanks for any help
> Cheers...RSK
> --
> Posted via http://britishexpats.com
are dealing with. See here:
http://www.ey.com/global/Content.nsf...2_Personal_Tax
The above calculator is for year 2002, and taxes for 2003 are in some
Provinces tiny lower, but at least you'll get the idea.
--
../..
Andrew Miller
Immigration Consultant
Vancouver, British Columbia
email: [email protected]
(delete REMOVE from the above address before sending email)
________________________________
"RSK" <member2287@british_expats.com> wrote in message
news:[email protected]...
> Hi Group
> I am actually only 2-3 months away from permanantely moving to
> Canada. But quite a few ppl around me keep telling me that the country
> is very good and everything, but they say I will always feel very poor
> due the taxes and stuff since there will not be much money left in my
> pocket. Can somebody pls tell me how much a person making CAD80,000.00
> /year can take home after all the taxes and contributions to the pension
> plans and stuff. Will the leftover money be sufficient to live a decent
> middle class life with a house , couple of cars and a overseas vacation
> every year and some savings :-) or am I asking for too much. Pls let me
> know your thoughts on this.
> Thanks for any help
> Cheers...RSK
> --
> Posted via http://britishexpats.com
#5
Re: Disposable Income
Originally posted by Andrew Miller
Please don't pay attention to replies from people who have no idea what they
are dealing with. See here:
http://www.ey.com/global/Content.nsf...2_Personal_Tax
The above calculator is for year 2002, and taxes for 2003 are in some
Provinces tiny lower, but at least you'll get the idea.
--
../..
Andrew Miller
Immigration Consultant
Vancouver, British Columbia
email: [email protected]
(delete REMOVE from the above address before sending email)
Please don't pay attention to replies from people who have no idea what they
are dealing with. See here:
http://www.ey.com/global/Content.nsf...2_Personal_Tax
The above calculator is for year 2002, and taxes for 2003 are in some
Provinces tiny lower, but at least you'll get the idea.
--
../..
Andrew Miller
Immigration Consultant
Vancouver, British Columbia
email: [email protected]
(delete REMOVE from the above address before sending email)
Federal tax for 2003 is :
16% on the first $32,183 of taxable income;
22% on the next $32,185 of taxable income;
26% on the next $40,280 of taxable income; and
29% of taxable income over $104,648.
Provincial tax varies, but for Ontario is:
6.05% on the first $32,435 of taxable income, +
9.15% on the next $32,436, +
11.16% on the amount over $64,871
http://www.ccra-adrc.gc.ca/tax/indiv...03_rate-e.html
I run the numbers and get a rough take home of 47+k from 80k gross, including EI and CPP but with no deductions.
Deductions for wife and kids, some RRSP activity etc will reduce this, but for a new immigrant wondering about disposable income, better to estimate taxes on the conservative side.
I know what I am dealing with, I am an immigrant, and these are the tax levels and disposable income I have. I wish I had my own business so i could deduct a bit more!
If I am missing something here please let me know, I wish I could save the 5k on my taxes
Iain
#6
Just Joined
Joined: Jan 2004
Location: North Cadbury, UK
Posts: 20
Re: Disposable Income
And what price do you put on the quality of life in Canada compared to UK? Lack of litter everywhere, no lager louts or yobs ready to kick your head in? Priceless...
I am actually only 2-3 months away from permanantely moving to Canada. But quite a few ppl around me keep telling me that the country is very good and everything, but they say I will always feel very poor due the taxes and stuff since there will not be much money left in my pocket. Can somebody pls tell me how much a person making CAD80,000.00 /year can take home after all the taxes and contributions to the pension plans and stuff. Will the leftover money be sufficient to live a decent middle class life with a house , couple of cars and a overseas vacation every year and some savings :-) or am I asking for too much. Pls let me know your thoughts on this.
Thanks for any help
Cheers...RSK [/QUOTE]
I am actually only 2-3 months away from permanantely moving to Canada. But quite a few ppl around me keep telling me that the country is very good and everything, but they say I will always feel very poor due the taxes and stuff since there will not be much money left in my pocket. Can somebody pls tell me how much a person making CAD80,000.00 /year can take home after all the taxes and contributions to the pension plans and stuff. Will the leftover money be sufficient to live a decent middle class life with a house , couple of cars and a overseas vacation every year and some savings :-) or am I asking for too much. Pls let me know your thoughts on this.
