Comments on: Income Tax – The Canadian Tax Bracket System http://wheredoesallmymoneygo.com/the-canadian-tax-bracket-system/ A personal finance blog written by Preet Banerjee Sat, 11 Feb 2012 16:22:10 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Preet http://wheredoesallmymoneygo.com/the-canadian-tax-bracket-system/#comment-11935 Preet Thu, 26 Jan 2012 22:08:24 +0000 http://symbiantcapital.com/2007/10/15/the-canadian-tax-bracket-system/#comment-11935 @jkro Correct, my numbers were transposed wrong, I just double checked and what you have is right. I'm going to amend my response above. Thanks Jer. @jkro Correct, my numbers were transposed wrong, I just double checked and what you have is right. I’m going to amend my response above. Thanks Jer.

]]> By: Jer http://wheredoesallmymoneygo.com/the-canadian-tax-bracket-system/#comment-11934 Jer Thu, 26 Jan 2012 22:02:12 +0000 http://symbiantcapital.com/2007/10/15/the-canadian-tax-bracket-system/#comment-11934 @Preet@jkro Um, someone's basic math is wrong. The difference between 61460 and 58638 isn't an additional 1408, it's an additional 2822. jkro, you don't get 'pushed up' into another tax bracket - it's only the income that is above 80963 that is taxed at the higher rate. @Preet@jkro Um, someone’s basic math is wrong. The difference between 61460 and 58638 isn’t an additional 1408, it’s an additional 2822.

jkro, you don’t get ‘pushed up’ into another tax bracket – it’s only the income that is above 80963 that is taxed at the higher rate.

]]> By: Preet http://wheredoesallmymoneygo.com/the-canadian-tax-bracket-system/#comment-11908 Preet Mon, 16 Jan 2012 16:08:38 +0000 http://symbiantcapital.com/2007/10/15/the-canadian-tax-bracket-system/#comment-11908 @jkro Well, if you use Ernst and Young's tax calculator you'll see that $76,000 before tax is roughly $58,638 after taxes of $17,632. $80,500 before tax is roughly $61,460 after taxes of $19,040. So earning another $4,500 nets you an additional <del datetime="2012-01-26T22:09:06+00:00">$1,408</del> $2,822. There are certain assumptions in the calculator and what credits and deductions you have will affect these numbers (based on Ontario rates), but hopefully that gives you some food for thought. http://www.ey.com/CA/en/Services/Tax/Tax-Calculators-2011-Personal-Tax @jkro Well, if you use Ernst and Young’s tax calculator you’ll see that $76,000 before tax is roughly $58,638 after taxes of $17,632. $80,500 before tax is roughly $61,460 after taxes of $19,040. So earning another $4,500 nets you an additional $1,408 $2,822. There are certain assumptions in the calculator and what credits and deductions you have will affect these numbers (based on Ontario rates), but hopefully that gives you some food for thought.

http://www.ey.com/CA/en/Services/Tax/Tax-Calculators-2011-Personal-Tax

]]> By: jkro http://wheredoesallmymoneygo.com/the-canadian-tax-bracket-system/#comment-11905 jkro Sat, 14 Jan 2012 08:25:51 +0000 http://symbiantcapital.com/2007/10/15/the-canadian-tax-bracket-system/#comment-11905 I am trying to figure out if it's worthwhile to take on a part-time job. My current salary is before taxes is $76,000. The part-time job before taxes would be about $4,500. This would push my salary to 80,500 and into a higher tax bracket. Any comments would be great. Thx. I am trying to figure out if it’s worthwhile to take on a part-time job. My current salary is before taxes is $76,000. The part-time job before taxes would be about $4,500. This would push my salary to 80,500 and into a higher tax bracket. Any comments would be great. Thx.

]]> By: Guy http://wheredoesallmymoneygo.com/the-canadian-tax-bracket-system/#comment-11801 Guy Thu, 05 Jan 2012 17:53:10 +0000 http://symbiantcapital.com/2007/10/15/the-canadian-tax-bracket-system/#comment-11801 Thanks for the simple explanation! I understand people loathe taxes, but understand that taxes build infrastructure, provide education, health care and many services we take for granted. We need taxes to build roads, provide public transportation, teach our kids, heal our sick, etc. That being said, could are tax money be spent more efficiently? Of course. But developing the solution is no doubt, very complicated. I am extremely grateful to live in Canada - believe me when I say this, we have it really good. If you measure how we're taxed versus what services we get, I bet we fare very well compared to other countries. Now if the Leafs could win the cup.... Thanks for the simple explanation!

I understand people loathe taxes, but understand that taxes build infrastructure, provide education, health care and many services we take for granted. We need taxes to build roads, provide public transportation, teach our kids, heal our sick, etc.

That being said, could are tax money be spent more efficiently? Of course. But developing the solution is no doubt, very complicated.

I am extremely grateful to live in Canada – believe me when I say this, we have it really good. If you measure how we’re taxed versus what services we get, I bet we fare very well compared to other countries.

Now if the Leafs could win the cup….

