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Question for those who live in Canada

I

imported_Lucifer

Diamond Member
This question may be silly. 🙂

Someone told me that if your paycheck is $1000 (not sure what the Canadian currency is), they will take out about $500, because of the free healthcare and taxes. Is this true? Or is that person an idiot? 😕 Can someone clarify?
 
Originally posted by: Pepsi90919
never had a $1000 paycheque so couldn't tell you.

however it sounds really stupid. 😛
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I thought it sounded stupid. 🙂 Toronto is where I want to go, so I am hoping it's not true.
 
I gross about $1600 of which $500 is deducted. Not quite the same ratio as your example, but close.

However, of the $500 in deductions, income tax = 53%; pension related = 33%. My healthcare benefits are covered by my employer, but if I get really sick, everything is paid for through the health care system.
 
Originally posted by: meltdown75
I gross about $1600 of which $500 is deducted. Not quite the same ratio as your example, but close.

However, of the $500 in deductions, income tax = 53%; pension related = 33%. My healthcare benefits are covered by my employer, but if I get really sick, everything is paid for through the health care system.
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Wow, that seems like a lot. So, the income tax and the pension related tax is always at that percentage?
 
Originally posted by: Thin Lizzy
Originally posted by: meltdown75
I gross about $1600 of which $500 is deducted. Not quite the same ratio as your example, but close.

However, of the $500 in deductions, income tax = 53%; pension related = 33%. My healthcare benefits are covered by my employer, but if I get really sick, everything is paid for through the health care system.
Click to expand...

Wow, that seems like a lot. So, the income tax and the pension related tax is always at that percentage?
Click to expand...

I'm not sure about that... I believe if you are into a higher tax bracket, ie. over $40k annually, they may begin to take a higher percentage. The highest taxed people here, IIRC, are those that make the most. Not 100% sure as I'm no financial wizard!! 😉
 
meltdown75 and QuitBanningMe, thank you both for your help. 🙂 I am probably going to move to Ontario over the summer. We have been talking about it, but we aren't sure. My mother has been interested, but she just needs to think about it a little more. 🙂

Thanks!
 
For one summer I was getting almost exactly $1000 pay periods. I walked away with about $800 or so after it was all said and done. It really makes a difference how much you make though.
 
That person is an idiot. The taxes are not quite that bad.

When I made $25k/year I remember getting $1600/month. When I made $36k/year I remember neting $2150/month. That's like 24% and 28% or something, respectively. When I was making $48k US, after moving to the US, my total deductions were about 25%. Those first two incomes were in Nova Scotia.
 
I live here in Ontario...if you gross $1000, expect to see around $800.... The more you get paid, the higher tax bracket you enter.
 
I am Canadian, and I'm in a tax bracket that dings me about 32% ... which seems pretty harsh, but the medical, pension and other benefits are worth it in my opinion. I live in Alberta, which also has no provincial sales taxes. However, my father-in-law is an accountant, and works wonders when doing our tax returns, and I ended up paying only about 23% tax this year due to deductions etc. Handy to have one of those in the family ... 🙂 Plus, he's my golf partner for most of the summer!
 
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