Thanks for any help
Cheers...RSK [/QUOTE]
#7
Forum Regular
Thread Starter
Joined: Jun 2002
Posts: 193
Re: Disposable Income
Oh my God!!!!!!. 35-40% for taxes and deductions. I think I am gonna feel really poor. I must be crazy to move to Canada. But still I will move as I and my wife feel that we will have a better quality of life in Toronto. I am now in Singapore and pay approx 8-10% tax and 5% GST :-). I am gonna have a tough time digesting the taxes in Toronto but I guess I will get used to it. Since both I and my wife will work I think I still can realize my "2 house, 2 car and 1 overseas vacation" dream with some difficulty. May be I have to be a bit stingy throughout the year to take that vacation I always want. Lets see, I am coming with full of hope and excitement and hope I am not disappointed.
cheers...RSK
cheers...RSK
#8
Re: Disposable Income
Originally posted by RSK
Oh my God!!!!!!. 35-40% for taxes and deductions. I think I am gonna feel really poor. I must be crazy to move to Canada. But still I will move as I and my wife feel that we will have a better quality of life in Toronto. I am now in Singapore and pay approx 8-10% tax and 5% GST :-). I am gonna have a tough time digesting the taxes in Toronto but I guess I will get used to it. Since both I and my wife will work I think I still can realize my "2 house, 2 car and 1 overseas vacation" dream with some difficulty. May be I have to be a bit stingy throughout the year to take that vacation I always want. Lets see, I am coming with full of hope and excitement and hope I am not disappointed.
cheers...RSK
Oh my God!!!!!!. 35-40% for taxes and deductions. I think I am gonna feel really poor. I must be crazy to move to Canada. But still I will move as I and my wife feel that we will have a better quality of life in Toronto. I am now in Singapore and pay approx 8-10% tax and 5% GST :-). I am gonna have a tough time digesting the taxes in Toronto but I guess I will get used to it. Since both I and my wife will work I think I still can realize my "2 house, 2 car and 1 overseas vacation" dream with some difficulty. May be I have to be a bit stingy throughout the year to take that vacation I always want. Lets see, I am coming with full of hope and excitement and hope I am not disappointed.
cheers...RSK
Some companies operate a holiday pay scheme, where a small amount is deducted from you pay each week to go into a holiday pay account, which pays out when you go on vacation. If you have been contributing for less than a year, then you will not have 10 days worth of money in the account to pay out.
I cant believe you pay only 10% tax in Singapore! I bet it is crowded though?
Iain
#9
Guest
Posts: n/a
Re: Disposable Income
Your biggest problem will be the initial outgoings in the first few
months. It will be difficult to budget your cashflow when you have
apartment deposits, insurance, car purchase/lease, furniture purchase,
electrical goods, etc...
Try to resist the urge to spend like crazy when you get here. purchase
wisely and take on a 'do without' attitude for a while.
Once you are established, i don't think you will have many probs
living the lifestyle you desire on $80k.
RSK <member2287@british_expats.com> wrote in message news:<[email protected]>...
> Hi Group
>
> I am actually only 2-3 months away from permanantely moving to
> Canada. But quite a few ppl around me keep telling me that the country
> is very good and everything, but they say I will always feel very poor
> due the taxes and stuff since there will not be much money left in my
> pocket. Can somebody pls tell me how much a person making CAD80,000.00
> /year can take home after all the taxes and contributions to the pension
> plans and stuff. Will the leftover money be sufficient to live a decent
> middle class life with a house , couple of cars and a overseas vacation
> every year and some savings :-) or am I asking for too much. Pls let me
> know your thoughts on this.
>
> Thanks for any help
>
> Cheers...RSK
months. It will be difficult to budget your cashflow when you have
apartment deposits, insurance, car purchase/lease, furniture purchase,
electrical goods, etc...
Try to resist the urge to spend like crazy when you get here. purchase
wisely and take on a 'do without' attitude for a while.
Once you are established, i don't think you will have many probs
living the lifestyle you desire on $80k.
RSK <member2287@british_expats.com> wrote in message news:<[email protected]>...