]]> By: richard237 http://wheredoesallmymoneygo.com/the-canadian-tax-bracket-system/#comment-11553 richard237 Thu, 22 Dec 2011 20:22:17 +0000 http://symbiantcapital.com/2007/10/15/the-canadian-tax-bracket-system/#comment-11553 EXACTLY!!! 46.41 % + 5.00 % GST 5.00 % PST = and i say = 56.41% tax. Then there is fuel tax, city taxes, land tax, alcohol tax, tobacco tax.. and so on! EXACTLY!!!
46.41 % +
5.00 % GST
5.00 % PST
= and i say = 56.41% tax. Then there is fuel tax, city taxes, land tax, alcohol tax, tobacco tax.. and so on!

]]> By: John http://wheredoesallmymoneygo.com/the-canadian-tax-bracket-system/#comment-10141 John Fri, 18 Nov 2011 21:59:11 +0000 http://symbiantcapital.com/2007/10/15/the-canadian-tax-bracket-system/#comment-10141 Is it the first time you know this Canadian gov are bunch of thieves , this system was made to was made to let people who make money from their hard work and their years of education and experience always in need , look to the majority of people who have good income , they have house , car , ect.. but most of them they have mortgage , car loan , credit cards dead etc..they have to be always in need to let the banks making billions of dollars and tax payers who pay high tax for their income usually get nothing , same time , lazy people who have no skills , less education , or no job at all , getting the rewards for them and their kids, myself , working hard to earn my money , and my income in the bracket $81,453 – $126,264 , so I am paying almost half of my income as income tax , if you add the property tax , GST etc, you will see how the Canadian gov like they don't have any other income other than our tax , no industry , no production , nothing , everything made in China and Europe , the tax should be that high if Canada is lack of resources , sometimes when I think after all this hard work and years spent in my education and how much will get as pension I want to cry or leave this stupid place. Is it the first time you know this Canadian gov are bunch of thieves , this system was made to was made to let people who make money from their hard work and their years of education and experience always in need , look to the majority of people who have good income , they have house , car , ect.. but most of them they have mortgage , car loan , credit cards dead etc..they have to be always in need to let the banks making billions of dollars and tax payers who pay high tax for their income usually get nothing , same time , lazy people who have no skills , less education , or no job at all , getting the rewards for them and their kids, myself , working hard to earn my money , and my income in the bracket $81,453 – $126,264 , so I am paying almost half of my income as income tax , if you add the property tax , GST etc, you will see how the Canadian gov like they don’t have any other income other than our tax , no industry , no production , nothing , everything made in China and Europe , the tax should be that high if Canada is lack of resources , sometimes when I think after all this hard work and years spent in my education and how much will get as pension I want to cry or leave this stupid place.

]]> By: lloyds http://wheredoesallmymoneygo.com/the-canadian-tax-bracket-system/#comment-9946 lloyds Sat, 12 Nov 2011 17:01:52 +0000 http://symbiantcapital.com/2007/10/15/the-canadian-tax-bracket-system/#comment-9946 I wonder what the effect will be on your tax bracket table if the conservatives get around to implementing their income splitting idea. or was that just a carrot? I wonder what the effect will be on your tax bracket table if the conservatives get around to implementing their income splitting idea.

or was that just a carrot?

]]> By: Jon http://wheredoesallmymoneygo.com/the-canadian-tax-bracket-system/#comment-8300 Jon Thu, 23 Jun 2011 20:10:43 +0000 http://symbiantcapital.com/2007/10/15/the-canadian-tax-bracket-system/#comment-8300 Haha, Thank you. I did come into terms with the tax bracket though, I figured better to know now then in the future when I have a full time position. Oh wells, such is life I guess, just gotta start my own business and tax deductions, haha. I remember the days when I didn't even have to worry about what bracket I was in, haha. Haha, Thank you.

I did come into terms with the tax bracket though, I figured better to know now then in the future when I have a full time position. Oh wells, such is life I guess, just gotta start my own business and tax deductions, haha.

I remember the days when I didn’t even have to worry about what bracket I was in, haha.

]]> By: Aimee http://wheredoesallmymoneygo.com/the-canadian-tax-bracket-system/#comment-8280 Aimee Mon, 20 Jun 2011 21:55:22 +0000 http://symbiantcapital.com/2007/10/15/the-canadian-tax-bracket-system/#comment-8280 The same thing happens to me when I work full time during the summer. Basically your deductions for the pay period 'assume' that you will be making the same amount each paycheque. So during a week with a lot of hours you could technically go into the higher tax bracket and when you have less hours, you'll pay taxes based on a lower bracket, but once you file your taxes you should get a refund because you will have paid too much taxes during the year. In my 4 years of university I got about $1000 in refunds each year because I paid too much tax. I never used my tuition tax credits, so that wasn't the reason. The same thing happens to me when I work full time during the summer. Basically your deductions for the pay period ‘assume’ that you will be making the same amount each paycheque. So during a week with a lot of hours you could technically go into the higher tax bracket and when you have less hours, you’ll pay taxes based on a lower bracket, but once you file your taxes you should get a refund because you will have paid too much taxes during the year. In my 4 years of university I got about $1000 in refunds each year because I paid too much tax. I never used my tuition tax credits, so that wasn’t the reason.

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