We get an estimated salary of 5 grand but I was wondering whether that was after tax or before.
if it's before tax, I was wondering how much net income is.
I'm just curious because I'm drawing up a budget sheet to determine how to work with the school's new Flex plan for OSAP and see how much I can pay to avoid the interest charges
Please and thank you

Originally Posted by goodnews.inc

We get an estimated salary of 5 grand but I was wondering whether that was after tax or before.
if it's before tax, I was wondering how much net income is.
I'm just curious because I'm drawing up a budget sheet to determine how to work with the school's new Flex plan for OSAP and see how much I can pay to avoid the interest charges
Please and thank you

I believe all income under 20k is tax free...

Actually, I'm unsure of this number. I went on CRA's website and tried to look it up. All I can find it that you get charged a % of tax on the first X$ of taxable income. The thing is that it only states the taxable income and not the non-taxable income. In either case unless you have another income source, 5k should be non-taxable.

Originally Posted by goodnews.inc

We get an estimated salary of 5 grand but I was wondering whether that was after tax or before.
if it's before tax, I was wondering how much net income is.
I'm just curious because I'm drawing up a budget sheet to determine how to work with the school's new Flex plan for OSAP and see how much I can pay to avoid the interest charges
Please and thank you

I think it was almost exactly $290 every two weeks last year, use that number to plan.

keep in mind you also get paid for the 2 weeks of training before ww starts.

Every taxpayer gets a tax credit for the basic personal amount. Last year it was $10320, and this year it got bumped up to $10382. Essentially, any person can earn taxable income of $10382 in 2010 without paying taxes. Also, any person can earn up to $8231 in ONT without paying provincial taxes.

That being said, i believe your employer is still required to take off the basic payroll taxes such as CPP and EI. I believe the current EI rate is 1.73% for employee and as for CPP it should be 4.95%. CPP is more complicated. It depends if as a C.A you are considered self employed or employed. If you are self employed, you are required to pay both the employee and employer portion with a max capped at $4326.3, if you are not self employed, then you only have to pay your portion which is caped at $2163.15. if self employed, EI is waived.

You should be able to keep majority of your income from this position. I'd budget maybe a little bit over $300 dollars total deducted based on $5000 of income.


I hope this helps.