Tax in Ontario

[marc de leon]

How much (%) of your income is taxable in Ontario? If I work as an RN earning 30Ca$/hour for example and earn 4800Ca$ per month....how much tax would be deducted? Thanks in advance!

[zygurn]

These are the current tax rates by the Federal Gvt:
Federal tax rates for 2011 are:

    * 15% on the first $41,544 of taxable income, +
    * 22% on the next $41,544 of taxable income (on the portion of taxable income between $41,544 and $83,088), +
    * 26% on the next $45,712 of taxable income (on the portion of taxable income between $83,088 and $128,800), +
    * 29% of taxable income over $128,800.

and the Province of Ontario:
5.05% on the first $37,774 of taxable income, +
9.15% on the next $37,776, +
11.16% on the amount over $75,550

As far as I know, Canada doesn't use the monthly salary thing some of us are used to, so you either provide the hourly rate/hours you work weekly or your annual income to get an estimate. Assuming you work 40hrs/wk at the $30/h rate you gave, according to this website: http://lsminsurance.ca/calculators/canada/income-tax you'd be earning C$1900 every 2 weeks. This does not include what you pay for Employment Insurance nor what you deposit for your pension nor deductions your company makes for you.

[toby]

You don't  say whether you are married or single, so I assume single.  I assume you worked the entire year in Ontario. 

You don't say how much you contributed to CPP, unemployment insurance, and a personal RRSP. These are all deductible expenses, hence reduce your take-home pay but reduce the taxes payable too.  I put nothing for these expenses in my tax calculator, so the taxes payable will be too high -- $12,656.

There are simple tax calculators available online.  Check on the Deloitte  website, for one.

[Scanner]

Good discussion, need some information too plz.

If someone has an offer of CAD 38,400.00 in Ontario, how much salary will he take home monthly after deductions and how much will be benefits for 4 children.

Looking forward.......... Thanks

[farima]

anyone
please give me info about Banking (all info).

[Rossei]

anyone
please give me info about Banking (all info).

What banking info are you looking for? Please, be more specific.

The major players (Big Five) in banking in Canada are:
              [1] Royal Bank of Canada (RBC)
              [2] Toronto-Dominion Bank (TD Canada Trust)
              [3] Bank of Nova Scotia
              [4] Bank of Montreal (BMO)
              [5] Canadian Imperial Bank of Commerce (CIBC)

Other banks available:
               - National Bank of Canada
               - HSBC Bank Canada
               - Laurentian Bank of Canada
               - Canadian Western Bank

[Rossei]

I'm sorry for being off-topic here.

TO: Farima

I'm replying here to your PM:

I will bring some money as TC. which Bank will be benefited when i need Cash from those TC. more over, if i get job then how i will get benefit from the money. here in Bangladesh we have a practice of Fixed Deposit or Bond. i need prier knowledge. would you please help me?
wish you good day
Farima

Banking here in Canada will differ a bit from that in Bangladesh. First of all, you can easily get high interest (upto 13%) on FDR account back home whereas there is 1-3% interest refund on your 'SAVING' account here. On the contrary, you may get little higher refund on bonds, shares, mutual funds in terms of 'INVESTMENT' account depending on how secured your investment is. Obviously, the more secured/longer the investment you choose, the lower your interest/profit would be. Some products you can become familiar with:

• Registered Retirement Savings Plan (RRSP)
• Registered Education Savings Plan (RESP)
• Guaranteed Investment Certificate (GIC) - this is kind of FDR
• Tax-Free Saving Account

Once you have a job, you can open RRSP or Tax-Free SAVING (both are tax free) to save on income tax. For a decent job at statrting level, you will most likely pay 30% tax (Income Tax + Govt. Pension + Employment Insurance) of your gross salary. In case of having tax-free account, on top of the interest, the GOVT will return the tax they cut on the amount you've put in those accounts when you file your tax refund each year.

Now, let me brief you a bit about the mejor banks in Ontario:

TD Bank
This is the best for day-to-day banking (withdrawing cash, deposits, paying bills etc.) as TD has frequent branches/ATM's available throughout Ontario. But I must say, it's not good for large cash flow (investment, loans. mortgages, line of credit). As you won't have a banking history/portfolio, they wouldn't value you much. It's also not the best for credit applications.

RBC Bank
This is probably #1 bank in Canada re: growth and worth. RBC is well renowned for investment, loans and so on. But for everyday banking, it may not be the ideal as they don't focus on low-end customers very often.

CIBC Bank
This used to be one of the prominent banks, but couldn't catch up with RBC and TD as both of them merged aggresively into the USA market during the recession period. I found it good for credit applications. It can be considered 'average' for everyday banking.

BMO & Scotia Banks
These two would come at the bottom just becasue they aren't as popular as the top 3. Though BMO started its journey from Montreal, QC; it has its 2nd HQ at Toronto and spread to some extent in Ontario. And Scotiabank will have least branches/customers in this province.

I personally do banking with both TD and CIBC. And I also regularly deal with BMO as my employer is their corporate client. When I first came to Canada as an Int'l student, I had no other choice but to open a student account with TD as there were so many branches around. Ever since, I regret it but didn't take the hassle to change my primary bank.

Let me know if you require more info. Re: TC, I don't know much about it. Visit individual bank sites or GOOGLE it.

FYI: I'm flying to BD with my wife in mid-March and coming back in mid-April. If you want to contact me directly in BD while I'm there, PM me. Thanks.

[comix]

very helpful info