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The basics
Choose a country under Household to use that country’s modeled tax and retirement rules. Each person is calculated on a separate return.
Canada includes federal and provincial income tax, CPP and EI, RRSP and TFSA accounts, and CPP and Old Age Security benefits. The UK includes income tax, National Insurance, pensions, and ISAs. Australia includes income tax, Medicare levy, franking credits, superannuation, and the means-tested Age Pension.
The sections below explain the supported calculations and their limits.
Illustrative numbers
The same $100,000 salary in three countries
Ontario, Canadaabout $21,700 of federal and provincial tax after the basic personal amounts, plus $5,500 of CPP and EI
England, UK£11,432 of income tax on £60,000 after the £12,570 allowance, plus £3,211 of National Insurance
Australia$19,588 of income tax on $90,000 including the 2% Medicare levy, and nothing off the paycheck — the employer pays 12% into super
Each figure is the country's own published table for the year the plan names, indexed forward at the plan's inflation the way the American ones are.
Calculation transparency
How it works in MoneyWhatIf
- 01
Canada (2025 tables): the federal ladder with the 14% lowest rate in force from July 2025, every province and territory's own ladder, the basic personal amounts as credits at the lowest rate with the federal one walked down to its floor, Ontario's surtax and health premium, Quebec's abatement.
CPP and CPP2 with the base as a credit and the enhancement as a deduction, EI as a credit. Eligible and non-eligible dividends grossed up and credited on both ladders; half of a capital gain is income; the principal residence is exempt.
A RRSP deducts up to 18% of pay under the dollar ceiling and pays its RRIF minimum from 72; a TFSA is free in and out. CPP is priced from the statement figure with 0.6% a month off before 65 and 0.7% on after; OAS with 0.6% a month deferred, and its 15% recovery tax on the whole year's income — withdrawals included.
- 02
United Kingdom (2025/26): the personal allowance and its £1-for-£2 withdrawal above £100,000, the rUK and Scottish bands, Class 1 and Class 4 National Insurance, the personal savings allowance and starting rate, the £500 dividend allowance with dividends as the top slice at their own rates, capital gains tax at 18% and 24% above the £3,000 exempt amount, private residence relief on the home.
A pension pot gets relief up to the £60,000 allowance, is locked until 55 (57 from April 2028), and is drawn one of three ways chosen on the card — lump sums a quarter tax-free, flexi-access drawdown with the tax-free quarter taken the year the door opens, or an annuity bought with the rest at the card's rate. An ISA is free in and out.
The State Pension pays the full rate from state pension age, 1% more for every nine weeks deferred.
- 03
Australia (2025–26): the resident ladder, the Medicare levy with its low-income phase-in, the low income tax offset and the seniors and pensioners offset from 67, franking credits grossed up and refunded, the 50% CGT discount, the main residence exempt.
Super takes the 12% guarantee and salary sacrifice under the $30,000 concessional cap, pays 15% inside the fund on what goes in and on its earnings until 65, is locked until 60 and free on the way out, and pays the minimum pension from 65.
The Age Pension is means-tested every year — deemed income and the assets test on everything the household holds outside its home, the lower of the two — and taxable, with the seniors offset usually taking the tax back off.
- 04
Every country here taxes each person on their own return, so a couple is priced as two returns exactly the way a couple filing separately is in the US: each account's withdrawal on its owner's return, each person's own ladder and credits. The withdrawal order ranks a RRSP, a UK pension pot and super where it ranks the pre-tax 401(k), and a TFSA and an ISA where it ranks the Roth.
- 05
Medicare, the marketplace, Roth conversions, gain harvesting and every state and local rule are American and switch off for a plan taxed anywhere else.
Keep in mind
Model limits
Canada: no age amount, pension income splitting, Canada Employment Amount or provincial surtaxes beyond Ontario's; the OAS step-up at 75 is not priced; CPP is priced from the typed figure and never from the plan's own contribution history.
UK: the frozen-until-2028 thresholds are indexed at the plan's inflation; no tapered annual allowance, high-income child benefit charge, or Scottish starter rate on savings; Class 4 is stacked above Class 1 for somebody with both.
Australia: the family Medicare levy threshold, Division 293, the transfer balance cap and the Work Bonus are not modelled; the means test reads the projection's own balances, which the funded run's withdrawals never reduce, so a retiree drawing down is paid a little less pension than the law would.
A survivor's year is priced on one return of the household's whole income for the year of the death, the American rule; every other year is two returns.
Tables are the year each country names and are not dated the way the US states are: re-check them each spring.
This explanation documents the planning model. It is educational, not individualized tax, legal, Medicare, or investment advice.
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Related financial terms
Plain-English definitions, with 2026 figures and worked examples, from the financial terms glossary.