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Old 05-24-2024, 03:58 PM   #1
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Employment : Salary vs Benefits

OK, here's the scenario.

You're at a job now with a $73k salary, full benefits, all that.. plus commissions but no rrsp matching

You get an offer from another place.. $115k salary, plus commissions...but benefits without dental coverage but includes rrsp matching program. (albeit they said they will address dental coverage later in the year)

so pay out of pocket for expensive dental work interim and/or register a seperate dental plan with another health provider.

is it still worth it?!


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Old 05-24-2024, 04:21 PM   #2
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So your making an extra 30k post tax at new job

Surely self insurance cant cost more than 10k a year, and if it does.... Are you using 10k worth of coverage per year?

I would contact a bunch of insurance places and see what it costs

Furthermore, how much are you actually using of those health coverages per year? Most plans cover glasses, dental, othro, chiro, etc, but tons on people dont even come close to using 25% of their benefits per year
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Old 05-24-2024, 04:36 PM   #3
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Easy choice. New job, pay for your cleanings, and if you need a major surgery or something you could still pay for it and be ahead or take a medical tourism trip to any number of places that offer superior care to North America at a significant savings.

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Old 05-24-2024, 04:46 PM   #4
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Are they currently requiring $30k/yr worth of things that currently fall under benefits coverage? I'd expect you'd need some pretty serious health conditions for that to be the case because a normal family isn't anywhere near that.

From what I know of benefits pricing okay coverage costs the employer around $3k/yr and really good coverage is about $5k/yr for a small company. Knowing that the insurance company has to be making money off that I'd guess the average family is using maybe $1-2k/yr worth?
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Old 05-24-2024, 05:10 PM   #5
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Question #1 is -- does your spouse not have dental coverage?

Question #2 is -- the salary difference is $42k, and you'll roughly be paying an additional $12 - $13k in personal income tax. So the new job will put you roughly $29 - $30k ahead of the old job. And then there is the extra $$$ from RRSP matching.

The most expensive family dental insurance plan from Pacific Blue Cross is ~$1500.

From the numbers here, it's pretty easy to see that the new job will put you into a much better financial position. The part that we cannot tell is whether the new job will require additional committments from you that cost you more than the additional ~$30k it is paying you.
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Old 05-25-2024, 10:11 AM   #6
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its an identical job in the same industry ...although i have to ramp up and learn the new tech.

no spouse, just 1 daughter that i share custody...so that daughter does get dental coverage from spouse end.

i just think its unheard of thats all - salary or no salary - but i'm going to contact the provider to ask if i can tack it on to my group benefits.
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Old 05-27-2024, 12:41 PM   #7
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I feel like “benefits” in general for a healthy person is a bit of a misnomer because the vast majority of people never use them, so it doesn’t really add monetary value to your employment.

Now of you’ve got 3 kids who need medical and dental and you’re actually utilizing these, that can add up to 10’s of thousands real quick.

Personally I have by far the best coverage I’ve ever had currently and I try to use as much as possible, go to 2 or more massages a month, have done physio for injury prevention, have seen specialists for nagging issues, I get my teeth cleaned every 4 months, etc etc.

Even with all that, I’m sure my total spend is under $5000
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Old 06-05-2024, 11:25 AM   #8
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update..

holy shit...taxes are killing me wtf.. sux. .sux...sux
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Old 06-05-2024, 01:53 PM   #9
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So your making an extra 30k post tax at new job

Surely self insurance cant cost more than 10k a year, and if it does.... Are you using 10k worth of coverage per year?

I would contact a bunch of insurance places and see what it costs

Furthermore, how much are you actually using of those health coverages per year? Most plans cover glasses, dental, othro, chiro, etc, but tons on people dont even come close to using 25% of their benefits per year
Benefits cost about $600 - 1,800 per employee depending on coverage and employee size. When I add spouses onto plan, it costs more for some reason $1,300 - 1,800.

Benefits is funny because you can spend $2-5,000 on benefits and employees value it $10-30K in compensation
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Old 06-05-2024, 01:54 PM   #10
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Medical expenses out of pocket are also tax deductible!
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Old 06-05-2024, 02:44 PM   #11
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Medical expenses out of pocket are also tax deductible!
But only over a certain amount, I think?
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Old 06-05-2024, 03:27 PM   #12
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$73k salary = approx $13k of taxes, net take home approx $60k.
$115k salary = approx $26k of taxes, net take home approx $89k

You are paying $13k more in taxes, and putting $29k more into your pocket on those base salaries. Seems like a weird thing to bitch about?

