[yads]

Originally Posted by -TC-

I know our resident expert muta has already weighed in on the subject, and frankly I can't expect to compete with that but here's some quick math...it may not apply to everyone and some of these numbers are pretty conservative, others may not be so. again, rough numbers, applicability varies.

Gross Income $100,000.00
Taxes
Federal $17,810.00
Provincial $8,241.00

Net Income $73,949.00

Mortgage $18,000.00
Insurance $1,500.00
Car $7,800.00
Insurance $1,800.00
Groceries $7,200.00
Restaurant
University Costs $17,500.00
Savings $7,200.00
Utilities $3,600.00
Phone/Internet/Mobile $4,200.00
Cable $1,200.00
Entertainment $3,000.00



Total Expenses $73,000.00

the tax numbers come from here: http://simpletax.ca/calculator

First of all University costs are tax deductable, second so are RRSPs (assuming any of the $7200 goes into an RRSP), third the car amount is quite high (assuming this is for 1 car).