Money Genie

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This tool can give you a rough estimate of your take-home pay after taxes are applied.

Please read the disclaimer below before using the tool.

Base salary

Your base salary in CAD and the average yearly bonus you expect to receive on top of it.

If your bonus is a fixed number, add it as "Additional taxed earnings"

Bonus %

Stock

If part of your salary for this year is stock, add it here.

If your stock grant is in USD, make sure to convert it to CAD before adding it here.

Stock Grant (CAD)

RRSP

Your Registered Retirement Savings Plan contributions and your employer matching if any.

Contribution %

Matching %

ESPP

Your Employee Stock Purchase Plan deposits and the percentage of the Fair Market Value price you pay.

Contribution %

Price/FMV %

Additional Taxable Earnings

Any additional earnings you might have that are not exempt from tax (such as income from investments in unregistered accounts) in CAD/year.

Additional Taxable Income

Tax Credits

This information helps the tool calculate any additional tax credit you might be eligible for.

Relationship status

Settings

Your taxes and take home pay calculation will vary depending on factors such as:

Year-to-year changes to the tax code
The province you live/work in
If you're self-employed
and more...

Year

Province

Disclaimer and privacy

Disclaimer

This is not financial advice! I made this tool for my personal use and have decided to share it here for people to take a look and potentially suggest improvements or spot issues with it.

Do NOT trust the results from this tool, both the calculations and the "optimizations" it shares - it might all be incorrect and there are likely mistakes; talk instead to a professional for financial advice; this is a toy coding project I made on my free time, not a professional tool.

Furthermore, your paycheck will not be exactly the same throughout the year; for example, you might be paying CPP and EI premiums earlier in the year but once you reach the maximum contribution the paycheck might appear to go up.

Privacy

All calculations are done locally on your browser, none of your data is collected by this tool.

For increase privacy you can save this page offline and run it locally if you know how to do that.

Notes

Why no Quebec?

This tool is potentially inaccurate/incomplete in its current form due to the complexity of the tax system and this is just a personal project I work on a few hours a year.
Due to additional complexity added by the Quebec tax system and non-standard QPP vs CPP I've decided to not include it at this time.

I've found an issue or I'd like to suggest an improvement, how can I reach out to you?

Please check out my main website for contact information.

Income

Item	Cash CAD	Stock CAD
Base pay
Bonus Base salary times the bonus percentage.
RRSP Contribution	-
ESPP [Total salary] = [base salary] - [RRSP deduction] + [bonus] [ESPP deduction] = [total salary] * [ESPP contribution %] [ESPP income] = [ESPP deduction] / [ESPP FMV %]	-
Stock grant
Totals

Deductions

Item	Amount	Percentage	Contribution
Total ( + )			-

Federal Tax

Bracket	Amount	Tax
Total		-

Provincial Tax

Bracket	Amount	Tax
Total		-

Tax Credits

This is a non-exhaustive list of tax credits applied to your tax bill

Item	Available	Applied	Credit
Federal Basic Personal Amount The Basic Personal Amount is a non-refundable tax credit provided by the Canadian government to taxpayers to help reduce their federal income tax burden. Read more on the CRA website
Provincial Basic Personal Amount Provincial Basic Personal Amount in Canada is the minimum income threshold exempt from provincial income taxes. Each province and territory sets its own amount to relieve individuals with lower incomes from taxation on essential living expenses. This annual exemption is claimed when filing taxes, reducing taxable income and the owed taxes to the provincial government.
Federal Spousal or Common-Law Partner Amount The Spousal or Common-Law Partner Amount is a non-refundable tax credit in Canada that is designed to provide tax relief to individuals who are supporting a spouse or common-law partner. This usually would only apply if your common-law partner makes less than the basic personal amount plus an additional credit if you're your partner's caregiver.
Total

Summary

Item	Cash CAD	Stock CAD
Gross Income
Federal Tax	-
Provincial Tax	-
CPP Contribution	-
EI Contribution	-
Tax Credits
Net Income

Net Income

Your expected net income is ( in cash and in stock).

You'll be adding to your RRSP ( by you and from your employer matching program)

You'll also be contributing to the CPP (Canadian Pension Plan) to fund your retirement.

Money In

		Percentage	Value
	Base Salary
	Bonus
	Stock Grant
	ESPP Extra
	Additional Earnings

Money Out

		Percentage	Value
	RRSP Contributions
	Federal Taxes
	Provincial Taxes
	CPP Contributions
	EI Contributions
	Net Income

Optimizations

Increase your RRSP contribution to reduce your federal taxes

Part of your salary is in the % federal tax bracket; by contributing % more to your RRSP, you'll bring your taxable income to a lower bracket.

This will result in a reduction of your net income of *, but you'll increase your RRSP contribution by *.
* these numbers are a rough estimate, try increase your RRSP on the menu to get a more accurate estimate.

Since the RRSP is tax-deferred to your retirement you can pay lower taxes now and defer taxes on this amount to your retirement when you will likely have a lower income and therefore will be taxed at a lower bracket.

Remember to make sure you're below your contribution limit for the RRSP - find out the limit in the CRA Website.

Increase your RRSP contribution to reduce your provincial taxes

Part of your salary is in the % provincial tax bracket; by contributing % more to your RRSP, you'll bring your taxable income to a lower bracket.

Remember to make sure you're below your contribution limit for the RRSP - find out the limit in the CRA Website.

Consider contributing to a TFSA

Consider opening or maxing out a Tax-Free Savings Account if you've not done so already.

Putting your savings into a TFSA is potentially a great way to save more as all earnings in a TFSA are tax-free.

Be careful not to surpass contribution limit, otherwise you might incur in fines!

Consider contributing to a FHSA

If you are planning to buy a house in the future, consider opening or maxing out a First Home Savings Account if you've not done so already.

Make sure to read more on the requirements and benefits of a FHSA in the CRA website.

Be careful not to surpass contribution limit, otherwise you might incur in fines!

You maxed out the CPP contributions

You're building towards your retirement, congratulations!

Any additional increase in your income will not be affected by the Canadian Pension Plan; that's more take-home pay from your next raise.

You maxed out the EI contributions

Any additional increase in your income will not be affected by the Employment Insurance; that's more take-home pay from your next raise.