Drugs On The Playground - Topic

Bazi

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Joined: Apr 14 2006

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#21

Jan 4 2024 11:08pm

Quote (El1te @ Jan 4 2024 11:05pm)

Add all the taxes not just income tax..

Yeah add all the taxes like property and every dollar he spends in sales tax without knowing any of this information.

The point is even if you do, it will be well below 60% “effective”

If he’s really a high income earner , defined in BC >250k then some Portion of his income may get taxed at the higher marginal rate

Bazi

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Posts: 41,232

Joined: Apr 14 2006

Gold: 5,341.71

#22

Jan 4 2024 11:10pm

Quote (norseman81 @ Jan 4 2024 11:06pm)

What is Ontario's marginal tax rate? The tax rates in Ontario range from 5.05% to 13.16% of income and the combined federal and provincial tax rate is between 20.05% and 53.53%.

Still says it is 53.53%... I am still thinking of prices for everything being so much more due to delivery of services/articles to go with it most likely. Not just taxes.

Right that’s the highest “marginal” rate but 100% of your income is not taxed at that rate , the first 49k at 5% , 50-100k at 10%, etc

duffman316

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#23

Jan 5 2024 10:11am

Quote (norseman81 @ Jan 5 2024 12:02am)

Thanks for sharing, I am not in this forum often, it seems interesting.

I was doing really well until I got divorced, now I pay support payments, child support etc.

I feel Canada is spiraling down the toilet at this rate.

Single income households with children really feel it. :D

the roundtrip of cost of flying in and out a mexican hitman is considerably cheaper than most debt payments
i just happened to look this up a long time ago purely out of curiousity when i owed a friend a few thousand dollars

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