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08-20-2009, 03:29 PM
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#1 | | noob
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| 200k after taxes what is take home?
Is someone who makes 200k annually really making that much after income taxes. Being in the highest tax bracket I'm sure the government takes a huge chunk of that money probably almost 50%. Not sure on the figures.
my dad just got a raise and he'll be making 200K but I'm sure a huge portion of that is going to go the governemnt  | 
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08-20-2009, 04:59 PM
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#2 | | HELP ME PLS!!!
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he's making more then 99% of everyone else in the country...
income tax probably works out some where in the mid to high 30%. too lazy to figure it out.
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08-20-2009, 05:41 PM
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#3 | | Need to Seek Professional Help
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08-20-2009, 05:47 PM
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#4 | | SFICC-03*
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your dad is lucky to make so much by working for someone else http://lsminsurance.ca/calculators/canada/income-tax
he takes home around $131k
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08-21-2009, 01:12 PM
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#5 | | I contribute to threads in the offtopic forum
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god that sucks. thank god for corp tax. 15% for me. 
__________________ LClock 1.62b pinkbaby(aka pinkbuggy): (_\._) :p
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08-21-2009, 01:38 PM
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#6 | | Orgasm Donor & Alatar owned my ass twice!
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Originally Posted by Blinky  | That website is awesome
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08-21-2009, 02:28 PM
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#7 | | NOOB, Not Quite a Regular!
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Originally Posted by SuperSlowSS god that sucks. thank god for corp tax. 15% for me. | I hope you still file personal income taxes if you're receiving income from a coporation. Corps are taxed as separate entity in the CRA's eyes.
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08-21-2009, 04:14 PM
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#8 | | I contribute to threads in the offtopic forum
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Originally Posted by DVS8 I hope you still file personal income taxes if you're receiving income from a coporation. Corps are taxed as separate entity in the CRA's eyes. | thanx captain obvious!
__________________ LClock 1.62b pinkbaby(aka pinkbuggy): (_\._) :p
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08-21-2009, 04:23 PM
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#9 | | Unauthourized Spammer
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This is taking into account no tax write offs of any kind.
$200k working for someone is a solid job. The average in the country is around $35k for an example.
The irony is, no matter how much you make, you get used to it.
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08-21-2009, 05:30 PM
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#10 | | NOOB, Not Quite a Regular!
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Originally Posted by SuperSlowSS thanx captain obvious! | apparently not that obvious to you since you think you can get away with not paying the personal rate of tax.....
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08-21-2009, 05:34 PM
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#11 | | Banned By Establishment
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This is exactly what I said in UNIT's thread http://www.revscene.net/forums/being....html?t=585738
Hey both our fathers are making the same income. May I ask what your dad does for a living?
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08-21-2009, 07:01 PM
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#12 | | I contribute to threads in the offtopic forum
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Originally Posted by DVS8 apparently not that obvious to you since you think you can get away with not paying the personal rate of tax..... | get yourself an accountant. have them explain to you how it can be done.
__________________ LClock 1.62b pinkbaby(aka pinkbuggy): (_\._) :p
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08-22-2009, 08:22 AM
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#13 | | Rs has made me the man i am today!
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Originally Posted by SuperSlowSS get yourself an accountant. have them explain to you how it can be done. | Why don't you explain it?
The corporation's income is taxed at 15% but it has to retain the earnings. As soon as you pass it onto a person, that person will get taxed.
The amount is either
1) expensed by the corporation (No 15% tax for the corp.) but the person has to pay income tax at a much higher rate, or
2) returned to the shareholder (taxed at 15% for the corp) and the person will pay tax of 50% of the capital gain
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08-22-2009, 02:13 PM
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#14 | | Ubereem Mod
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He might own the corp. paying himself a dividend.
Thats the only way i see it. Or he puts down 9K as employment income, and then the rest he just "draws" out from the company as an expense. Hell i have no idea. I'm curious too.
Chuck, you notice that too....so ironic.
I make X figure, sure i save some, but it feels like i spend as much as i did when i was 16 flipping burgers and bus boy. The more i make the more i spend.
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08-22-2009, 04:18 PM
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#15 | | I WANT MY 10 YEARS BACK FROM RS.net!
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Originally Posted by unit | is there a similar website like this but for the US?
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08-22-2009, 04:50 PM
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#16 | | Orgasm Donor & Alatar owned my ass twice!
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Originally Posted by twitchyzero is there a similar website like this but for the US? | http://www.lmgtfy.com/?q=income+tax+calculator+usa | |
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08-22-2009, 08:42 PM
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#17 | | Need to Seek Professional Help
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Originally Posted by misteranswer | 
roflcake!
