Canada Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Trying to figure ?bonus? $ out ? Help?
I got a $1200 ?bonus? for me reaching certain targets. YAY!
Then I was deducted Federal Tax, EI and CPP. BOO! great bonus huh?
What should my total Net Pay be?
I have a feeling this is WAY wrong?and I want to make sure before I say anything to HR!
TIA!
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Re: Trying to figure ?bonus? $ out ? Help?
I'm sure Pam will have the most accurate info, but from what I am reading they can tax you almost 40% on it!
Some people are saying to have HR put it directly in an RRSP to avoid such high taxes.
Try using this https://apps.cra-arc.gc.ca/ebci/rhpd/startLanguage.do?lang=English
AH crap!
Oh well I guess it's better than nothing...
Nope - I'm still mad but what can I do?
I'll look into that - they havent mentioned it as an option before but if it is I'd really be interested in it!
Thanks!
If you have already received the payment then it is too late but you could see if it possible for the future!
LOL - right, that's what I ment...
Send me a PM with how often you get paid. Also, I assume that the $1200 bonus was added on to your regular cheque? I'd need to know how much your regular gross pay is. I should be able to give you a ballpark on your net pay.
What the other posters are saying is is correct. Basically, the employer is required to withhold tax per the CRA tax tables. Let's assume you get paid bi-weekly. When they calculate your paycheque for the period where you get the bonus, for the purposes of calculating the tax, it is as if you will earn that same amount every 2 weeks for the year (even though the bonus is just a one time thing). If you earned $1,200 extra every 2 weeks, you probably going to be kicked into a higher tax bracket. So therefore, they withhold a higher percentage back to account for the taxes.
The good news is that if at the end of the year the bonus didn't kick you into the higher tax bracket (because it was just a one time payment), any excess tax that was withheld from the bonus will be refunded to you when you file your tax return.
Let me know if that makes sense or not. The 40% figure that people were throwing around is reasonable. Could be higher, depending on your income - it could be as high as 50% once you take into account CPP and EI.
Thanks Pam! It was on a seperate chq. and its about a total of 35% off from what I figured out.
I guess I just didn't expect for it to be that much! I busted my hump for that? pfffttt why bother next time!
DH when he get a bonus it's in cash so that the $ = the $. I know it's not allowed but that's how they do it to keep the employees happy!
Well your DH's company is doing it illegally, yours is doing it legally. Unfortunately Canadians have to pay income tax
I know this...but when the boss himself has "silent partners" etc. you wouldn't expect anything else from them..Sopranos much?