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Tax Brackets

djdeposit

TRIBE Member
Hey does anyone know the tax bracket system for Canada?
for example
$100,000 = 40% tax?
$55.000+ = 35% tax?

based on yearly income
 

Poot

TRIBE Member
Federal tax rates for 2006 are:
15% on the first $36,378 of taxable income;
22% on the next $36,378 of taxable income;
26% on the next $45,529 of taxable income; and
29% of taxable income over $118,285.


Provincial (Ontario) rates:

6.05% on the first $34,758 of taxable income, +
9.15% on the next $34,759, +
11.16% on the amount over $69,517
 

SJN

TRIBE Member
Poot said:
Federal tax rates for 2006 are:
15% on the first $36,378 of taxable income;
22% on the next $36,378 of taxable income;
26% on the next $45,529 of taxable income; and
29% of taxable income over $118,285.


Provincial (Ontario) rates:

6.05% on the first $34,758 of taxable income, +
9.15% on the next $34,759, +
11.16% on the amount over $69,517
There is also a 20% surtax on Ontario tax over $4,016 and another 36% surtax on Ontario tax over $5,065. So, for example, the top tax bracket for an Ontario resident ends up being about 47% (29% + 11.16% x 1.2 x 1.36)
 

AdRiaN

TRIBE Member
There is also the Ontario Health Premium.

first $20,000 = no premium
over $20,000 up to $25,000 = (taxable income - $20,000) x 6%
over $25,000 up to $36,000 = $300
over $36,000 up to $38,500 = $300 + (taxable income - $36,000) x 6%
over $38,500 up to $48,000 = $450
over $48,000 up to $48,600 = $450 + (taxable income - $48,000) x 25%
over $48,600 up to $72,000 = $600
over $72,000 up to $72,600 = $600 + (taxable income - $72,000) x 25%
over $72,600 up to $200,000 = $750
over $200,000 up to $200,600 = $750 + (taxable income - $200,000) x 25%
over $200,600 = $900
 
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SJN

TRIBE Member
True, but I purposely didn't mention that since the McGuinty government was pretty adamant that it was not a tax. I think we all know better, but they consider it a premium, not a tax. Convenient, since of course they had campaigned on not increasing taxes. :rolleyes:
 

Boo

TRIBE Member
Could move to the states...

They make more money, pay less taxes, and have enough left over to contribute on average about 3x as much to charity as we do.
 

AdRiaN

TRIBE Member
SJN said:
True, but I purposely didn't mention that since the McGuinty government was pretty adamant that it was not a tax. I think we all know better, but they consider it a premium, not a tax. Convenient, since of course they had campaigned on not increasing taxes. :rolleyes:
Yeah, it's about as much a "premium" as Michael Jackson is black.
 

Katman

TRIBE Member
Boo said:
Could move to the states...

They make more money, pay less taxes, and have enough left over to contribute on average about 3x as much to charity as we do.
Places like Texas, Florida and Oregon don't have state income tax so you only pay federal tax of 17%(I think)... and you can claim your mortage interest.

Then again... you'd be living in Houston or Portland.
 
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SJN

TRIBE Member
Boo said:
Could move to the states...

They make more money, pay less taxes, and have enough left over to contribute on average about 3x as much to charity as we do.
true, but then you'd have to live with having a buffoon as your head of state....




.....wait.....never mind.....
 

Sleepy Giant

TRIBE Member
SJN said:
There is also a 20% surtax on Ontario tax over $4,016 and another 36% surtax on Ontario tax over $5,065. So, for example, the top tax bracket for an Ontario resident ends up being about 47% (29% + 11.16% x 1.2 x 1.36)
Whoa.... I just miss that. :eek:

Somehow I don't think i'd miss the $80 since they already take so much.
 
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