Tax on Earnings

  • UK_Jimmy

    Posts: 4

    Jan 12, 2012 1:19 PM GMT
    Hi Guys, currently considering moving to Toronto from the UK for a while but I am finding it difficult to work out what tax I would have to pay on my income so that I can figure out what I would need to get paid to be able to afford somewhere to live - if anyone can help that would be great.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 12, 2012 8:11 PM GMT
  • Posted by a hidden member.
    Log in to view his profile

    Jan 12, 2012 8:29 PM GMT
    I'm Canadian and living London so prob have a reasonable idea of what you can expect. Email me any specific questions.

    Uk and Canada have a tax treaty so you only have to pay the difference. Lowest CAD tax bracket is around 20K and is maybe 20%. If you make over 60k a year you're probably paying around 40+% per year. That includes EI (employment insurance) and CPP (Canada pension plan). If you're making more, you'll pay a lot more.

    Eating out in Canada is cheaper than here, but eating in is cheaper here (meat, dairy industry are even more heavily subsidized here). In general, prices are about the same for many things as here, except in CAD dollars, and the salaries are about 1.5 to 2 times as much as the same salary here. But! You pay 15% tip for almost everything service related, and the tax (~14%) is added once you get to the till to pay, added to the price tag.

    Again, any more specific questions, email me.