Posted on: 12-01-05 07:43:50
Hi People,
I am new in this forum and firstly I thank you all for the excellent stuff posted out here.
I am a IT professional with 5 years exp and have just got a job in Toronto for 70 K CAD base salary.Can someone in IT tell me if thats a good offer , and also what take
home I can expect. I believe there will be some deduction for the health care.
Do we get tax rebates for rented apartment etc. What are the other sections I can get rebate on ?. I am married but with no children.I did see some links here from E & Y which gives a combines tax cut if you know your taxable salary.
Regards,
T
A part of your question has been answered in this discussion
http://www.canadiandesi.ca/read.php?TID=6526&page=1#35586
You can also refer to this article
http://www.canadiandesi.ca/article.php?SID=7&AID=66
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Quote:
Orginally posted by TinTin
Can someone in IT tell me if thats a good offer , and also what take
home I can expect.
Regards,
T
I would say answer to this question depends on:
1. What is your present status - professionally?
2. Where are you presently located? Are you in a developed country like USA or are situated in India, Nigeria, Indonesia, etc.?
3. What are the prospects in your present job? Does that become a motivating factor to move out of it?
4. What particular stream of IT are you qualified/engaged in? 70k could be very good for one part of IT, it could be average for another stream, while some specialised guys would not even think of a 70K job after what they have achieved in their profession.
5. How big or small this new company in Canada is?
6. Why do you want to move to Canada (it appears from your post that you are not in Canada) - is it only to get this job, or are you migrating to live in this country, or is your plan to treat it as a gateway to USA (if you are not already there)?
There are a few more questions that would be important in considering whether this job is good or not - but I suppose the above should be good enough for you to first answer before you seek any advice.
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Chandresh
Advice is free – lessons I charge for!!
Hello Chandresh / Raj,
Thanks for the inputs. I clearly understand the questions that I must ask myself, before deciding.
Well Lets see -
1. I will be in the same status/ Maybe a better exposure career wise.
2. India
3. Present prospects are good. No complaints about present job.
4. I have now negotiated the pay and I can increase it further.I am in the Techno-Functional area / Datawarehousing / ERP / CRM
5. Relatively very small but high end./ Not a contracter/ Body shopper.
6. (a) My sibling is a PR
(b) Gateway to North America
(c) Other personal reasons.I like travelling - have spent little time
each in some european countries and some in U.S / mostly visits.
(d) Eventually will apply for PR after working for 1 yr ( ?? )
Raj: I still am not able to determine what are the tax credits that I can avail.Leaving aside RSP's, Child Tax benifit. Is the rent paid tax free in
canada ?
Quote:
Orginally posted by TinTin
Raj: I still am not able to determine what are the tax credits that I can avail.Leaving aside RSP's, Child Tax benifit. Is the rent paid tax free in
canada ?
These questions better be answered by experts in this field.
You can refer to sites like http://www.taxtips.ca/ for more information on taxes
Also this link:
http://www.moneysense.ca/planning/taxes/article.jsp?
content=457195
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Give free food http://www.thehungersite.com ||
Quote:
Orginally posted by TinTin
Hi People,
I am new in this forum and firstly I thank you all for the excellent stuff posted out here.
I am a IT professional with 5 years exp and have just got a job in Toronto for 70 K CAD base salary.Can someone in IT tell me if thats a good offer , and also what take
home I can expect. I believe there will be some deduction for the health care.
Do we get tax rebates for rented apartment etc. What are the other sections I can get rebate on ?. I am married but with no children.I did see some links here from E & Y which gives a combines tax cut if you know your taxable salary.
Regards,
T
Entire amount of rent paid is not deductible. It is subject to various conditions including amount of rent paid over a % of salary. However, you will get deduction on this account. In case your wife does not work then you will also get basic deduction for spouse. RRSP deduction will not be available to you being first year in Canada without any previous Canadian income.
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