Help! Calculating/estimating my monthly income after tax
Hi everyone!
I'm relocating to Montreal from Toronto in just under two weeks to begin working at a new job. I'm trying to estimate what my monthly income will be so that I can start allocating properly for rent, food, transportation, etc. I've found two online personal tax calculators and would like to know if either of them are at least close to being a good estimate of how much is deducted from taxable income in Quebec. If anyone with some recent paycheques can test it out with their own figures and see if its close to being accurate for you, I would really appreciate the feedback! (Keeping the figures to yourself of course! :D) I know there are many other deductions that the calculator doesn't factor in-- but I'm hoping to get a general enough idea for a good planning base. Thanks so much! Here are links to both of the calculators-
http://lsminsurance.ca/calculators/cana da/income-tax
http://www.ey.com/GLOBAL/content.nsf/Ca nada/Tax_-_Calculators_-_2008_Personal_T ax
The rates for Quebec differ in each, but I've looked at Revenue Quebec and the rate posted is 20% so I figure the first site is more accurate.
On a side note, I apologize if this is all very basic and elementary; this would be my first job with a significant yearly income so I'm still trying to absorb how all of these grown-up things work :)
I'm relocating to Montreal from Toronto in just under two weeks to begin working at a new job. I'm trying to estimate what my monthly income will be so that I can start allocating properly for rent, food, transportation, etc. I've found two online personal tax calculators and would like to know if either of them are at least close to being a good estimate of how much is deducted from taxable income in Quebec. If anyone with some recent paycheques can test it out with their own figures and see if its close to being accurate for you, I would really appreciate the feedback! (Keeping the figures to yourself of course! :D) I know there are many other deductions that the calculator doesn't factor in-- but I'm hoping to get a general enough idea for a good planning base. Thanks so much! Here are links to both of the calculators-
http://lsminsurance.ca/calculators/cana
http://www.ey.com/GLOBAL/content.nsf/Ca
The rates for Quebec differ in each, but I've looked at Revenue Quebec and the rate posted is 20% so I figure the first site is more accurate.
On a side note, I apologize if this is all very basic and elementary; this would be my first job with a significant yearly income so I'm still trying to absorb how all of these grown-up things work :)
