25-30 K What kinda life one can have in Ontario
Jump to Page:
< Previous [ 1 ] [ 2 ] [ 3 ] [ 4 ] Next >
Posted on: 23-02-05 12:29:31
Quote:
Orginally posted by dan
i am not aware of the OHIP premium i thought it was free at least until 2002. can you update on how much does one have to pay ?
Can’t seem to find the rates on the internet right now. In Ontario, we started personally contributing the OHIP premium from July 2004. From a note I received from my employer at the start, I understand my premium is in the order of about $900 pa. You won’t see this as a separate line item on your pay slip as it is included in your federal tax withheld.
Quote:
Orginally posted by dan
i am surprised to hear that you paid such high taxes in India i thought it was 10%. I have never worked in India so i dont know.
Income tax rates in India have reduced marginally from the 44% days. However, on the portion of income above Rs 150k, one still pays tax at the rate of 33%. Looking at it from my own perspective, a person in middle level management at a salary of about Rs 1 – 1.2 million in India, would have a higher effective tax rate than an equivalent in Canada.
Quote:
Orginally posted by jake3d
So in this scenario(53kafter tax-15krrsp cont), in the end the disposable income would be around 35-40 in any case right?
You are right too, about disposable income reducing to about $35k - $40k when one makes a $15k contribution to the RRSP. However, this $15k contribution is purely voluntary. A person who needs the additional disposable income to ‘live it up’ would not make them and would therefore have an additional $10k in disposable income (net of the extra tax liability). It’s a choice one makes.
Quote:
Orginally posted by jake3d
Basically, a pet peeve of mine is that this kind of taxation actually seems to make sure that the middle class always stays that way.
I wouldn’t agree about people being condemned (for want of a better word) to a middle class existence in Canada. No offence meant to anyone here, but $70k is a middle class salary and should therefore buy a middle class lifestyle!
Sorry to have hijacked this thread, seems I have too much time on my hands this morning.....
Quote:
Orginally posted by crenshaw
You are right too, about disposable income reducing to about $35k - $40k when one makes a $15k contribution to the RRSP. However, this $15k contribution is purely voluntary. A person who needs the additional disposable income to ‘live it up’ would not make them and would therefore have an additional $10k in disposable income (net of the extra tax liability). It’s a choice one makes.
Agreed again.
What i'm trying to point out is that taxation makes it more prudent to put it in an rrsp(rather than say your home business o other investments) when you are making that kind of income.
Quote:
I wouldn’t agree about people being condemned (for want of a better word) to a middle class existence in Canada. No offence meant to anyone here, but $70k is a middle class salary and should therefore buy a middle class lifestyle!
Sorry to have hijacked this thread, seems I have too much time on my hands this morning.....
I've got time too... am home this morning
Again the point is not what kind of lifestyle 70k can afford...even less that its a middle class salary. Most middle class live a 'richer' lifestyle by overconsumption anyway. Considering their income, they spend more than they should on cars, house etc.
I think basically it comes down to personal opinions since a lot of abstract variables form parts of the equation.
However, the point I'm trying to make is that the tax system seems to make it difficult to have the flexibility how to increase ones 'unrealised income', especially if one is in a salaried position earning less than 100k(a majority of the population fall well within this range). Unless you lower your standard of living to below middle class. Home biz is not really unrealised but you do not have to pay taxes at source so thus my classification as unrealised(until tax time
).E.g: your interest of your home mortgage(private residence) is also taxed in Canada. Due to things like this... if you are in a salaried position it makes more sense to try to raise your 'realised' income since the benefits(in $ amounts) to taking on the stress of putting efforts(and $) into a business on the side seems to be marginal, atleast in the start up stage. i.e less conducive to being an entrepreneur rather than in ...say...south of the border. I think the liberals accept this fact too
...atleast according to what I hear about the next budget.Ofcourse, if one has the determination and motivation it would take a lot more to stop you. Also special areas may find the going better in Canada...e.g: access to funds/subsidies/grants/loans etc earmarked for the arts. Such funds are rare down south.
-----------------------------------------------------------------
Recommended Services- Servicedomino.com
http://www.servicedomino.com
Crenshaw,
You are right. India has one of the highest TAX rates in the world, 45 to 55% ......especially for high income groups. People normally getway doing fraud, hire a lawyer and he'll prove you are bankrupt.....or 1 million income would be shown as 100k.....
It happens "ONLY' in India......
Its a known fact that Canada has high tax rates...........
Its a give and take policy........every country has its own +/- ve points.......
In India.....make millions, have Merc but drive it over pot holes and shit..
In ME.....make millions, drive BMW, but live an uncertain life with no sense of belonging.....
In Canada.......enjoy nice infrastructure, Industries, greenery, have own house, medical cover, good future for kids......
When you get all those...........pay a "LITTLE" price called TAX.
Deep
Quote:
Orginally posted by crenshaw
You might want to add the UK and much of Europe to that list!
If we are talking only income taxes, I also find many states in the US to be pretty comparable to Canada at personal income levels upto $100k.
The tax rates are high, no doubt, but its not different from any other part of the world when one considers the infrastructure.
Coming to think of it, when I started my career in India, I was hit with 44% income tax on a substantial part of my income that was over the lower slab limits..........money that I paid for crap!
To a degree, you are right about Canada being incredibly socialized though. I’m particularly ticked off having to pay the OHIP premium………and its going to get worse! As the Canadian baby boomers retire, they’re going to be getting their hips, knees and as**oles replaced, and we folks are going to have to fund it! Replusive!
-----------------------------------------------------------------
U win some...lose some...everything is not justified in this world.
Hi All,
I am planning to immigrate to Canada.I am 48 years old and would be 54 by the time i get my visa[hopefully].I am a self employed commerce graduate and spouse is a post graduate.
Is it okay to migrate at this age? What kind jobs can we expect considering our age and qualification?
