Working With International Compensation/Taxation Differences

Working With International Compensation/Taxation Differences

For the sake of exercise students will consider Canada as their home country. Students will be selecting 1.their dream role/job   and 2. Their dream country – this would be a country that you have always wanted to move to (make sure it’s not Canada) – make sure you are converting your preferred destination currency into CAD for easy calculations; For example if your dream country is USA and you will earn 7000USD annually for your preferred job you will convert 70000USD into CAD

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  • Now look at the average salary for your selected job title in both Canada and your dream country
  • Look at the tax bracket for your job title in both Canada and your preferred location (this will help you understand how much would you be taxed in both countries)
  • Calculate COLA (Cost of living) not for countries but for cities; for instance Vancouver v/s Los Angeles and so on. Do no rely on websites that give you exact figure for cost of living instantly as their data is incorrect. COLA – add any items that you think should be included in cost of living – Remember, the most concrete your item list is the better.
  • In the end calculate your Earnings after taxes and expenses – savings –
  • For your clarity I have added a table below to simplify your calculations
HR Consultant –Vancouver Canada – home country HR consultant LA, USA
Avg yearly salary Avg yearly salary
Taxes – state, fed etc., Taxes – state, fed etc.,
COLA – add any items that you think should be included in cost of living – COLA
Savings Savings
   

 

  • Conclusion: Based on your results write a conclusion as to whether or not you are moving to your dream country – strictly one paragraph not more than 3 quarters of a page.

 

 

 

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