Net income after tax in Ontario

[artur_ka]

Hello everyone,

What would be net income (after all taxes) from 23k CAD monthly? I did try to use different calculators online however most of them are showing only income tax.

Family of 5 (spouse does not work, kids are 2,5,7 yo)

Thanks in advance
Artur

 

[zardoz]

Hello everyone,

What would be net income (after all taxes) from 23k CAD monthly? I did try to use different calculators online however most of them are showing only income tax.

Family of 5 (spouse does not work, kids are 2,5,7 yo)

Thanks in advance
Artur

Monthly? Are you actually expecting to be earning 250k a year?

 

[artur_ka]

Monthly? Are you actually expecting to be earning 250k a year?

Yes, or more.

 

[zardoz]

Yes, or more.

OK, in that case, 23k gross is 13.5k net.

https://neuvoo.ca/tax-calculator/?i...culate&salary=23000&from=month&region=Ontario

Other taxes, such as property etc are too variable to take into account.

 

[canuck_in_uk]

Hello everyone,

What would be net income (after all taxes) from 23k CAD monthly? I did try to use different calculators online however most of them are showing only income tax.

Family of 5 (spouse does not work, kids are 2,5,7 yo)

Thanks in advance
Artur

Google taxtips and use their calculator.

 

[artur_ka]

Google taxtips and use their calculator.

I did, it did not work out well for me. But I will try again.

 

[artur_ka]

OK, in that case, 23k gross is 13.5k net.

https://neuvoo.ca/tax-calculator/?i...culate&salary=23000&from=month&region=Ontario

Other taxes, such as property etc are too variable to take into account.

thank you so much

 

[canuck_in_uk]

I did, it did not work out well for me. But I will try again.

Taxtips is generally fairly accurate, so what part didn't work?

 

[canuck78]

Also variable based on province.

 

[foodie69]

Hello

I have signed a purchase and sale agreement with a custom home builder in northern Ontario in 2020 April.
The home is ready and we are ready to close by June 2021. builder mentioned ,he usually claims the HST and that is reason why the property price is low . I as a buyer do not have to or cannot claim HST .

Questions :
1. As this is an investment property, can I rent the unit for next one year and sell after ?
2. If I were to rent, can I claim the new rental rebate program ?
3. Would there be any issues if I were to rent the unit to tenants ?

Please advise

Ask an accountant

 

[Copingwithlife]

Hello

I have signed a purchase and sale agreement with a custom home builder in northern Ontario in 2020 April.
The home is ready and we are ready to close by June 2021. builder mentioned ,he usually claims the HST and that is reason why the property price is low . I as a buyer do not have to or cannot claim HST .

Questions :
1. As this is an investment property, can I rent the unit for next one year and sell after ?
2. If I were to rent, can I claim the new rental rebate program ?
3. Would there be any issues if I were to rent the unit to tenants ?

Please advise

You’re referring to the GST rebate on properties. You need to contact the CRA Business Department

 

[steaky]

Hello

I have signed a purchase and sale agreement with a custom home builder in northern Ontario in 2020 April.
The home is ready and we are ready to close by June 2021. builder mentioned ,he usually claims the HST and that is reason why the property price is low . I as a buyer do not have to or cannot claim HST .

Questions :
1. As this is an investment property, can I rent the unit for next one year and sell after ?
2. If I were to rent, can I claim the new rental rebate program ?
3. Would there be any issues if I were to rent the unit to tenants ?

Please advise

It's already Nov 2023, so you must have closed the home couple years ago. Probably already rented the unit for 2022 and sold it this year or the previous tax season. Tell us what you did for Q1-3.