This has been an interesting topic and I have been watching it from the side lines. I could not bear to see it go astray and hence the posting.

Here are the postings in the CRA website and Wikipedia.

http://en.wikipedia.org/wiki/Income_taxes_in_Canada#Basic_calculation

Click on Basic calculations 1.1

Also CRA : http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html

Federal taxes 26% Plus (upto the 123,180 level/p.a)

See also Provincial taxes and add 11.16 on top of that for Ontario. Taxes vary according to Provinces. Also depends upon the number of dependents in the family.
After the posted high the taxes withdrawn flattens out. But there is a surtax that kicks in, chewing into the take home pay.

To take home a monthly income of $8,000 you will have to earn 1.4 times that = 11,200 or an annual salary of 11,200 x 12 = 134,400

E.&O.E.

Freddie.

Read this for more info: http://canadiandesi.ca/read.php?TID=10187

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Live and Let Live

Hi I would say 45 k would be enough but then also think about the day to day life when you will be spending most of your time thinking abt expenses and living a senseless life...we r repenting 4 having come here but nevertheless still staying and doing this on and on again and again on a daily basis....

Hi I would say 45 k would be enough but then also think about the day to day life when you will be spending most of your time thinking abt expenses and living a senseless life...we r repenting 4 having come here but nevertheless still staying and doing this on and on again and again on a daily basis....

Hi ...thanks for the input. I was thinking C$ 45 K as an initial starting point...maybe for the first six months...

I am quite amazed to read this article. If you start living like a Dubai sheikh then one can spend the way the expenses are being talked about. First and foremost there is a difference in USA and Canada. USA there is very little social security net and thus all the money in hand. In Canada there is a lot of security net and if you spend wisely and not be an extra vagant then not only you can live comfortably but you can actually save money within $45k.

Groceries at Food basics and Price choppers or chinese markets should not cost you more than $500k and kids do not need to spend $200 per month. Further $100 for clothes every month is again on a very high level but again I know so many of my friends do exactly that. But then they also do not know how much clothes they have in their closet and throw clothes in garbage bags every month. The median salary in Canada is about $45k per family and most of the Canadians live OK in that except for us Indians who have been only GMs and MDs back home. They have now come to Canada and do nothing except show off and criticize.

If you spend wisely and live like a normal family devoid of show off $45k salary is quite decent. If you have further problems understanding the budget then do call me or send a PM. Do your own research and you will find that Canada is really one of the best places to live in the world.

Regards,

Ash

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Ash

Quote:

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Originally posted by sghosedelhi

I am quite amazed to read this article. If you start living like a Dubai sheikh then one can spend the way the expenses are being talked about. First and foremost there is a difference in USA and Canada. USA there is very little social security net and thus all the money in hand. In Canada there is a lot of security net and if you spend wisely and not be an extra vagant then not only you can live comfortably but you can actually save money within $45k.

Groceries at Food basics and Price choppers or chinese markets should not cost you more than $500k and kids do not need to spend $200 per month. Further $100 for clothes every month is again on a very high level but again I know so many of my friends do exactly that. But then they also do not know how much clothes they have in their closet and throw clothes in garbage bags every month. The median salary in Canada is about $45k per family and most of the Canadians live OK in that except for us Indians who have been only GMs and MDs back home. They have now come to Canada and do nothing except show off and criticize.

If you spend wisely and live like a normal family devoid of show off $45k salary is quite decent. If you have further problems understanding the budget then do call me or send a PM. Do your own research and you will find that Canada is really one of the best places to live in the world.

Regards,

Ash

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Chandresh

Advice is free – lessons I charge for!!