Posted on: 25-04-05 17:37:51
Quote:
Orginally posted by sanchi
How much is the tax in Canada. Say with a salary of Can $ 90 K , how much will be take home?
I am located in US. Can I move all home furniture to Canada?
Thanks
Sanchi,
Points to consider, if you are:
1. employed
2. Self employed
3. Contractual
4. Self employed through a placement agency
5. Incorporated
some of above, allow you to write off quite a few expenses, making more take home. with 90k, I guess, you fall in 40% tax slab. Tax specialists wud be best person to tell the exact amount though.
Chandresh, Great to see that people here are looking forward to 250k jobs.
Quote:
Orginally posted by sanchi
How much is the tax in Canada. Say with a salary of Can $ 90 K , how much will be take home?
Thanks
At $90k, and assuming that you are based in Ontario, your annual tax liability will work out to about $26k. This includes incomes taxes, CPP (Canada Pension Plan) and EI (Employment Insurance). Therefore your take home would be about $64k annually.
By making specified investments into an RRSP, the tax liability can be reduced by about $6k.
Quote:
Orginally posted by crenshaw
Quote:
Orginally posted by sanchi
How much is the tax in Canada. Say with a salary of Can $ 90 K , how much will be take home?
Thanks
At $90k, and assuming that you are based in Ontario, your annual tax liability will work out to about $26k. This includes incomes taxes, CPP (Canada Pension Plan) and EI (Employment Insurance). Therefore your take home would be about $64k annually.
By making specified investments into an RRSP, the tax liability can be reduced by about $6k.
The only thing is that you would not get any RRSP deduction for the first year of income in Canada but starting your 2nd year you will be getting RRSP deduction room of 18% of your earned income of the previous year.
However, if this 90 k income is from Commission income or Self employment then you can have certain other deductions which will reduce your tax burden significantly.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
How about the Mortgage interests. Is the Mortgage interests 100% tax refundable?
Mortgage interest in canada is NOT tax deductible
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We will find a way or we will make one
Quote:
Orginally posted by desikuttan
How about the Mortgage interests. Is the Mortgage interests 100% tax refundable?
Mortgage interest in Canada for Principal residence is generally not tax deductible and one of the main reasons for this is that if when you sell your Principal Residence you do not have to pay any Capital Gains.
However, the mortgage interest on Rental Properties is 100% tax deductible. Moreover, if you have rented a portion of your house and are earning income, you are allowed to deduct pro-rated mortgage interest for the portion of the house rented. Similarly pro-rated expenses for the rented portion such as heat, electicity, repair etc. can also be claimed.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
For average household incomes 10 years ago
http://www.statcan.ca/english/census96/may12/t7.htm
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