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Bissurnette

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Bissurnette last won the day on August 9 2014

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  1. Received a job offer in Nova Scotia for 61500 annually. Trying to work out the taxes so that I can figure out what my biweekly pay check looks like. Any help? (Yes I have googled stuff)

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    2. Wash

      Wash

      Where in Nova Scotia?   It's a great place to live (grew up there).   Cost of living will be lower, but you'll be trading off rain for snow.

    3. Bissurnette

      Bissurnette

      @peaches5 Interesting. Thanks for the input. TFSA is tax free on its gains, but what are its gains in comparison to RRSP? For example, since they would be matching my contributions for up to 6% per year, that equates to 3690 from a 61K salary. So I think it's a question of "would the amount left on the gains in RRSP after tax be sufficient to offset the amount of interest I would accumulate on my TFSA?" - not sure if that makes sense. Plus as @debluvscanucks said, RRSP counts towards my end of year income tax so it's a win win.

       

      @Wash Halifax. Where did you grow up? And what surrounding areas would you recommend I visit?

    4. apollo

      apollo

      Not sure where @peaches5 is coming from... he's probably not aware that you can withdraw from it for your first home purchase without ANY penalty or maybe didn't read that your employer will give you up to %6 match for free. I don't care if the return on it is even minus 1%... you're getting %100 return from your employer that is matching it.

       

      If you plan on buying a home... which seems like you are... the RRSP is an absolute no brainer if your employer is matching it. Even if they don't it still makes a lot of sense as you will get better tax refunds. Assuming you don't get a raise even for 4 years, at the very least you would have put 14k of your own money and then 14k your employeer free money. So you have 28k in your RRSP that you can withdraw towards your down payment. Which is a little over %5 for a 500k property. I assume you can get something incredibly nice over there for that price range. 

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