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08-22-2009, 08:53 PM
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#18 | | noob
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Originally Posted by Chuck Norris This is taking into account no tax write offs of any kind.
$200k working for someone is a solid job. The average in the country is around $35k for an example.
The irony is, no matter how much you make, you get used to it. | I know my dad get an accountant to do his expenses at the end of the year and I'm sure tax write offs are included.
But yeah, take home of $135,000 isn't so bad if the average is 35k...
That almost seems a little too low.  | |
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08-22-2009, 10:41 PM
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#19 | | Banned By Establishment
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What does your dad do?
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08-23-2009, 12:34 AM
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#20 | | NOOB, Not Quite a Regular!
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Originally Posted by SuperSlowSS get yourself an accountant. have them explain to you how it can be done. | Lol...if I can get away with paying income tax rate at the combined Ontario sales tax rate I would. I still call BS. The income tax act deals with a principle called integration. Sure there are loop holes, but the deductions allowed would not let you claim your bragged rate year over year legally.
OP... Sorry for hijacking your thread. What the marginal tax rate applied to your fathers wage also depends on the nature of his compensation (ie cash, stocks options, etc).
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08-23-2009, 09:49 AM
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#21 | | Rs has made me the man i am today!
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Originally Posted by DVS8 Lol...if I can get away with paying income tax rate at the combined Ontario sales tax rate I would. I still call BS. The income tax act deals with a principle called integration. Sure there are loop holes, but the deductions allowed would not let you claim your bragged rate year over year legally.
OP... Sorry for hijacking your thread. What the marginal tax rate applied to your fathers wage also depends on the nature of his compensation (ie cash, stocks options, etc). | Exactly (on integration)
in the end, the tax rate from employment, business and investment income should be the same..
unless you're very aggressive in expensing with your corporation
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08-23-2009, 08:20 PM
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#22 | | I WANT MY 10 YEARS BACK FROM RS.net!
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Originally Posted by misteranswer | i already googled it..none of them were helpful
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08-23-2009, 11:13 PM
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#23 | | I contribute to threads in the offtopic forum
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Originally Posted by DVS8 Lol...if I can get away with paying income tax rate at the combined Ontario sales tax rate I would. I still call BS. The income tax act deals with a principle called integration. Sure there are loop holes, but the deductions allowed would not let you claim your bragged rate year over year legally.
OP... Sorry for hijacking your thread. What the marginal tax rate applied to your fathers wage also depends on the nature of his compensation (ie cash, stocks options, etc). | it isn't even a loop hole. it is just how you structure your company and how you pay yourself. anyways...call it whatever you want. I only pay 15% tax.. the gov knows it and it is perfectly legal.
__________________ LClock 1.62b pinkbaby(aka pinkbuggy): (_\._) :p
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08-24-2009, 08:37 AM
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#24 | | Unauthourized Spammer
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There are always ways to pay less tax.
If you own a business for example, you can deduct:
Car/lease/fuel/insurance
Boat/lease/fuel/insurance
Clothes/meals
Computer/internet/phone
Business trips/hockey tickets etc.
Obviously you want to do things honestly but there are a lot of choices. If you figure what someone can draw from the business, they don't have to declare a lot of personal income pulled from the business.
For most business owners, that would be their mortgage, personal grocery bill, and some odds and ends if they have a family.
They can max out their RSP every year so a savings plan is taken care of and many of them use loans to invest into mutual funds for their non-registered accounts so that they pay less tax again and they can deduct the interest (a good strategy).
Sometimes business owners pay themselves a dividend, sell shares (depends on the structure) for capital gains etc.
There is so much to cover and so many different things you can do which is why a huge business will usually have a few lawyers, accountants, and planners to manage it.
I worked with a guy a few years ago who owned his own business and on paper, it looked like he only made about $20,000 a year. His business was turning over a 7 figure profit per year.
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08-24-2009, 08:39 AM
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#25 | | Unauthourized Spammer
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Originally Posted by AsRealAsItGets I know my dad get an accountant to do his expenses at the end of the year and I'm sure tax write offs are included.
But yeah, take home of $135,000 isn't so bad if the average is 35k...
That almost seems a little too low. | The average income per household (usually two people working) in the most expensive neighborhoods in Vancouver is $140,000 before tax.
Keep in mind that if you make your money in another country and then come to Canada and buy a home, these numbers are not included in the stats. Vancouver has a lot of illegal and foreign money. Income-wise, Canada is very poor. High tax and limited upside compared to other countries.
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