A strange reality that i have ome to know about canada is that for whatever u earn till july from januavary it all goes into taxes and you start earning for yourself only from August 1 of everyyear and when u rationally think of it sounds logical well with 15 % gst pst and 45 % tax bracket.

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Sucess is not an accident it is a result of hardwork with intelligence.

45 % tax rate is not the correct tax rate . This is the marginal tax rate on a dollar earned after a certain level which is very low in canada as compared to US .

So if you earned 100K cdn in a year and you came in the 45% marginal tax rate , the total tax would be only 30K and not 45 K and hence overall , your total tax rate is 30% .

you might have paid 45% marginal tax rate on everything you made above 60K but that suffices in 30K tax . hence overall 30% tax .

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We will find a way or we will make one

i think i went wayward in my last article and details can be seen in the earlier posts.

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Sucess is not an accident it is a result of hardwork with intelligence.

chandresh,

I think you left Singapore long back. I am not PR here I am just on work permit.

1) Medical - There is a huge difference on the fees and charges for kids
immunization.
I don't know from where you got $7 data. I am paying $20
in poly-Clinic, which is the cheapest here.
2)Salary - 3/5 Years experienced guys are getting 3K to 4K, it also
depends on company you are working for. good MNCs pays
upto 5K.
100K? I can't dream of, I have never heard of any one
getting at my level.
visit http://www.jobstreet.com" rel="nofollow">LINK and http://www.singaporejobsonline.com" rel="nofollow">LINK
and you will got to know about salary.
3)School - Your kids will start speaking chinese like english.what about
higher study and then Bonds from Govt?
4)Govt. - tough Comunist govt in the cover of democracy!!!
5)Tax - I already said 15% but 10% will be waived if you stay
morethan 6 months in a year.
6) Car - You can't even dream of if you are on avg salary. The price of
govt. paper if same as the price of car which is required to own a
car.

I am saying this from the bottom of my heart that so far my savings are NIL, and I am going to complete one year here.

I will appreciate if you can tell me the reason/goal behind your immigration to Canada.



I am just counting my days to get out from this place.

Cheers
Raj

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A person is never more on trial than in a moment of excessive good fortune.

Just wondering how much you can save in toronto if you are getting
5k pm and staying with wife and kid.

Cheers
Raj

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A person is never more on trial than in a moment of excessive good fortune.

A good way to save some money is to consolidate all your accounts and move major of your money to ING direct under the name of the spouse who makes less. This saves you a lot of taxes while making 2.5% interest . No risk just effort to conolidate accounts instead of having 4-5 bank accounts paying you nothing.

Also avoid "Impulse" spending .

Never go to a grocery store empty stomach to do groceries. You will always end up buying more then you need and can eat.

These ways have always worked for us ..

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We will find a way or we will make one

hi,
This discussion has brought a lot of useful information to all of us. Thanks to all who participated.

However, I have observed that Canada is not a country where "money save" practices are possible other than by sacrificing your own life and fun. You might save a lot of money here only if you decide to live a “low” life with no outings, spending, fun, etc.
.....you earn more, you pay more tax (and spend more due to the great spending opportunities here)……you earn less, you pay less or no tax, because anyway it will go back into the system (and not out of the country).
The Canadian economy and tax system is setup in this way that money stays in the country (or at least 90% of it…..). You try to send money back home, you get a poor conversion rate + heavy transfer charges (as compared to many other countries in the ME).
The system is setup to “live” here, and minimises / discourages the possibilities of saving (except your personal growth in forms of property). But then if property value increases, you have to still live in that home, and if you sell it, you still have to look for a place to live……
just another perspective!!!

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Deal With Reality or Reality Will Deal With You