If you're working OT. It means your job isnt paying you enough or you're not making it clear to the company that you're not a slave.

There's a work balance life we all should adhere too.

In 2014 CRA collected 130.8 billion in personal income tax (this EXCLUDES corporate tax).

The population of canada that year was 35.16 million people. 6.4 million of that 35.16 million were children under the age of 16 (obviously cannot be expected to pay taxes).

Therefore that leaves a population of ~29 million people to pay a tax base of ~131 billion. AKA every single person over the age of 16, regardless of circumstance (student, disabled, retired, homeless, in prison, etc.) has to pay ~$4500.

It's just not gonna happen dude.

Or maybe I enjoy what I do, and I don't mind going in extra every week when I otherwise would be doing nothing else besides wasting my time watching TV, and in return I make way more money. Then when I do take my free time, I can do way cooler shit, like go skydiving, or rent a boat, or go on a helicopter ride just for the hell of it.

I go into work and work lots of extra hours, I do so when I otherwise have nothing to do on that day. If my buddies phone me up and say they are going up to whistler for a weekend, there is very little chance you will find me at work (there are exceptions to this, especially when you are trying to buy a house in vancouver).

This is exactly why the current taxation system doesn't encourage people to work overtime / work their ass off. This implies the more you work, the more you pay tax.

Where is the incentive for people to work hard and create wealth?

To be fair though, a 10-15 year old vehicle from Quebec is worth almost nothing.

You do realize the tax is a percentage right? They don't take every cent of OT pay you get.

So everyone should take a deep breath and reference this...

Canadian income tax rates for individuals - current and previous years

Note that it a TIERED system where it applies to brackets of earnings and not the earnings in its entirety.

:facepalm:

Take it from someone that used to work 40 hours of OT/week and currently does a minimum of 20 hours of OT/week...

LEARN HOW THE BLOODY TAXATION SYSTEM WORKS BEFORE YOU START SPEWING SHIT OUT!

Goddamn.

Trust me, when work is paying me OT, it's definitely not because they're paying me too little. When I'm running a $500,000 renovation project over the span of three weeks, or a $3 million relocation project in seven weeks and there's a strict timeline to adhere to, you can bet work is willing to pay me double time to make sure it's done. No, I don't live to work, but when they're paying all of my expenses and every penny I earn I get to pocket and not spend on food/gas/hotel/car rental/etc, you can bet your ass I'm going to milk it for all it's worth.

Retirement and pension................ pensionable earnings, man.


Think ahead.

First world problems...
http://s2.quickmeme.com/img/05/059fe...3b9a4b6aee.jpg

^ lmao
there was discussion at my workplace about possibly adding more responsibilities to my title and upping the pay slightly to reflect that

my first thought was "fuck i hope this doesn't bump me up into a higher bracket."

Technically, that's not how it works. Taxation is all based on taxable income. The more money you make, straight time or overtime, you will get taxed on that income.

Sure, that you are paying more in taxes when compared to a person who is not working OT. However, at the end of the day, your disposable income (after tax) is still higher than the person who did not work OT, given that both of you are working in a similar job with similar salary/hourly.

I would take that promotion (?) any day; well... depends on the pay increase and the added work. If the two don't correlate, F that.
Even with the higher tax bracket, you still take home more money.

That only affects the portion of your pay that's in the next "bracket" though, it doesn't affect the "first" part of your earnings.

Canadian income tax rates for individuals - current and previous years

So if you make $45,282 and are paying 5%, then get a raise to $45,283, you're only paying 20.5% on that last $1, not the first $45,282 (that part stays at 5%).

That'd be nice if it was only 5% federal tax :lol

It's 15% on the first ~$45k IIRC

Lmao @ making less if OT due to more tax

Lmao @ 5% federal tax

And yes, it's 15% on the first 45k.

Woops, my copy-paste skills have failed me. Fixed.

So much confusion about how are income is taxed, :rukidding:

:facepalm:

FFS, it's OUR

Seeing some responses here makes me sad that we allowed the general public to vote on the HST.

This thread hurts my brain with some of you guys not understand how your own damn money is being taxed.

Not wanting to work OT because "more" tax

Not wanting to take a pay increase/promotion because you'll be in the next "bracket"

:facepalm:

http://www.revscene.net/forums/70955...ish-101-a.html


which reminds me..................

Need to post a new lesson, lol.

I spend 35% of my day paying the government.

That part of my day i watch netflix.

Let me guess.
You also work for the government lol.