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All the Perl that's Practical to Extract and Report

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  • The 48% is only for the top tax bracket. You don't pay at that rate for your whole income ... just whatever's above the top threshold ($115k). More info here [cra-arc.gc.ca]. Off the top of my head, I would think you're more likely to pay 30-35% overall.

    For calculating what house you can afford, I would recommend you don't complicate things by doing conversions and calculating taxes. Instead, use the standard formulas that the banks use. One simple one is I think 29% of your gross income can be applied to debt load, but.

    • The 48% is only for the top tax bracket. You don't pay at that rate for your whole income ... just whatever's above the top threshold ($115k). More info here [cra-arc.gc.ca]. Off the top of my head, I would think you're more likely to pay 30-35% overall

      No, 48% is what they take overall. I come home with 52% of my income. Some have said this will change later in the year though it's been like that for 2 months now. Remeber this includes rather enormous pension contributions (which I'm sure I'll see bugger
      • I think there has to be something wrong there. Unless you are *substantially* over the top threshold the right range *is* 30-35% including all deductions (LTD, pension, EI, taxes). Have you talked to your payroll department?

        Regardless - you seem to have acclimated very quickly - complaining about taxes is a national passtime. Welcome to Canada.