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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.

    • Re:Not so bad (Score:2)

      by Matts (1087) on 2005.05.31 13:21 (#40814) Journal
      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 all of - why on earth can't I opt out of that - everyone knows that government pension schemes are bad ideas) and other contributions. In total it's adding up to 48% overall taxation right now.
      • You might want to talk to a tax planner to figure this out for your first year. Pat Rush at H&R Block on Highland at Victoria (in Kitchener) has experience dealing with US cross-border issues; I can strongly recommend her. There is a fairly good chance that you'll get a sizable refund at tax time.
        --

        -DA [coder.com]

        • Thanks. I'll try and remember that when tax time comes around (it's in the new year isn't it?)
          • Tax day is April 30th. ...But IMO don't wait 'till spring; they may have tax-saving tips that will save you a pile of money if you do them /before/ the end of the year. Or possibly adjusting your withholding if it's way too high, so you're not giving the taxmen an interest-free loan till next april...

            There are more lenient laws on home-based businesses in Canada (than in the US) so if you work from home, you may be able to deduct a fraction of various expenses, etc...

            It may even save you money if you see
            --

            -DA [coder.com]

      • 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.

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