canned cat food or sushi?

May 18, 2007 7:25 AM

So I will be making x dollars gross in Ontario, that translates to...

Yet another delightful question in the I'm-moving-to-Ontario-from-the-US series. If I've got a salary of X dollars gross, is there any sort of online widget or happy little calculator that can tell me approximately what my take-home pay will be after taxes? Obviously I'm not looking for spot-on laser accuracy, but just a general gist so I can plan for housing, whether or not I buy a new bike, etc.

I've found lots of Canada-related money calculators online, but they all deal with after-tax income for things like home buying or investing or what-have-you.

posted by the dief to Grab Bag (4 answers total)

Best answer: Canadian income tax deductions, etc, come to about 30% effective if you're making over $85K. That is, if you're making over $85K, you'll take home 70% of what you earn, with a marginal tax rate of closer to 50%. So a $5K raise would net $2.5K take home.

Approximately.
posted by GuyZero at 7:38 AM on May 18, 2007

Best answer: Here's Ernst & Young's 2006 tax calculator.
posted by jamesonandwater at 7:41 AM on May 18, 2007

Response by poster: Exactly what I'm looking for! Thanks folks.
posted by the dief at 7:49 AM on May 18, 2007

Best answer: Note that this is just your income tax. If you are salaried, there's also employment insurance. For everyone there’s sales tax, which in Ontario comes to around 14%.

Also note that you will not have to pay for health insurance beyond what is included in your taxes.

This might sound like a lot of tax, and if you have a high income you would certainly keep more of it if you stayed in the US, but living in Canada is just nicer. Mostly. (I have dual citizenship so I live in Canada by choice.)
posted by kika at 8:21 AM on May 18, 2007