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Old 06-05-2024, 04:04 PM   #13
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This whole thread reeks of that financial fallacy "I don't wanna work any more OT, because I'll just pay more in taxes when bumped up to a higher tax bracket"

Who the fuck says no to a $40K pay bump? Congrats btw OP.
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Old 06-05-2024, 07:02 PM   #14
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$73k salary = approx $13k of taxes, net take home approx $60k.
$115k salary = approx $26k of taxes, net take home approx $89k

You are paying $13k more in taxes, and putting $29k more into your pocket on those base salaries. Seems like a weird thing to bitch about?

-Mark
Mark, if I work more, it'll bump me up to the next tax bracket and I might make less.

Even worse, I also lose my benefits and GST/HST CREDITS
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Old 06-05-2024, 07:34 PM   #15
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Dont be trolling like that Gerbs, 15% of the forum thinks your post is srs
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Old 06-05-2024, 08:09 PM   #16
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This whole thread reeks of that financial fallacy "I don't wanna work any more OT, because I'll just pay more in taxes when bumped up to a higher tax bracket"

Who the fuck says no to a $40K pay bump? Congrats btw OP.
people who can't do math...or their own taxes.

Probably the same people saying "OMG, I'm losing it all to capital gains tax!"
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Old 06-05-2024, 09:52 PM   #17
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Either that or this a shitty example of a humblebrag.
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Old 06-06-2024, 08:39 AM   #18
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well the issue is that the company is based out of QUEBEC and i get subjected to the higher QC tax rate.

However- i think i get it all back come tax time.
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Old 06-06-2024, 09:15 AM   #19
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However- i think i get it all back come tax time.
If you get it all back after your income tax filing, then it's totally a non-issue in my books.
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Old 06-06-2024, 09:43 AM   #20
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^Well technically you're giving the Government an interest free loan. So it's a bit more than an issue than you'd imagine if you are really counting all your change.

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well the issue is that the company is based out of QUEBEC and i get subjected to the higher QC tax rate.

However- i think i get it all back come tax time.
You can confirm here:
https://www.eytaxcalculators.com/en/...alculator.html


But basically yes you will receive a heftier tax return.

Also since I'm assuming you are resident in BC, your employer technically should be adjusting their deductions based on YOUR provincial residency in Canada. Maybe speak to HR about it? It's just a little effort on their part. Do they not have employees in other provinces?
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Old 06-06-2024, 11:05 AM   #21
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Dont be trolling like that Gerbs, 15% of the forum thinks your post is srs
Sometimes I have to erase some stuff because I'm worried no one will understand that I'm not srs lol

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well the issue is that the company is based out of QUEBEC and i get subjected to the higher QC tax rate.

However- i think i get it all back come tax time.
If you're working in B.C. you'll be getting it back. Employer should deduct depending on your province, but some don't do that because it's a smaller company.
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Old 06-06-2024, 01:33 PM   #22
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But basically yes you will receive a heftier tax return.
Is that automatic? I never really thought about it but technically the company I work for is in Alberta. The numbers from that site don't match my T4/pay stubs for either province but my T4 says AB for Province of Employment.
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Old 06-06-2024, 01:35 PM   #23
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What do you mean Automatic? You have to file your taxes and you'll get the difference back on your refund. I also work for an out of province company, but my place of employment is BC so I get taxed "correctly".
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Old 06-06-2024, 01:55 PM   #24
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Like will your return automatically make the adjustment if you live in X but were taxes in Y.
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Old 06-06-2024, 02:20 PM   #25
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Whomever or whatever tax software you use will calculate your taxes based on BC residency. It will come up with a number that is your tax liability

The tax liability will be compared with the taxes that were actually deducted from your paycheques which were based on AB tax rates. Then whatever difference there was will be paid back to you or if you earned over ~ $170,000 (when marginal tax rates become higher in BC) be owed more to the taxman.

Then again IANAA, just someone who does their own taxes using Turbotax.
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