Doubts regarding Job
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Author Topic: Doubts regarding Job  (Read 887 times)
DeepakRG
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« on: January 12, 2011, 11:11:30 pm »

Hi,

I have just got a job at one of the warehouse company and they are paying $10 per hour and they are going to pay me bi-weekly. As I am new to Canada i am unsure about the taxation and what kind of bank account need to be opened. I appreciate if some one can help me here with the below doubts.

-> How much will I get for my 80hours of work  @ $10 per hour. I mean the firm pays me $10/hr but after tax cut how much is deposited to my account and how is it calculated ?
-> How can I save my taxes and reclaim them at the time of tax filing?
-> What kind of account should I open in the bank and which is the preferred bank?(firm people has asked me to give them a void cheque).

Awaiting for your responses.

Thanks.
Deepak.
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DeepakRG
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« Reply #1 on: January 13, 2011, 06:23:31 am »

Can anyone pls help me with this....
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scylla
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« Reply #2 on: January 13, 2011, 08:05:07 am »

1) You should really speak with your company to find out exactly how they are going to calculate the tax. However you should expect certain base deductions such as EI, CPP and personal tax.

2) When it comes time to do your taxes, your employer will provide you with a T4 slip which will list all of the taxes you have paid. You will submit the T4 slip with your tax return. If you overpaid on any taxes, that amount will be credited to you.

3) You should open a basic chequing account. Any of the big banks will be fine - although people here seem to have a perference for TD and Scotia.
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Canadian Career Coach
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« Reply #3 on: January 19, 2011, 10:24:25 am »

You can open a chequing or savings account at any bank.  Your company may request a voided cheque if they want to do a direct deposit, or they may just give you a cheque every two weeks - this is often up to the company, their size and how their payroll is worked out.

To know what tax bracket you'll be in - see the government site:

http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html

By law, the company must deduct certain taxes which will include CPP, EI etc.  If the company offers benefits sometimes there also is an employee (mandatory) contribution -- talk the company HR to get all the details.

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Canadian Career Coach is a Senior HR Consulting Professional who works for a Canadian Consulting firm with 15+ years experience in Career Coaching.  Regular career blogger and resume critique expert on www.careego.com
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