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New Member
posted Oct 31, 2019 5:31:31 PM

Any suggestions / programs on how to get an estimate of the before tax income needed to achieve an after tax need?

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1 Replies
Moderator
Jan 23, 2020 2:50:19 PM

We have a simple income tax estimator tool on this page: https://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp You can plug in different income amounts and see what the outcomes are.

 

You can also use TurboTax Online to do a similar thing, if you need to add more details. You only need to pay for TurboTax Online if you file, so you can make several different tax returns to compare for free. On the My Returns page that you see when you login, you have the option to copy & rename returns. So you can set up one return, copy it and then go back in and change amounts like income & RRSP contributions to see how that would effect your balance.

 

However, these will only show you how different incomes would change your income tax. If you are an employee, you’ll likely have payroll deductions that will effect your regular paycheque. The CRA has a payroll deductions calculator here: https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/payroll-deductions-online-calculator.html