Average Income in Canada for 2021 [Explained]
Wondering how big the average income in Canada? How does your salary measure up against it? Explain here.
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What Is The Average Income In Canada?
- Thread starter Charlemagne
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Per the article:
Paying taxes is a major cost for every Canadian household. According to a Fraser Institute research, the typical Canadian family pays $39,000 in taxes on a $91,535 yearly income.
This indicates that up to 42.6 percent of their profits are taxed. Beyond income and payroll deductions, Canadians pay other taxes, including:
There is no reason we are paying so much in taxes. All governments have a spending problem. it is too bad that the people get caught up in partisan politics and do not unite to cut down on excessive government spending and waste.
Paying taxes is a major cost for every Canadian household. According to a Fraser Institute research, the typical Canadian family pays $39,000 in taxes on a $91,535 yearly income.
This indicates that up to 42.6 percent of their profits are taxed. Beyond income and payroll deductions, Canadians pay other taxes, including:
- Property taxes
- Sales taxes
- Import taxes
- Alcohol taxes
There is no reason we are paying so much in taxes. All governments have a spending problem. it is too bad that the people get caught up in partisan politics and do not unite to cut down on excessive government spending and waste.
Simply not true whatsoever, people always lie about how much we are taxed on income in Canada. People making under 100k aren't even taxed 27% for those who can use google.
It's all right here. CPP doesn't count as we get that back at some point.
8.2.5 Provincial and territorial income tax - Canada.ca
Learn about the different income tax rates and brackets for each province and territory.
Income tax rates for individuals - Canada.ca
Information on income tax rates in Canada including federal rates and those rates specific to provinces and territories.
Earning is only half the equation. How you save and invest what you keep for future requirements is the other half.
Yes I have had above average earnings.
Yes I finished high school, the five year kind.
I spent 4 years in uni working hard in a professionally oriented program where only about 35% who start finish it in 4 years. I spent 3 months after 4 years finishing one last class.
Then found employment in the field, and worked hard for five years before I attained my professional license, after writing a few more exams.
Now after 32 years I am by my choice working 3 day weeks. That is because we never lived day to day on all our income.
Yes I have had above average earnings.
Yes I finished high school, the five year kind.
I spent 4 years in uni working hard in a professionally oriented program where only about 35% who start finish it in 4 years. I spent 3 months after 4 years finishing one last class.
Then found employment in the field, and worked hard for five years before I attained my professional license, after writing a few more exams.
Now after 32 years I am by my choice working 3 day weeks. That is because we never lived day to day on all our income.
I remember some years ago there was a book published called The Wealthy Barber. Its thesis is essentially that it's not always about how much money you earn but what you do with the money you earn; how you invest it, how you save it, how you spend it, how you live your life.
I have a friend who has his own business and probably earns at least twice what I make. Yet he is always broke and has been on the verge of declaring bankruptcy two or three times. He is so far in debt -- much of it credit card debt dating back nearly 30 years -- I am not sure he'll ever get out.
He also cannot stop spending. He's incredibly impulsive and will drop thousands of dollars on the spot to buy things he doesn't need, like new cars and boats (he has an expensive boat and I don't think he's ever taken it out in the nearly 10 years he's had it). He also owes loads of money to CRA, and on one of the several occasions CRA froze his bank accounts, he has called me to ask for $20 so he could eat or to put gas in his car.
The thing is, I don't think my friend is a rarity; I bet this is much more common than we think.
You are only counting income taxes. You are forgetting property, land transfer and HST. Ref was correct.Simply not true whatsoever, people always lie about how much we are taxed on income in Canada. People making under 100k aren't even taxed 27% for those who can use google.
It's all right here. CPP doesn't count as we get that back at some point.
8.2.5 Provincial and territorial income tax - Canada.ca
Learn about the different income tax rates and brackets for each province and territory.www.canada.ca
Income tax rates for individuals - Canada.ca
Information on income tax rates in Canada including federal rates and those rates specific to provinces and territories.
I don't count those, living in Canada costs money for decent roads, health care, etc. I don't care about alcohol taxes, someone has to pay for drunks to get new livers. I don't drink enough to worry about it. I believe import taxes are an attempt to protect Canadian companies.
Yes I was referring to income tax. People always gripe about the half part when it's not true for most of the population.
Unfortunately, we need to spend more. For example, If you have visited a hospital, you will see it's severely under funded. I feel sorry for anyone trapped in our health care system.
The answer is taxes can't be the governments main source of revenue. But since that would be "communism", it's just better to have a failing taxes system that leaves a bunch of loopholes for the rich.
