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Need help calculating take home pay vs taxes

S

sarinavene

Member
Nov 25, 2011
17
1
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
 
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
 
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
 
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