Hey there! I need some major help with something I want to know if another job is worth taking or not. I am in Quebec, Canada. Currently I make 55,000 a year. I want to know if I left another job, what would be the cut off salary to consider it? Reason being, if I take a higher paying job (past that cut off point) I could actually end up making the same as I am now, due to the higher tax bracket. PLEASE HELP!!!!
There is no cut-off salary. If you make more $$ you will take home more $$. When your tax bracket raises it's only on the additional dollars that you are taxed at the higher rates. I'm also in Quebec. At a salary of 55,000 your taxable amount is about 46,000 which means your taxes are about $11,153 in total Fed and Quebec excluding QPP, EI, and QPIP so you net before QPP,EI and QPIP is about 34,847. Lets say you get a new Salary of about 60,000 your taxable would be about 51,000 taxes would be 13,072 so your net is 37,928 before QPP, EI and QPIP. So do not worry. If you make more you will take more home. The only time getting raises is a problem like you are suggesting is a low salaries 30,000 due to GST rebates and other credits for low salary workers. At 55,000+ you already have lost all of these rebates.
Correction to the previous poster's numbers, you need to add $9,000.00 to the net amounts.
