If I do, it will be my fault because I wasn't carefull enough & got caught... NOT because I'm doing anything wrong....You wouldn't be the first one who has called me a fool.
BTW, hope they catch you
Omg the damn taxes!!!
- Thread starter keepmovingforward
- Start date
We could implement a progressive flat tax and fire 2/3rds of the CRA, the CPP, the entire welfare office, the entire EI office, and so on.
Just do this:
Have the government mail a monthly cheque to everyone in Canada for an amount consided to be a minimum living wage. Say, $1250 per month. Then institute a flat tax high enough to pay for that and everything else the government needs to do, it might be a flat tax in the 30-35% range. The goal would be to have the same net revenue as now, to pay for everything we currently do, LESS the departments fired.
Why it works:
-- It acts as a form of welfare for anyone whose tax is less than $15000 per year ($1250 per month) so there is no need for any welfare, EI, CPP, OAS, etc.
-- It makes the flat tax progressive because essentially your tax rate goes from negative up to 35% as you earn more, even though there is only one flat tax rate
-- There is no perverse clawback: If you earn $1 in employment you are exactly $0.65 richer, none of this crap about people on welfare earning more by working less.
-- Most people would not have to file a tax return: Sources of income can deduct the tax at source and remit it to the government: employers, stocks, bonds, etc., can all simply remit 35% of all payments. Only people with other sources of income, like self employment, would have to file, and the would have to file only on their self employment income.
-- There would be no tax loop-holes, the tax code would be simple, and few people would even have the opportunity to cheat on their taxes as the tax would be paid before the money even got to their hands.
Just do this:
Have the government mail a monthly cheque to everyone in Canada for an amount consided to be a minimum living wage. Say, $1250 per month. Then institute a flat tax high enough to pay for that and everything else the government needs to do, it might be a flat tax in the 30-35% range. The goal would be to have the same net revenue as now, to pay for everything we currently do, LESS the departments fired.
Why it works:
-- It acts as a form of welfare for anyone whose tax is less than $15000 per year ($1250 per month) so there is no need for any welfare, EI, CPP, OAS, etc.
-- It makes the flat tax progressive because essentially your tax rate goes from negative up to 35% as you earn more, even though there is only one flat tax rate
-- There is no perverse clawback: If you earn $1 in employment you are exactly $0.65 richer, none of this crap about people on welfare earning more by working less.
-- Most people would not have to file a tax return: Sources of income can deduct the tax at source and remit it to the government: employers, stocks, bonds, etc., can all simply remit 35% of all payments. Only people with other sources of income, like self employment, would have to file, and the would have to file only on their self employment income.
-- There would be no tax loop-holes, the tax code would be simple, and few people would even have the opportunity to cheat on their taxes as the tax would be paid before the money even got to their hands.
Right but but when they say June 20th they're working on the finance department's fiscal year which I think starts in March so in reality the June 20th date represents about a 33% tax rate which is closer to what the average Canadian pays.
For federal politicians you have to be elected twice in consecutive elections and have to serve a minimum of 6 years in order to get your pension. That said, yeah that's still a short while in order to access a $50,000 a year pension.
So basically you're looking for everyone else to subsidze your use of public services. I hope you don't complain about people getting handouts from the government becuase you're doing the same thing.
I'm talking about smoking pot instead of studying and getting good grades. I'm talking about having unprotected sex and having multiple children before they can afford them. I'm talking about being a spendthrift instead of saving and investing.
Start an RSP
Open a TFSA
And discuss flow-through investments with your advisor.
If you're paying that much tax and you're not up to doing it yourself, you need a financial advisor to help you minimize your tax burden. I'm not talking about avoiding taxes but minimizing what you owe (big (and legal) difference).
Timbit
Open a TFSA
And discuss flow-through investments with your advisor.
If you're paying that much tax and you're not up to doing it yourself, you need a financial advisor to help you minimize your tax burden. I'm not talking about avoiding taxes but minimizing what you owe (big (and legal) difference).
Timbit
Well.... making roughly $150,000 GROSS at your age, single without children. You should be quite pleased.
50%....where do you live. You don't pay 50% combined federal and provincial taxes until you make a pile of money.
Apparently you are including all other forms of tax...not just income taxes. But a lot of those other taxes depend on consumption, and ownership. Property tax, sales taxes, etc.
Apparently you are including all other forms of tax...not just income taxes. But a lot of those other taxes depend on consumption, and ownership. Property tax, sales taxes, etc.