> Hi Group
>
> I am actually only 2-3 months away from permanantely moving to
> Canada. But quite a few ppl around me keep telling me that the country
> is very good and everything, but they say I will always feel very poor
> due the taxes and stuff since there will not be much money left in my
> pocket. Can somebody pls tell me how much a person making CAD80,000.00
> /year can take home after all the taxes and contributions to the pension
> plans and stuff. Will the leftover money be sufficient to live a decent
> middle class life with a house , couple of cars and a overseas vacation
> every year and some savings :-) or am I asking for too much. Pls let me
> know your thoughts on this.
>
> Thanks for any help
>
> Cheers...RSK
#10
Guest
Posts: n/a
Re: Disposable Income
"RSK" <member2287@british_expats.com> wrote in message
news:[email protected]
> Oh my God!!!!!!. 35-40% for taxes and deductions. I think I am gonna
> feel really poor. I must be crazy to move to Canada. But still I will
> move as I and my wife feel that we will have a better quality of life
> in Toronto. I am now in Singapore and pay approx 8-10% tax and 5% GST
> :-). I am gonna have a tough time digesting the taxes in Toronto but I
> guess I will get used to it. Since both I and my wife will work I think
> I still can realize my "2 house, 2 car and 1 overseas vacation" dream
> with some difficulty. May be I have to be a bit stingy throughout the
> year to take that vacation I always want. Lets see, I am coming with
> full of hope and excitement and hope I am not disappointed.
> cheers...RSK
RSK, don't look at the superficial benefit of lower tax rate in any place.
You have to count in everything to compare life standards in two different
cities. You may check out HomeFair site for a proper salary calculator. If
you make CAD 80,000 in Toronto which is about USD 61,500 at today's
conversion rate you'll need to make USD 62,004 in Singapore to have the same
standard of life. Essentially making it slightly cheaper to live in Toronto:
http://www.homefair.com/homefair/ser...199&toCity=605
This comparison chart has included everything like income tax, property tax,
PST, GST, prices of house, car, food, clothing etc. So, if you need to make
a fair comparison, you'll need to make SGD 104,000 in Singapore to have a
life standard that you'll get for CAD 80,000 in Toronto. This is of no
surprise as housing and owning a car in Singapore is several times more
expensive than in Toronto. Clothing and dining out is more expensive in
Singapore as well. The excess money you spend on tax actually paid back to
you in different form of services. Check out where your extra tax in Ontario
will go:
https://secure.lexi.net/cgi-bin/fras...36254&days=166
Not to mention that the friendly, non-racist, polite Canadians you'll deal
with everyday as opposed to very unfriendly, extremely racist and generally
rude people in SG. On top of that you'll get easy access to vast natural
beauty and outdoor activities.
news:[email protected]
> Oh my God!!!!!!. 35-40% for taxes and deductions. I think I am gonna
> feel really poor. I must be crazy to move to Canada. But still I will
> move as I and my wife feel that we will have a better quality of life
> in Toronto. I am now in Singapore and pay approx 8-10% tax and 5% GST
> :-). I am gonna have a tough time digesting the taxes in Toronto but I
> guess I will get used to it. Since both I and my wife will work I think
> I still can realize my "2 house, 2 car and 1 overseas vacation" dream
> with some difficulty. May be I have to be a bit stingy throughout the
> year to take that vacation I always want. Lets see, I am coming with
> full of hope and excitement and hope I am not disappointed.
> cheers...RSK
RSK, don't look at the superficial benefit of lower tax rate in any place.
You have to count in everything to compare life standards in two different
cities. You may check out HomeFair site for a proper salary calculator. If
you make CAD 80,000 in Toronto which is about USD 61,500 at today's
conversion rate you'll need to make USD 62,004 in Singapore to have the same
standard of life. Essentially making it slightly cheaper to live in Toronto:
http://www.homefair.com/homefair/ser...199&toCity=605
This comparison chart has included everything like income tax, property tax,
PST, GST, prices of house, car, food, clothing etc. So, if you need to make
a fair comparison, you'll need to make SGD 104,000 in Singapore to have a
life standard that you'll get for CAD 80,000 in Toronto. This is of no
surprise as housing and owning a car in Singapore is several times more
expensive than in Toronto. Clothing and dining out is more expensive in
Singapore as well. The excess money you spend on tax actually paid back to
you in different form of services. Check out where your extra tax in Ontario
will go:
https://secure.lexi.net/cgi-bin/fras...36254&days=166
Not to mention that the friendly, non-racist, polite Canadians you'll deal
with everyday as opposed to very unfriendly, extremely racist and generally
rude people in SG. On top of that you'll get easy access to vast natural
beauty and outdoor activities.
