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| Subject: help regarding salary , taxation in Toronto |
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Hello Friends,
I´m writing to see if someone could help me understand the tax structure in Canada.Let´s say I have an offer of Can $ 100,000/annually.
How much would be the tax rate? What are the potential pay roll deductions(like you have social security, Fed , state, Medicare etc in the US)?
You help and guidance would be much apprecaited.
Thanks,
[03-02-2006,15:56]
[***.33.31.241]
annonymous |
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(in reply to: help regarding salary , taxation in Toronto)
In Alberta you pay 180 dollars medical insuarance for a family of 3 and 7% GST on goods. Car insuarance is approximately 100-150 dollars monthly. Taxation system depends on income. The higher the worth:) But 100000 for Toronto is a big deal.
[03-02-2006,16:33]
[***.166.251.206]
Olga |
(in reply to: help regarding salary , taxation in Toronto)
Thanks Olga,
Appreciate your response.
Any sense on the fed tax rate ? How much % rate of tax are you paying on your income?
Regards,
[03-02-2006,16:47]
[***.33.31.241]
annoymous |
(in reply to: help regarding salary , taxation in Toronto)
We have scholarship and pay around 25%. But it min rate.
[03-02-2006,17:01]
[***.166.251.206]
Olga |
(in reply to: help regarding salary , taxation in Toronto)
federal tax rate:
$35,000 or less: 16%.
in excess of $35,000: 5,600+22%* excess
in excess of $70,000: 13300+26%*excess.
federal tax payable for 100,000 income: 21,100
Ontario tax payable for 100,000 income: 12,200
Total : 33,300
but you can claim personal tax credit, spousal tax credit, etc to lower your tax payable.
Monthly payroll deduction will include CPP, EI and withholding tax on your salary.
[03-02-2006,17:05]
[**.29.0.59]
erhg |
(in reply to: help regarding salary , taxation in Toronto)
For 100,000CAD, federal and provential tax will be approx. 35,000 - 40,000 depending on your family size. In additon you need to pay Social insurance and medical will is approx. 10% (depending on the province)
[03-02-2006,17:11]
[***.107.199.4]
Anonymous |
(in reply to: help regarding salary , taxation in Toronto)
olga, in what city are you? I´m in edmonton
[03-02-2006,17:14]
[***.106.6.3]
mircea |
(in reply to: help regarding salary , taxation in Toronto)
Edmonton too.
Are you a student?
[03-02-2006,17:18]
[***.166.251.206]
Olga |
(in reply to: help regarding salary , taxation in Toronto)
Thanks erhg & others,
That was a great help !!! appreciate it.
What is CPP, EI ? Is it part of the fed / prov taxes or a separate levy?
Ballpark for a family of 4(2 + 2),salary 100k ,what do you think would be the "in hand" amount after paying for all taxes, medical insurance,CPP, EI etc?
Thanks in advance.
[03-02-2006,17:32]
[***.33.31.241]
annoymous |
(in reply to: help regarding salary , taxation in Toronto)
Oh....do we have to pay Medical Insurance?
What does it mean when they say "Medical facilities for you and your family are free in Canada"?
Please explain.
Thanks,
Mamtha
[03-02-2006,17:54]
[***.15.255.227]
Mamtha |
(in reply to: help regarding salary , taxation in Toronto)
CPP: Canadian pension plan, max 1,861/year
EI: employment insurance, max 761/year
if 100,000 is for your family income, you can get around 8,000@16% for personal credit, 7,000@16% for spousal, 2 dependents tax credit of 2*3,784*0.16.
Plus you can contribute to your RRSP (registered retirement saving plan) to lower your tax payable.
[03-02-2006,17:59]
[**.29.0.59]
erhg |
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