Need help calculating take home pay vs taxes

[sarinavene]

Hello,

I am a PR and my husband and I are planning to make the move next year to Newfoundland. I am planning to work as a paralegal with an estimated salary of $45,000. I need to calculate what my actual take home pay would be each month so that I do some preliminary planning and start coming up with a household budget.

I have tried various online take home pay calculators, but some give me one amount, and others give me a different amount.

For instance, the websites www.simplepay.ca, www.metca.com/payroll, and www.cra-arc.gc.ca say that my net take home for the year would be about $24,250 (which is about $2,020 per month).

But, the websites www.paymentevolution.com/Payroll/Calculator and www.ees-financial.com/calculators/TakeHomePayCalculator say my take home would be about $2,800, which is a big difference.

I'm just confused because I don't know which calculators are right. Can someone please help?

Thanks,

Sarina

 

[Amadan123]

Hello,

Assuming an annual gross salary of about $45,000, and a 24 pay periods (semi-monthly payment), we found the following information:

Monthly source deductions (EI, CPP, income tax) = 878.80
Monthly net salary (after source deductions) = 2,871.20

We used the payroll deductions calculator on the CRA's website at https://apps.cra-arc.gc.ca/ebci/rhpd/handleResults.do.

Madan Chartered Accountant team
www.madanca.com

 

[sarinavene]

Many thanks Madan Team! That is very helpful!

 

[Amadan123]

You're quite welcome!

Please use the payroll calculator in the link on your own as well, as some of the assumptions we made may be incorrect (for example, you may have a different pay period).

Madan Chartered Accountant team
www.madanca.com