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Old 05-10-2008, 07:28 AM
 
20 posts, read 186,972 times
Reputation: 23

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I am paying approximately $7,500 in real estate taxes per year. I am not sure how much are taken out (percentage wise) in income taxes. What would the average real estate taxes be on a $400K home in the Oakville/Burlington area? What are the percentage of income taxes that are taken out of a paycheck of about $55K in Ontario?

We get a lot back at the end of the year when filing our income tax return. I am assuming that you do not get big returns on filing your income tax in Canada because of health care and the inability to claim interest on your mortgage. Am I right?

I am just trying to sort this all out. I think we pay in some areas more and in others not, but it balances out in the end....or maybe not?

I am seriously trying to figure out if we can afford to move to Canada. The New York area is a killer for taxes but maybe I just think it is. We do get back at the end of the year but who knows if that amount at the end of the year is worth it if other things were lower all year (if we lived in Canada) - like real estate taxes.

Any opinions? Anyone from the New York area contemplating a move up north?

Write back.
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Old 05-11-2008, 04:24 PM
 
8 posts, read 16,352 times
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I grew up in Burlington. Real Estate in the area is still in a bubble and juuuust barely starting to slow down. Don't quote me but I think Burlington and Oakville are overpriced. Look at Hamilton if you want more bang for your buck, the most undervalued, underrated big city in North America (500k+ inhabitants) imho. Ancaster, Dundas and Waterdown are very, very nice suburbs of Hamilton if you don't want big city and something comparable to Burlytown/Oaktown.

Check out: What are the income tax rates in Canada? for income tax rates.

This might help with property taxes: Halton Region Property Tax Estimator (http://www.halton.ca/about/finances/estimator/ - broken link) , nonetheless Burlington and Oakville are in the "Halton Region" and that's who you would pay your property taxes to.


All in all I think the tax situation balances out. If you take into consideration the devaluation of the American dollar net net all things are equal.
Best of luck.
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Old 05-18-2008, 01:08 PM
 
414 posts, read 1,469,805 times
Reputation: 170
Most northeast states impose killer taxes on their residents. Many other states don't though; does one have to move to Canada to avoid them? Why not try someplace down south?
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Old 05-19-2008, 02:46 AM
 
20 posts, read 186,972 times
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Because down south does not give you quality schools or special education services, national healthcare, the culture that Canada offers with less corruption in politics and school systems. Yes, I could move down south and not know anyone or I could move to Canada and have some family. I know what you are saying but that is not the answer for me.
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Old 05-19-2008, 01:14 PM
 
207 posts, read 686,016 times
Reputation: 107
Quote:
Originally Posted by Sandyusa View Post
I am paying approximately $7,500 in real estate taxes per year. I am not sure how much are taken out (percentage wise) in income taxes. What would the average real estate taxes be on a $400K home in the Oakville/Burlington area? What are the percentage of income taxes that are taken out of a paycheck of about $55K in Ontario?
We get a lot back at the end of the year when filing our income tax return. I am assuming that you do not get big returns on filing your income tax in Canada because of health care and the inability to claim interest on your mortgage. Am I right?

I am just trying to sort this all out. I think we pay in some areas more and in others not, but it balances out in the end....or maybe not?


I am seriously trying to figure out if we can afford to move to Canada. The New York area is a killer for taxes but maybe I just think it is. We do get back at the end of the year but who knows if that amount at the end of the year is worth it if other things were lower all year (if we lived in Canada) - like real estate taxes.

Any opinions? Anyone from the New York area contemplating a move up north?

Write back.
I think you are at 30+% range for imcome tax, for property tax, it should be around 1%-1.2% of the property value
the Interest potion of your mortgage can be claim on your income tax return and if you rent out potion of you house or home office you can claim other expenses
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