Do Canadians pay 75% Income Tax?

About how much of your income gets paid to the Canadian government out of your check? Like I pay 18% to US & 3% to Social Security & 3% to fund welfare and it all equals about 25%. But you guys have national medical. Are your property taxes higher, I pay about $5000 per year on a $350K house. How much is your property taxes?

The top tiered income tax rates in Canada are only in the high 40%s. (this is combined Fed + Provincial) http://www.cra-arc.gc.ca/tax/individuals...

For a frame of reference on 100k income you pay about 32% of your annual income out in payroll taxes (ref Ontario with no deductions)

In mississauga, ontario property taxes on a $400k house are about $3000 per annum. Property tax is going to be a function of where you live and the value of your property.

The real differences between Canada and the US on a government spending basis are:
- the US has a large standing military with the latest and greatest equipment. Canada does not
- Canada has universal socialized medicine. The US does not.
- CPP is a system to which you contribute to in order to receive benefits. Social Security everyone working is paying for those who are receiving benefits.

No. They do pay more taxes than the typical American but there are more public services.

Fred Zaziski

The previous poster said the top income tax rate topped out at 40%. What he should have said is that's the top MARGINAL tax rate, meaning that's what you pay on earnings OVER 123000. We have several tax brackets.

Someone who earns $75000 pays about 23% income taxes. I'm supplying the link to a income tax calculator that shows what the total payable taxes are for each province, before deductions for Dependant children, retirement contributions, etc

We pay about the same for income tax as you guys. property tax vary greatly by region . property tax in toronto for a 350k house is probably around 3000.

however while we pay less taxes there, we pay the 14% on everything we buy, except nessessitys like bread. also everything is generally more money here.

but in case you are wondering why we have medical and dont pay more than you, its because we spend next to nothing on security, on our military, and rely on you guys for safety.

Tags

　　Investment Account 　　Invest Money 　　Invest in Gold 　　Invest Fund 　　Income Fund 　　HYIP 　　High Yield 　　Hedge Fund

Related information

When is the tax basis set for a mutual fund received as a gift?

IRS publication 551, page 8. It depends. But the basic rule is the the person receiving the gift received it WITH all the built in capital gains. Property Received as a Gift To figure the b...

NRI.Besides Salary income also have short term capital gain.Tax liability, forms and challans for e remittance

Trade is diffarent and short term capital gains are diffarent. You can treat your short term capital gains as trade stating that you are doing shares business and not investment in shares. If you t...

Has anyone done a successful fund drive for a big nonprofit project?

Depending upon how you go about this, it is important to be mindful of potential legal issues. If claims are made about tax deductibility, you need to be registered as such. And if such claims ar...

If I surrender my units of Mutual fund after a year what about tax and other deductions?

If it is a equity linked fund (i.e more then 60% in equity ) the long term tax (>1 year) is 0% currently but if is a debt fund you will have to pay long term tax. stt does not apply for MF as i ...

I am on Social Sec, had to Draw $13,000.00 from my mutual fund. Will this affect my Social Security payments??

Hi again, Stef. The $13,000 is not income per se. The interest you made on the principle (the original amount you deposited into the fund) is income. I do not know what you re doing with the divide...

How do you invest your money to receive 80% of your current income at retirement if you are 30 years old?

Michael - he's not asking about 80% returns, he's looking to keep earning 80% of his current income (40,000) from his retirement fund - It amazes me people think they need to maintain ...

Kindly give me the rate of tax applicable to my income.?

Clarify 1. Your Gender. 2. Your age. 3.Residential Status 4.Income for which Assessment year In your case Total income from House property is 240000 less muncipal taxes {MT}(if any paid by ...

What would happen in the scenario of a no income stated mortgage?

i think you should write to my address as shown on my profile page, being more specific, because: based on the scenario you provided, if you cash in your mutual fund and buy a house for 20k, y...