25-30 K What kinda life one can have in Ontario
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Posted on: 22-02-05 10:27:18
Yes, It is very important for all family members (who are capable of working) to go out and get a job. Sitting around here just wont do. Plus she will have something to do and will learn.
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I once made a mistake, but I was wrong about it.
Quote:
Orginally posted by hala25
I have applied for immigration and I am from Middle East. I am married but no kids. Presently I am having a home take of 40K (CAD)pa. here . I would like to know if I get a job with similar package, what kind of life can I have in Ontario.
That converts to approx CAD3400 per month of home take salary. I am only guessing that your home take income is almost the full gross income because AFAIK there is no tax levied on income. However, Canada is s country with very severe tax structures. To be able to maintain the level of home take income that you have now, you will be required to earn a gross income in excess of CAD 70K per year.
Just so that you know.
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Diogenes
====================
The Cynic
Quote:
Orginally posted by DiogenestheCynic
snip
To be able to maintain the level of home take income that you have now, you will be required to earn a gross income in excess of CAD 70K per year.
Just so that you know.
Reading this in context here, the original poster said that they had an existing take home salary of CAD 40k.
No offence here, but your statement quoted above is horribly exaggerated.
By implication, that would mean paying $30k in taxes on $70k in income......which certainly does not represent reality! You might want to get your facts checked out......
If you actually do the math, a $48k pa gross salary would provide an approx $40k pa after tax.
Dear friends
Thanks for your valued responses. Yes by mistake the subject heading was not matching with the amount i mentioned in the question. Sorry for teh error.
Once again thank you all
Regds
HM
Quote:
Orginally posted by crenshaw
If you actually do the math, a $48k pa gross salary would provide an approx $40k pa after tax.
Please also include other deductions of CPP and EI which are mandatory. As a general rule I have found that of the gross income that I make, my home take is only 52% of it. Given that amount of deduction, a 70K salary boils down to 36K which is not too "exaggerated"IMO.
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Diogenes
====================
The Cynic
Quote:
Orginally posted by crenshaw
By implication, that would mean paying $30k in taxes on $70k in income
Hey crenshaw,
with 70k income and if you max out your 18% rrsp...your disposable income( after deductions including provincial EI and govt pension plans) is around 35-40k right?. If you have a house you are subject to taxes and also evey time you make a purchase. Taking all this into consideration your disposable income is max around 35-40 k or less right?
I'm no tax expert so maybe theres another way to look at this ? Can some experts chip in too? Thanks
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dtc...looks like we were writing at the same time.
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