Sure they would, & they HAVE..... oh yes, and they WILL AGAIN too......
I guess you didn't read the parts of my post where I said that I have a tendancy to share MORE than the average tax sucker.... I also have the benefit of KNOWING FOR CERTAIN that every dollar I invest in feeding someone or helping out with rent & expenses or sending a kid off to school is going to people that won't waste it....
I make the lives of good people better.... I never have to worry about the money I contribute to society going towards bureaucratic bloat or career welfare teat suckers or kids that won't make the best of their education.... The people I help out pay rent & utilities & not the LCBO or dug dealers...
I took back my freedom to CHOOSE for myself how to best serve my community because the governmnet lost my confidence in their ability to make my decisions for me long ago....
You want to let them waste the fruits of your life's work be my guest... but saying that societies wouldn't function if people did what I do is utter nonsense..
Exactly. I know we have healthcare and the like but we are also in the top ten (maybe higher) countries with the highest tax rates. I seem to recall we were in the top 5 but don't quote me on that......
Yes, tax shelters, but 100% legal - right in the tax act - in fact take a look at your tax return from last year - it asks about CEE and CDE credits... I'm not talking about horse deals, book deals or anything like that - I'm talking about buying the CEE and CDE credits from exploration and development companies. Like I said, 100% legal, not a scam.
I would advise buying through a flow-through company, simply because it lessens your exposure to one company, much like a mutual fund. Most flow-through company's flow-through units roll into a mutual fund at maturity too, giving you very good liquidity so you can hold it if the market timing isn't good (as was the case this year, on 2007 F.T. purchases).
Like I said earlier, talk to your financial advisor.
Timbit
People who think they pay "50% tax" are generally confused.
The top tax bracket in Canada is 46%, but note that is the tax paid on the top marginal dollar. It is not the AVERAGE tax rate you pay on all the dollars you earn, it is the tax you paid on the last dollar.
The top tax bracket starts at just under $130k, but someone who earns $130k with no deductions only pays $41k in tax which is a rate of only 32% tax, not 50% tax, because most of their income is taxed in a lower bracket.
Actually peaople earning around $12k/year pay the highest tax rate. They are subject to all sorts of income top-ups which get clawed back at that rate. If they earn an extra dollar they may only see an extra ten cents in their pocket due to the loss of income top-ups, giving them a marginal tax rate of 90% or so.
The top tax bracket in Canada is 46%, but note that is the tax paid on the top marginal dollar. It is not the AVERAGE tax rate you pay on all the dollars you earn, it is the tax you paid on the last dollar.
The top tax bracket starts at just under $130k, but someone who earns $130k with no deductions only pays $41k in tax which is a rate of only 32% tax, not 50% tax, because most of their income is taxed in a lower bracket.
Actually peaople earning around $12k/year pay the highest tax rate. They are subject to all sorts of income top-ups which get clawed back at that rate. If they earn an extra dollar they may only see an extra ten cents in their pocket due to the loss of income top-ups, giving them a marginal tax rate of 90% or so.
Tboy, come on now, this is the google era, between you here and Rockslinger in the Mayor Miller thread.
http://en.wikipedia.org/wiki/File:Income_Taxes_By_Country.svg
The thing to note is that taxes in Canada will be trending down or stay the same, going forward. I don't necessarily agree with that as I'd like to see national daycare based on the Quebec Model, catastrophic drug and assisted living device coverage, basic dental cleaning and eye exams, and better subsidized post secondary education, and more money for RND and bringing research to market, but... This is contrasted by the fact that at a minimum the US, UK, Ireland, and Iceland will have to raise taxes, and most of the rest of the world doesn't have much room to cut.
Of course - same as every investment you make - you have to analyse it. There are some good ones and some bad ones out there - as I said, check with your financial advisor.
Timbit
You might want to argue with KPMG on the above. According to their 2009 Tax Facts book, a single person living in Ontario with $10,000 of taxable income pays $38 of combined federal and provincial income tax. The same person earning $15,000 in taxable income pays $741. So that's $703 of tax on $5,000 increase or 14%.
so we're number 10. My first paragraph remains true TYVM.......but that chart only shows income taxes, not ALL taxes. For eg: many US states don't have PST, and don't even some of them not have INCOME tax? I know they all have federal.....
yeah, these states don't have personal income tax:
Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Additionally, New Hampshire and Tennessee limit their state income taxes to only dividends and interest income.
