Heya all, I love this site.
:-P
So we're moving to Vancouver in 3 months. Currently we're based in Dubai, and we are so looking forward to it. I am so fedup of people giving us negative views (and other people actually listening) that I created a blog to help people from here move away.
Trust me Dubai sucks, take it from a long timer.
:-)
Anyhoo, I had a couple of questions on the move.
When we landed, we declared that we would move there with about CAD 13k. However we were in Vancouver only for a month and then we returned here to Dubai. I havent filed any tax returns since then (actually I never filed tax returns ever :-) )
In the last 2 and a half years, we did manage to save a lot of money, around CAD45k which we will bring with us when we move (or move into an account or something). Do we need to pay taxes or something on this..? I know this has been done to death already, but I notice that most of the questions refer to property that is declared (which I dont have and didnt do) or refers to income from those properties.
We saved this money from our paychecks, so its not really income, and then again I guess its not fair to tax me for saving as opposed to not taxing meif I had gone and spent all my money eh..?
Maybe I need to show my salary slips to show that I had earned that money...?
-----------------------------------------------------
Secondly, I'm curious to know what a good starting salary is there in Canada. My company may give me a transfer there and when they asked me, I told them I wanted 6k a month (although they may come up with less than that). However on doing the math, I find that tax works out to about 40% (depending on your province). Now I'm not bothered about paying tax. It has to be paid for the facilities we use, but I am concerned that I may have underquoted what I would accept.
Was I too high for a family with one child..? Is there any calculator online that will let me calculate my net income after taxes..?
Thanks a million for everything.
Location: Western Hemisphere
Posted on: 13-12-06 13:21:39
Welcome to Canada !!
I hope that you and your family would make the best of your future life.
I'll answer the second part of your question regarding salary. My company has an intranet where I can calculate the salary for all provinces and US states. Here is what the calculation shows:
Assuming you will get paid twice a month, like most companies do:
CALCULATION BASED ON:
Annual Gross Pay = $72,000.00
Pay Frequency = Semi-monthly
Province = British Columbia
Federal Claims = $8,639.00
Provincial Claims = $8,858.00
Approved Shares = $0.00
Annual Income Reductions = $0.00
Pay Period Income Reductions = $0.00
PAYCHEQUE CALCULATOR RESULTS:
Gross Pay = $3,000.00 per pay period
Federal Withholding $485.39
Provincial Withholding $206.68
Canada Pension Plan $141.28
Employment Insurance $56.10
Net Pay $2,110.55 per pay period
TOTAL PER MONTH = $4,221.10
-----------------------------------------------------------------
Dimple2001
Quote:
Originally posted by heretic
We saved this money from our paychecks, so its not really income, and then again I guess its not fair to tax me for saving as opposed to not taxing meif I had gone and spent all my money eh..?
Maybe I need to show my salary slips to show that I had earned that money...?
-----------------------------------------------------
.
A salary is income afaik. Canada taxes you on world income so you probably
will end up paying the taxman. Hopefully one of the cd account pros will correct me or elaborate.
Quote:
Was I too high for a family with one child..? .
For a family of 3 72k/year is comfortable. Then again nobody here know's what your lifestyle is like. Do a search on the forum for cost of living and you will see related costs.
About taxes...you may not have that much expendable income as you would like(not many do anyway
), however you will not be paying that 40% tax rate right away either if you plan your finances(e.g rrsp contributions). Again, an accountant can elaborate.-----------------------------------------------------------------
Recommended Services- Servicedomino.com
http://www.servicedomino.com
Location: Western Hemisphere
Posted on: 13-12-06 13:29:54
On the taxes, I agree with jake3d. While the calculation I have posted shows the tax deductions at source, your true taxable income might be different depending on RRSP investments and other things. A tax pro is the best individual to get advise from.
-----------------------------------------------------------------
Dimple2001
Oh thank you all.. Really, at least now I have some idea of what to expect. To be honest, we dont really have a very expensive lifestyle, and in the end of the day we're only really looking at LIVING. Canada is going to be a long term home to us.
We're headed that way at the end of March. I dont think we will have many problems with the move. To be honest, we're really looking forward to it.
I think you have a really amazing board here. I'm quite motivated to move, but you cant imagine the number of people who've tried to make me feel bad about making this move. I think you guys really level the balance and take away a lot of the uncertainity.
:-)
