Personal Finance

Would this be a good approximate for take home pay each year if one is employed?

  • Last Updated:
  • Dec 16th, 2022 9:40 am
[OP]
Deal Expert
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Apr 21, 2004
56486 posts
21536 upvotes

Would this be a good approximate for take home pay each year if one is employed?

In the T4 slip,

Employment Income in Box 14
- Box 40 (other benefits)
- EI contribution
- CPP contribution
- tax paid
- RRSP contribution
= approximate take home pay

If I am missing a few other pay deductions, please do let me know. It doesn't have to be down to exact figures but just a very good estimate of one's take home pay each year.

Thank you.
4 replies
Sr. Member
May 29, 2012
604 posts
247 upvotes
Southern Ontario
this would be close.
There are all kinds of things that could additionally get deducted like union dues, benefits cost share,
The ones you have listed would be the main ones for everybody though
Deal Addict
Jul 30, 2003
2032 posts
410 upvotes
Toronto
You can use an online calculator such as the one from taxtips to get an estimate on your take home paid.
Sr. Member
User avatar
Sep 16, 2015
666 posts
1332 upvotes
Calgary, AB
alanbrenton wrote: If I am missing a few other pay deductions, please do let me know. It doesn't have to be down to exact figures but just a very good estimate of one's take home pay each year.
I love the taxtips.ca calculators. Just enter your T4 info and scroll to the bottom. If you're married, enter your spouse's income as well.

https://www.taxtips.ca/calculators/cana ... ulator.htm
Deal Expert
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Dec 12, 2009
25570 posts
15423 upvotes
Toronto
Don't forget other income if applicable.
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