Hi,
Just looking for some insight into things in Canada. I'm an expat and just curious as to the rate of tax being paid by airline pilots in Canada. Being out of Canada for the last 15 years has put me into the dark with Revenue Canada. I'm thinking of applying to some carriers. Just wondering what your take home after Fed/Prov taxes.
40K
80K
100K
150K
Thanks,
Dave
T4 and Tax
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DAVE THE RAVE
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You can pretty much count on losing about 40% to 50% right off the top once you pay Income Tax, CPP, EI etc. Then you will lose another 6% for GST plus the Provincial Tax (depending on what province you live in) on anything that is left.
OK now I am really depressed!!
If you are coming back to Canada make sure you get yourself set up so you have some good tax write-offs.
OK now I am really depressed!!
If you are coming back to Canada make sure you get yourself set up so you have some good tax write-offs.
You Can Love An Airplane All You Want, But Remember, It Will Never Love You Back!
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Conquest Driver
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If you use this link you can do the same calculation an employer would. Just show whatever salary you're being quoted as a bonus and "away you go"
http://www.cra-arc.gc.ca/eservices/tax/ ... doc-e.html
You'll need to give yourself a monthly salary of $1.00 or something just to keep the comuter happy.
http://www.cra-arc.gc.ca/eservices/tax/ ... doc-e.html
You'll need to give yourself a monthly salary of $1.00 or something just to keep the comuter happy.
The guy above who talks about you paying 40-50% income tax is referring to the highest marginal rate. If you're making six figures and adopt a tax efficient plan then you can probably pay closer to 25% total (including EI & CPP). If you're making modest money (say ~50K) then your total tax bill can be more like 20-25%.
It always depends on where you're comparing it to but Canada has a fairly lenient taxation policy (when compared with other developed nations) with some very good opportunities for reducing your tax bill like RRSP's etc...
It always depends on where you're comparing it to but Canada has a fairly lenient taxation policy (when compared with other developed nations) with some very good opportunities for reducing your tax bill like RRSP's etc...
Last edited by v6g on Fri Jun 01, 2007 10:06 am, edited 1 time in total.
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Cat Driver
- Top Poster
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RRSP's are another government smoke and mirrors scam to dip into your back pocket.
Had we invested the same amount of money we would probably be further ahead...
Just wait until you cash these things in and see how much you saved.
...The latest scam is we have been told we overinvested and now are stuck with another big expense for an accountant to intevene and get the fu.kin government off our backs over this latest fiasco from revenue Canada.
Had we invested the same amount of money we would probably be further ahead...
Just wait until you cash these things in and see how much you saved.
...The latest scam is we have been told we overinvested and now are stuck with another big expense for an accountant to intevene and get the fu.kin government off our backs over this latest fiasco from revenue Canada.
The hardest thing about flying is knowing when to say no
After over a half a century of flying no one ever died because of my decision not to fly.
After over a half a century of flying no one ever died because of my decision not to fly.
Here is a good tax calculator
http://www.ey.com/GLOBAL/content.nsf/Ca ... rsonal_Tax
I too would also like to know what is wrong with RRSP's? My return this year was over 20,000 thanks to RRSP's which is rolled into this year and the next and the next....
http://www.ey.com/GLOBAL/content.nsf/Ca ... rsonal_Tax
I too would also like to know what is wrong with RRSP's? My return this year was over 20,000 thanks to RRSP's which is rolled into this year and the next and the next....
Neither gets it.
Every dollar I invest into my RRSP's comes off my taxable income. You then take your tax return and roll it into the next year. That money is now invested and in my case making roughly 15%(last several years). I am using money that I would have paid out in taxes and using it to invest and make money year over year.
When I go to use the money later on down the road, I am going to be paying taxes on it, just like I would be with a pension. Difference is I control my money instead of the pension controlling it.
If you are near the end of your career there is no point in RRSP's, but if you are just starting out they are a great way to invest and grow your money over the long term.
Every dollar I invest into my RRSP's comes off my taxable income. You then take your tax return and roll it into the next year. That money is now invested and in my case making roughly 15%(last several years). I am using money that I would have paid out in taxes and using it to invest and make money year over year.
When I go to use the money later on down the road, I am going to be paying taxes on it, just like I would be with a pension. Difference is I control my money instead of the pension controlling it.
If you are near the end of your career there is no point in RRSP's, but if you are just starting out they are a great way to invest and grow your money over the long term.
Are these calculators right? They all say on an income of $100,000 you only get taxed roughly $27,000. I thought if you were in that high of a tax bracket you got taxed around 50%?bamboo wrote:Here is an easy to use calculator.
http://www.walterharder.ca/MarginalTaxR ... lator.html
Sorry . and Hed, I normally agree with you but I can't see how one can really go wrong with RRSPs. Yes, there is a limit to their benefits and if you overinvest in them you'll be penalized, but they do have a lot of advantages for young people like me. Basically I can invest income before its taxed and then only get taxed on it and the investment returns when I cash it out. How is that dumb?
Ok, ok - very funny - now let me in on the gag.
It's true that RRSP's are not for everyone (an example would be a moderate income earner who starts contributing close to retirement, or someone whose income after retirement is expected to be much higher than when they're working). But for the vast majority of people who contribute steadily throughout their working life, they simply cannot be beaten.
Do you get equal amusement from using the dividend tax credit, or the interest deduction on investment loans credit, or on flow-through funds?
It's true that RRSP's are not for everyone (an example would be a moderate income earner who starts contributing close to retirement, or someone whose income after retirement is expected to be much higher than when they're working). But for the vast majority of people who contribute steadily throughout their working life, they simply cannot be beaten.
Do you get equal amusement from using the dividend tax credit, or the interest deduction on investment loans credit, or on flow-through funds?
Hedley, you've dodged the question numerous times. Stop hiding behind . and give us as answer as to why tax free growth over 35 years in an RRSP is a bad thing.You'd have to be pretty dumb to waste your money on RRSP contributions.
You're the guy who demands to know total hours, types flows, licences held and high school grades to establish credibility. Best you can do now is pawn your lack of knowledge off on .? That's weak even for you.
Last edited by pika on Fri Jun 01, 2007 11:58 am, edited 1 time in total.
By 70 plus do you mean age or $70K? Why don't you enlighten us ignorant little pawns as to why RRSP's are so evil so we don't make the same mistake?clunckdriver wrote:This is a red letter day! I find myself in total agreament with Cat and Headly on the same day! RRSPs wait till you hit 70plus and see what they have in store for you, it reminds me of when MURBS were all the rage, then the investors found out what was in the fine print.
Hey, dumbass, I'm not "hiding behind ." - scroll up
and re-read the thread. I was the FIRST person to state
that RRSP's are a ripoff, and then . and Clunk agreed.
You don't want to do any research or listen to the voices
of experience before you invest your money, why would I
care?
and re-read the thread. I was the FIRST person to state
that RRSP's are a ripoff, and then . and Clunk agreed.
You don't want to do any research or listen to the voices
of experience before you invest your money, why would I
care?