#11
Forum Regular
Thread Starter
Joined: Jun 2002
Posts: 193
Re: Disposable Income
Originally posted by Elmar
"RSK" <member2287@british_expats.com> wrote in message
news:[email protected]
> Oh my God!!!!!!. 35-40% for taxes and deductions. I think I am gonna
> feel really poor. I must be crazy to move to Canada. But still I will
> move as I and my wife feel that we will have a better quality of life
> in Toronto. I am now in Singapore and pay approx 8-10% tax and 5% GST
> :-). I am gonna have a tough time digesting the taxes in Toronto but I
> guess I will get used to it. Since both I and my wife will work I think
> I still can realize my "2 house, 2 car and 1 overseas vacation" dream
> with some difficulty. May be I have to be a bit stingy throughout the
> year to take that vacation I always want. Lets see, I am coming with
> full of hope and excitement and hope I am not disappointed.
> cheers...RSK
RSK, don't look at the superficial benefit of lower tax rate in any place.
You have to count in everything to compare life standards in two different
cities. You may check out HomeFair site for a proper salary calculator. If
you make CAD 80,000 in Toronto which is about USD 61,500 at today's
conversion rate you'll need to make USD 62,004 in Singapore to have the same
standard of life. Essentially making it slightly cheaper to live in Toronto:
http://www.homefair.com/homefair/ser...199&toCity=605
This comparison chart has included everything like income tax, property tax,
PST, GST, prices of house, car, food, clothing etc. So, if you need to make
a fair comparison, you'll need to make SGD 104,000 in Singapore to have a
life standard that you'll get for CAD 80,000 in Toronto. This is of no
surprise as housing and owning a car in Singapore is several times more
expensive than in Toronto. Clothing and dining out is more expensive in
Singapore as well. The excess money you spend on tax actually paid back to
you in different form of services. Check out where your extra tax in Ontario
will go:
https://secure.lexi.net/cgi-bin/fras...36254&days=166
Not to mention that the friendly, non-racist, polite Canadians you'll deal
with everyday as opposed to very unfriendly, extremely racist and generally
rude people in SG. On top of that you'll get easy access to vast natural
beauty and outdoor activities.
"RSK" <member2287@british_expats.com> wrote in message
news:[email protected]
> Oh my God!!!!!!. 35-40% for taxes and deductions. I think I am gonna
> feel really poor. I must be crazy to move to Canada. But still I will
> move as I and my wife feel that we will have a better quality of life
> in Toronto. I am now in Singapore and pay approx 8-10% tax and 5% GST
> :-). I am gonna have a tough time digesting the taxes in Toronto but I
> guess I will get used to it. Since both I and my wife will work I think
> I still can realize my "2 house, 2 car and 1 overseas vacation" dream
> with some difficulty. May be I have to be a bit stingy throughout the
> year to take that vacation I always want. Lets see, I am coming with
> full of hope and excitement and hope I am not disappointed.
> cheers...RSK
RSK, don't look at the superficial benefit of lower tax rate in any place.
You have to count in everything to compare life standards in two different
cities. You may check out HomeFair site for a proper salary calculator. If
you make CAD 80,000 in Toronto which is about USD 61,500 at today's
conversion rate you'll need to make USD 62,004 in Singapore to have the same
standard of life. Essentially making it slightly cheaper to live in Toronto:
http://www.homefair.com/homefair/ser...199&toCity=605
This comparison chart has included everything like income tax, property tax,
PST, GST, prices of house, car, food, clothing etc. So, if you need to make
a fair comparison, you'll need to make SGD 104,000 in Singapore to have a
life standard that you'll get for CAD 80,000 in Toronto. This is of no
surprise as housing and owning a car in Singapore is several times more
expensive than in Toronto. Clothing and dining out is more expensive in
Singapore as well. The excess money you spend on tax actually paid back to
you in different form of services. Check out where your extra tax in Ontario
will go:
https://secure.lexi.net/cgi-bin/fras...36254&days=166
Not to mention that the friendly, non-racist, polite Canadians you'll deal
with everyday as opposed to very unfriendly, extremely racist and generally
rude people in SG. On top of that you'll get easy access to vast natural
beauty and outdoor activities.
cheers..rsk