Gazing into the future... - Page 2
Page 2 of 7 FirstFirst 1234 ... LastLast
Results 11 to 20 of 67

Thread: Gazing into the future...

  1. #11
    Senior Member sags's Avatar
    Join Date
    May 2010
    Posts
    6,743
    I agree that astute spending should be a priority, and would add that government revenues deferred or lost via the tax code should also be closely examined for their efficiency.

    Someone planted a tree a long time ago so I can sit in the shade.

  2. #12
    Senior Member sags's Avatar
    Join Date
    May 2010
    Posts
    6,743
    Quote Originally Posted by Just a Guy View Post
    Not nearly the same amount as they did while working...
    I don't know about that. We earn and spend more than the average working income.

    The difference is where the money is spent. No more daycare expenses, school expenses, sports costs, high insurance rates.

    The money is spent on consumption now.......and that is taxed.
    Someone planted a tree a long time ago so I can sit in the shade.

  3. #13
    Senior Member
    Join Date
    Mar 2012
    Posts
    3,228
    Highest tax contribution is through income tax. No other form is nearly as lucrative.

    I've got the solution though, Apple should buy Canada. It's got plenty of money, they could pay cash. They could set their own tax rate, saving them a ton of problems like they are having in Ireland. They'd have access to all the natural resources and educated staff they'd need. We could all be employees, they just paid out 20Billion to developers alone. The rest of the world's purchases could easily fund the country...

    Win win.
    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

  4. Remove Advertisements
    CanadianMoneyForum.com
    Advertisements
     

  5. #14
    Senior Member zylon's Avatar
    Join Date
    Oct 2010
    Location
    Alberta
    Posts
    1,309
    Quote Originally Posted by SMK View Post
    ^Not a crisis for you sags, who recently told us you're 67? Threat title is about the future.
    Hahaha! Excellent - I really did laugh out loud.

    In my future, I see a really hot place (crematorium)
    and gold plated urn.



  6. #15
    Senior Member
    Join Date
    Mar 2010
    Posts
    9,856
    Quote Originally Posted by Just a Guy View Post
    And you think they are doing well? I suppose if you're in the 1% everything is fine, but they seem to have a lot of riots, poverty and issues...

    Not to mention their marginal tax rate is about half of ours.
    That is definitely not the case in most states. Many states have almost as high marginal rates as Canada. Even Texas is up to 33% marginal tax rate at 100k USD per year. New York and California are pushing into the 40's%.

    When you consider that their property taxes are often quite high, it's not obviously lower tax in the US, especially given that health care and education are good quality and free in Canada. In the US, you often need private insurance/private school to get acceptable levels of service.

    http://neuvoo.com/tax-calculator/New+York-100000

  7. #16
    Senior Member
    Join Date
    Mar 2012
    Posts
    3,228
    The highest tax bracket in Canada kicks in at around 60k depending on your province. Our "hidden" taxes on gas, liquor, cigarettes, etc. are higher. We have a new carbon wealth transfer tax coming online across the country and the income tax rate is pushing 60%. Throw on gst, hst, land transfer taxes, property taxes, service charges, etc. I'm surprised Canadians have any money left at the end of the day.

    The American highest rate doesn't kick in until 250k, quite a bit higher than 60k, so less have to pay it.
    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

  8. #17
    Senior Member
    Join Date
    Oct 2011
    Posts
    2,367
    Quote Originally Posted by Just a Guy View Post
    The highest tax bracket in Canada kicks in at around 60k depending on your province.

    The American highest rate doesn't kick in until 250k, quite a bit higher than 60k, so less have to pay it.
    Sorry, that's not correct.
    http://www.taxtips.ca/taxrates/canada.htm

    Someone at 60k has a federal marginal tax rate of 20.5% while someone at 205k has a rate of 33%.

    For Ontario, a 60k person has around 30% while a 225k person has 53%.

  9. #18
    Senior Member
    Join Date
    Oct 2010
    Posts
    7,177
    Quote Originally Posted by Just a Guy View Post
    The highest tax bracket in Canada kicks in at around 60k depending on your province.
    For combined Federal and Provincial taxes on employment income, BC has another *six* income tax levels above the $60K level. Alberta has seven, Ontario has eight, Quebec has five, Nova Scotia has five, New Brunswick has six, NL has seven ...

    For the "highest tax bracket" having kicked in - one wonders why there are some many higher tax brackets in so many tax jurisdictions.

    Interestingly ... when I check a US Federal and State bracket tool, the Ontario $60K earner has three brackets being applied to the $60K income and the US tax payer has three tax brackets applied. I'm not sure how the State ones work out but so far, I'm finding a range of one to six tax brackets.

    To keep it simple, this assumes the county/municipalities are not adding their own income tax, as some do.


    Cheers

  10. #19
    Senior Member
    Join Date
    Mar 2012
    Posts
    3,228
    Ah...now you see why I hire an accountant.
    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

  11. #20
    Senior Member
    Join Date
    Oct 2010
    Posts
    7,177
    ^^^^

    Doesn't seem a good use of money to have the accountant tell you info that's widely published/easily verified ...

    Seems a double waste to either have an incompetent accountant that doesn't know the brackets
    .or.
    ignore what he said ....


    It also makes me wonder why those who went to the US commented that at the end of the day, the main difference was the number of jobs available - not the lower tax rate like they initially thought that was different from Toronto.


    Cheers


Page 2 of 7 FirstFirst 1234 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •