[mr_chin]

I was just thinking the other day. Every single dollar that comes into your pocket, a percentage is taken out of it. AND THEN, every time it leaves your pocket, another percentage gets taken out of it. Say the tax is 10% for both income and sales. That's nearly 20% gone when comes into your pocket and then out. Does that sound ridiculous to anyone else?

Let's look at this example. 15 people are standing in a circle. A dollar is handed to one person. When it lands on his hand, $0.10 is taken out and placed into the middle. Then when he passes it on to the next person, $0.09 is taken out, and placed in the middle. That second person that received the $0.90, must also give $0.09 to the middle as income tax. By the time it reaches the 15th person, it's basically less than $0.01. Wtf?

Then later in the day, I was thinking much deeper into how tax is robbing us. I bought my car for $40,000 and paid $4800 tax for it. 5 years down the road now, I want to sell my car and it's worth say, $15,000. The person buying my car, has to pay $750 tax for it. Then, me receiving the $15,000, I have to pay tax on that too? WTF shit is this? So that $40,000 that left my hand, gets taxed on it, and then the $15,000, which is basically the 1/3 of that $40,000 that I already paid tax on, is taxed again! Not to mention, the car I'm selling is in depreciated value.

Who's down to form an RS crew and run the government down?

[Spectre_Cdn]

RS Beatdown crew assemble Kappa

http://i.imgur.com/ZFUKEh7.png

[eclipseman]

Yes, we are taxed to hell and back here in Canada.

[punkwax]

Tl;dr but the answer is yes. We pay an obscene amount of tax in one of the most expensive cities to live in globally. It's a real struggle for a lot of good people.

[radioman]

The 15k when you sold your car is not taxed to you a second time as income.

Tax is what gives us all these wonderful things around us but I'm sure we'd be paying a lot less out of our pockets if governments didn't spend so gloriously on sometimes things that just dont make sense.

[dvst8]

I am not standing or singing during national anthem anymore.

[ree666]

the person buying it for 15000 is paying $1800 in tax.

second hand cars are still two tax.

[Timpo]

https://www.youtube.com/watch?v=d4o13isDdfY

[Timpo]

https://www.youtube.com/watch?v=kE8RtL3azDg

[Timpo]

actually, if you go on YouTube, you will find lots of tax documentary and they're quite informative.

This is a really good documentary to understand how banks make virtual money. It's not solely about taxes but well worth a watch.

https://www.youtube.com/watch?v=XcGh1Dex4Yo

[Jmac]

the person buying it for 15000 is paying $1800 in tax.

second hand cars are still two tax.
Actually, second-hand cars are a single tax in BC; 12% PST

[ziggyx]

Taxes are bullshit when it comes to things like a used vehicle. When you buy something that is second hand there shouldn't be a tax on it imo. On top of that the tax used to be just 5% before the HST was introduced but now it's 12%...


Also it's bullshit how income tax was supposed to be a temporary thing but it's been with us for almost 100 years now.

Wasn't there an RS thread where one member discovered that he was being taxed on the tax for a UBC parking pass? I could be wrong.

It's shit like that that irritates me, especially when the government spends it on things for personal benefits.

But I guess I love living in this country so I am willing to bend over and pay for it.. Lol

[TouringTeg]

Yep I hate that cars are taxed over and over again every time they are sold. An even bigger cash cow is property transfer tax.

It could be worse. In Washington state the DMV does not let you state the purchase price. They decide the fair market value and the buyer pays tax on that amount. Otherwise you have to prove why the purchase price was lower.

WA State Licensing (DOL) Official Site: Use tax for vehicles and boats (http://www.dol.wa.gov/vehicleregistration/usetax.html)

[unit]

you don't have to report the sale of a car as income, if thats what you mean.

[Timpo]

you don't have to report the sale of a car as income, if thats what you mean.

I think he meant when he buys a car from craigslist you have to pay tax on it. Paying tax on used product, which doesn't make sense for some people because the tax had already been paid when it was brand new. The government is trying to tax multiple times on one product.

[MG1]

If I sell my car, it's going to be a "gift". I have so many sons and daughters I don't even know about...........yet, hee hee.

Yeah, taxes........ how else would the premier be able to afford sending her darling son to a private school and have great seats to the Lions and Canucks games.

Not that I want to be in her shoes, or any other politician for that matter. I couldn't lie as much as they do and keep a straight face, or go to bed at night feeling good about myself.

[whitev70r]

If you use that $15,000 that you got for selling your car to buy another one, then yes, it is now going into Christy Clark's coffers, $1,800 of it.

Taxing on the sale of a used car is the biggest cash grab, you've already taxed the damn thing once when it was new.

[nah]

do the other provinces have sales tax on used cars as well?

[jasonturbo]

If you don't think taxes are too high, it's probably because you don't make very much money.

https://imgflip.com/i/19zsha

The Federal and Provincial governments desire to increase personal tax revenues over the last two years has finally pushed me over the edge into using tax avoidance advantages I have ignored for the last decade, they will now collect less tax revenue from the income my business generates.

For the last ten years I have paid myself a combination of salary and dividends, 2016 will be the first year that I use my lower income GF to offset my taxes by making her a shareholder and paying her dividends as well. (Which are then promptly returned to me)

I used to think taxes were high but acceptable, now they are simply too high.

[bobbinka]

The Federal and Provincial governments desire to increase personal tax revenues over the last two years has finally pushed me over the edge into using tax avoidance advantages I have ignored for the last decade, they will now collect less tax revenue from the income my business generates.

For the last ten years I have paid myself a combination of salary and dividends, 2016 will be the first year that I use my lower income GF to offset my taxes by making her a shareholder and paying her dividends as well. (Which are then promptly returned to me)

I used to think taxes were high but acceptable, now they are simply too high.

Wait.... you mean I can rearrange or structure things to affect my taxes??? it's almost like you could plan your taxes or something.

:rukidding:

You only have yourself to blame for not doing any tax planning in the last decade.

[jasonturbo]

Wait.... you mean I can rearrange or structure things to affect my taxes??? it's almost like you could plan your taxes or something.

:rukidding:

You only have yourself to blame for not doing any tax planning in the last decade.

I merely accepted that I should pay a reasonable amount of taxes and chose not to bother strategically avoiding taxes through income splitting.

Now that my taxes have gone up I've decided to use that advantage.

When it was 30% on 300K that seemed reasonable, with the new income tax rates and the loss of certain incentives I'm more like 40% on 300K... so to balance things out I'm splitting income.

I could certainly structure my finances to pay even less tax, but I do feel a some responsibility to contribute... after all, there are a lot of things in my life that were and still are paid for with tax dollars.

Having said all that, 100k/year in corporate/personal income tax is the most they will get from me... imagine me paying 4M in taxes over my entire working life, I think I will have paid back my share and then some.

[mr_chin]

Income tax is the stupidest shit only because the more you make the more you pay. People who labour and work tons of overtime are getting raped hardcore. Sales tax is reasonable because it's fixed.

Income tax shouldn't be taxed imo. Only when we buy a product or service, we should get taxed.

[prudz]

Really what we need to have done is when we get paid and our taxes are deducted is have a detailed list of where the bulk of our taxes are being paid to. That is what many European nations do so that we the taxpayers know where our hard earned money is going and if we feel it is being spent poorly by those we elected we can stop voting for them. THAT is what we really should be lobbying for. That is an actual goal that we could achieve that would have an actual affect.

[kross9]

iirc the liberal government is getting rid of income splitting of couples

[quasi]

Yep I hate that cars are taxed over and over again every time they are sold. An even bigger cash cow is property transfer tax.

It could be worse. In Washington state the DMV does not let you state the purchase price. They decide the fair market value and the buyer pays tax on that amount. Otherwise you have to prove why the purchase price was lower.

WA State Licensing (DOL) Official Site: Use tax for vehicles and boats (http://www.dol.wa.gov/vehicleregistration/usetax.html)

Well at least if you over pay you only get taxed on market value saving you money. You see friend the glass is half full. :troll:

[Jmac]

iirc the liberal government is getting rid of income splitting of couples
Income splitting only really benefitted couples where 1 was working and making substantial money. And the Conservatives had already capped it for 2015, anyways (despite their bullshit propoganda would have you believe).

[Jmac]

Income tax is the stupidest shit only because the more you make the more you pay. People who labour and work tons of overtime are getting raped hardcore. Sales tax is reasonable because it's fixed.

Income tax shouldn't be taxed imo. Only when we buy a product or service, we should get taxed.
Then you end up with people travelling to the US to spend their money there, our economy crumbles, and we have no tax base to provide social services.

[unit]

iirc the liberal government is getting rid of income splitting of couples

benefits the mid-upper class the most. similar to the 10k tfsa contribution room.

[Ducdesmo]

Also don't forget about this little hidden tax called inflation! Even if you don't spend make/spend money you are getting taxed :D

[tiger_handheld]

I'm of the opinion and for higher taxes if we get the service in return like in some euro countries. Taxes are like 20-30% it's crazy, but you get midviews, doc's that do house calls free tuition, etc.

[CharlesInCharge]

The countries going to shit
https://youtu.be/AmQ0n_yLZig

[supafamous]

https://en.wikipedia.org/wiki/List_of_countries_by_tax_revenue_as_percentage_of_ GDP

No. For a modern, well developed economy we have pretty low tax rates relative to our economy.

Sure, I'd like to see more efficiency and effectiveness in gov't but we get a lot for our tax dollars. I've got complaints but they are not of the "we should pay less", it's of the "we should spend it more effectively". I'm top tax bracket and I'm fine with paying higher taxes than middle class folks - this country gave me the opportunity - I didn't build the good schools that taught me, I didn't build the roads that got me to school, and I didn't train the doctors that took care of me.

[MG1]

The countries going to shit


Nobody's forcing you to stay here, are they?

I get it. You are the type to question everything, and that's good. But, there comes a time where you have to say, "You know, this country can be better, but there are a lot worse places on this planet I can be living in." Be thankful you can work and live in a country that is relatively safe and can offer you so much, if you decide to work hard for it. Someone in your family's history had the good sense to move here. Like I said, if you don't like it here, move to................ North Korea, or even the US of A. Stop being an ingrate. Post something positive. Do you have kids? Are your parents like you? Make this country better, instead of criticizing it. You can be creative. I've seen it. Use it in a positive way.


BTW, it's, "The country is going to shit."

[CharlesInCharge]

Canada is only one of many countries going to shit in the all encompassing ZioAmerican empire.
Canadians like you dont mind if your country pays terrorist to rape, use chemical gas, and mass murder Syrians and Iraqi's as long as you can look across the world and gloat in your higher standard of living. You conveniently turn a blind eye to all that because it would ruin your programmed "dream" of what Canada is and anyone opposing those ideals should be shipped out.

My family moved here because the empire was dropping bombs on my city. The Canadian government is touted as heros (movie Argo) for sneaking out terrorist collaborators out of Iran during the 1979 revolution. The ruling puppet before was notorious for killing and torturing thousands of dissidents, trained by Mossad with its perfected methods learned through out the empires ever eras of mass violence... like the Nazi's and Vietnam prior. And this continues to this day!

The first nations of this land are still in concentration camps as settlers (poor and rich and not exclusively refugees) are still imported here to serve as a debt slave head tax to ever increase the empires power.
https://pbs.twimg.com/media/CFoLhxCUMAA2xvP.png

Just today I ran into these historic pictures of Vancouver... its armed forces, exclusive Anglo citizens in fairs, and how it hasnt changed today with new exclusive developments built on traditional lands on the Island inhabited by people other then fisrt nations. It gave me an eerie feeling of the apartheid that hasnt changed today.
edit - https://www.flickr.com/photos/vancouver-archives/page6
https://c2.staticflickr.com/6/5251/5457286194_acf604bcea_o.jpg
https://c2.staticflickr.com/6/5096/5456683105_7f92a06e78_o.jpg

Bear Mountain
https://bearmountain.ca/ (see intro video)
https://www.google.ca/maps/place/Bear+Mountain+Resort/@48.4737201,-123.500002,2016a,20y,271.78h,44.49t/data=!3m1!1e3!4m5!3m4!1s0x548f12a1fbc8c86f:0xae955 7a6d775800c!8m2!3d48.4735174!4d-123.5319365

First Nations - Land Rights and Environmentalism in British Columbia (http://www.firstnations.de/development.htm)
http://i.imgur.com/p5aByds.jpg

People who are so delusion to not see these issues should go back to their ancestral lands to keep Canada civil.
https://m.popkey.co/ec236a/3GQpv_s-200x150.gif

[Mr.HappySilp]

Income tax is the stupidest shit only because the more you make the more you pay. People who labour and work tons of overtime are getting raped hardcore. Sales tax is reasonable because it's fixed.

Income tax shouldn't be taxed imo. Only when we buy a product or service, we should get taxed.

That's the single reason why I refuse to do OT even when I was asked every stat holiday. I simply say no because by working OT I will be paying more. The only thing I agree on is banking those hours which HR doesn't seem to like to do since I have over 60 days in holiday. Why work and then have that money taken from you.

[radioman]

You should just find a job where you make under the tax exempt line. You'll be so much happier with that logic.

[Ax2-Y]

That's the single reason why I refuse to do OT even when I was asked every stat holiday. I simply say no because by working OT I will be paying more. The only thing I agree on is banking those hours which HR doesn't seem to like to do since I have over 60 days in holiday. Why work and then have that money taken from you.

https://simpletax.ca/blog/2014/common-tax-misconceptions

read number 6

[supafamous]

That's the single reason why I refuse to do OT even when I was asked every stat holiday. I simply say no because by working OT I will be paying more. The only thing I agree on is banking those hours which HR doesn't seem to like to do since I have over 60 days in holiday. Why work and then have that money taken from you.

FailFish

We should make it a rule that someone who doesn't understand how the tax system works shouldn't be allowed to criticize it.

[Nlkko]

Shows you the number financially illiterate people are around. Just be fucking thankful you are even paid for OT. Lost of us don't.

Granted, that shit is already taken into account during salary negotiations :concentrate:, another essential skills that many people don't have.

[Timpo]

Canada is only one of many countries going to shit in the all encompassing ZioAmerican empire.
Canadians like you dont mind if your country pays terrorist to rape, use chemical gas, and mass murder Syrians and Iraqi's as long as you can look across the world and gloat in your higher standard of living. You conveniently turn a blind eye to all that because it would ruin your programmed "dream" of what Canada is and anyone opposing those ideals should be shipped out.

My family moved here because the empire was dropping bombs on my city. The Canadian government is touted as heros (movie Argo) for sneaking out terrorist collaborators out of Iran during the 1979 revolution. The ruling puppet before was notorious for killing and torturing thousands of dissidents, trained by Mossad with its perfected methods learned through out the empires ever eras of mass violence... like the Nazi's and Vietnam prior. And this continues to this day!

The first nations of this land are still in concentration camps as settlers (poor and rich and not exclusively refugees) are still imported here to serve as a debt slave head tax to ever increase the empires power.
https://pbs.twimg.com/media/CFoLhxCUMAA2xvP.png

Just today I ran into these historic pictures of Vancouver... its armed forces, exclusive Anglo citizens in fairs, and how it hasnt changed today with new exclusive developments built on traditional lands on the Island inhabited by people other then fisrt nations. It gave me an eerie feeling of the apartheid that hasnt changed today.
edit - https://www.flickr.com/photos/vancouver-archives/page6
https://c2.staticflickr.com/6/5251/5457286194_acf604bcea_o.jpg
https://c2.staticflickr.com/6/5096/5456683105_7f92a06e78_o.jpg

Bear Mountain
https://bearmountain.ca/ (see intro video)
https://www.google.ca/maps/place/Bear+Mountain+Resort/@48.4737201,-123.500002,2016a,20y,271.78h,44.49t/data=!3m1!1e3!4m5!3m4!1s0x548f12a1fbc8c86f:0xae955 7a6d775800c!8m2!3d48.4735174!4d-123.5319365

First Nations - Land Rights and Environmentalism in British Columbia (http://www.firstnations.de/development.htm)
http://i.imgur.com/p5aByds.jpg

People who are so delusion to not see these issues should go back to their ancestral lands to keep Canada civil.
https://m.popkey.co/ec236a/3GQpv_s-200x150.gif

Here's the larger version of that chart.

I don't see Canada though..? Why? Does this mean there's no Canadian living in Vancouver?

http://d2ciprw05cjhos.cloudfront.net/files/v3/styles/gs_large/public/images/15/05/immigrantmap2_150522.jpg

[CharlesInCharge]

The original European settlers represent the blue (UK) area, and there isnt enough population density of First Nations to represent an area.

[Mr.HappySilp]

https://simpletax.ca/blog/2014/common-tax-misconceptions

read number 6

I remember once I did a ton of OT in one month and the OT I did doesn't even the tax (IE Did $1200 in OT but the tax came out to $1600 but normally without OT is only like $800). Shouldn't the gov reduce my tax rate for working harder and putting in more hours? Instead of free loading the system.

[Jmac]

I remember once I did a ton of OT in one month and the OT I did doesn't even the tax (IE Did $1200 in OT but the tax came out to $1600 but normally without OT is only like $800). Shouldn't the gov reduce my tax rate for working harder and putting in more hours? Instead of free loading the system.
That's your payroll department, not the government.

At the end of the year, if you paid too much tax (because of sporadic OT, for example), you'd get it refunded when you do your taxes.

[josayeee]

I think there was a lot confusion in the media surrounding the term "income splitting". There were two methods of income splitting when the Liberals were campaigning (excluding anything pension/retirement related). The first was the family tax cut which maxed out at a benefit of $2,000 and was made available to couples with a child under 18. The second was through use of a corporation to split income with your family which could mean tax savings of anywhere from $0 to $40,000+ annually depending on a number of factors. This method was mainly available to professionals and small business owners. In the most recent budget, the Liberals axed the first method but have not done anything nor mentioned anything about the latter method.

[prolepsis]

That's your payroll department, not the government.

At the end of the year, if you paid too much tax (because of sporadic OT, for example), you'd get it refunded when you do your taxes.

Yup, pretty much what Jmac and Ax2-Y said.

The other way to think about it is that for many companies, when you get a bonus or OT pay on that paycheque, the deductions are assuming that you make that amount every paycheque.

After all, payroll, at that specific point in time, won't know how much you'll necessarily make by the end of the year, since you can do more OT, do less, etc. So the calculations are run for that specific paycheque/pay period.


For illustrative purposes, pretend you get 1,000 a paycheque, and get paid 2x a month. That's 24 paycheques or 24,000 a year, at whatever your tax bracket is.

On one paycheque, because of OT, you get 3,000 on that paycheque. The deduction for that paycheque will assume that you get 3,000 every paycheque/pay per, or 72,000 that year (3,000 x 24 pay periods).

In this scenario the "annual amount" earned is much higher, and thus affects how much you pay in tax for that specific paycheque.


So this would be why you're seeing such a bigger tax jump for that one OT pay, but as Jmac said, at the end of the year, you'll get a larger refund if you paid too much tax during the year.

[meme405]

Wow some of this is painful to read.

"I won't work overtime cause the government takes some of the extra money I get"

If we extrapolate that out:

"I don't work, because the government takes some of the money I earn"

[bobbinka]

I remember once I did a ton of OT in one month and the OT I did doesn't even the tax (IE Did $1200 in OT but the tax came out to $1600 but normally without OT is only like $800). Shouldn't the gov reduce my tax rate for working harder and putting in more hours? Instead of free loading the system.

and did you ever talk to your payroll about why that was?

[EmperorIS]

lol get rekt happyslip

[mr_chin]

OT is not just about the government taking a big chunk of it. It's a out working your ass off and getting back 3/5 of what you actually make. I was speaking specifically for people who do general labour work where it's physically demanding work. Actually even for people who do office work doing 80 hours a week.

Everybody gets the same level of public service, schools, libraries, etc. There is no reason why people who make more should pay more.

[tinico]

Since the day I had to file my first taxes, I wished the system was made in such way that, you don't pay any income taxe until the end of the year, once you have the amount you owe to the gvt., you can log on to choose where you want that tax money to go. Of course it would be a little more complex, mandatory min. to be given to health care, etc...


do the other provinces have sales tax on used cars as well?

If I recall correctly in QC the taxes are 15% but if the vehicle is more than 10-15 years old it's 1%, at least that's how it was when I bought my first car there 15 years ago. Do not know about the other provinces.

[Ludepower]

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.

[RRxtar]

https://i.imgflip.com/1af20u.jpg

[meme405]

Everybody gets the same level of public service, schools, libraries, etc. There is no reason why people who make more should pay more.

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.

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.

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).

[Y2K_o__o]

I remember once I did a ton of OT in one month and the OT I did doesn't even the tax (IE Did $1200 in OT but the tax came out to $1600 but normally without OT is only like $800). Shouldn't the gov reduce my tax rate for working harder and putting in more hours? Instead of free loading the system.

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?

[underscore]

If I recall correctly in QC the taxes are 15% but if the vehicle is more than 10-15 years old it's 1%, at least that's how it was when I bought my first car there 15 years ago. Do not know about the other provinces.

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

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?

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

[CRS]

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

Canadian income tax rates for individuals - current and previous years (http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html#federal)

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

[Lomac]

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?

: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.

[Lomac]

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.

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.

[MG1]

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?

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


Think ahead.

[Reeyal]

First world problems...
http://s2.quickmeme.com/img/05/059fe447eef4dfb212679b73fb7c3de75d3cabac198e28d73e a3f83b9a4b6aee.jpg

[6o4__boi]

^ 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."

[Reeyal]

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?

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.

[Reeyal]

^ 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."

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.

[underscore]

^ 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."

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 (http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html)

15% on the first $45,282 of taxable income, +
20.5% on the next $45,281 of taxable income (on the portion of taxable income over $45,282 up to $90,563), +
26% on the next $49,825 of taxable income (on the portion of taxable income over $90,563 up to $140,388), +
29% on the next $59,612 of taxable income (on the portion of taxable income over $140,388 up to $200,000), +
33% of taxable income over $200,000.

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%).

[bobbinka]

Canadian income tax rates for individuals - current and previous years (http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html)

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

[Jmac]

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

[SkunkWorks]

Lmao @ making less if OT due to more tax

Lmao @ 5% federal tax

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

[underscore]

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

[akira112]

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

[SkunkWorks]

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

:facepalm:

FFS, it's OUR

[noclue]

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

[radioman]

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:

[MG1]

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

http://www.revscene.net/forums/709558-engrish-101-a.html


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

Need to post a new lesson, lol.

[donk.]

I spend 35% of my day paying the government.

That part of my day i watch netflix.

[J-Chow]

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.

[Reeyal]

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 (http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html)



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%).

You're forgetting provincial/territorial tax rates.

Alberta used to be one of the lowest provincial tax rates. Not anymore... :rukidding:

[minoru_tanaka]

How do you guys not know how income tax works? You guys never done your taxes yourself? Like even when you were just working at McD's you gave it to an accountant?

[Mr.HappySilp]

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


Think ahead.

You really believe that by the time we retire the gov will actually take care of us? With the way how things are now it is highly unlikely. Is just money gov takes that we will never get to see or use.

[SkunkWorks]

You really believe that by the time we retire the gov will actually take care of us? With the way how things are now it is highly unlikely. Is just money gov takes that we will never get to see or use.

Yep. Better work less so they can't take so much tax off my paycheque!

[akira112]

:facepalm:

FFS, it's OUR

Fuk proofreading, thought that's what are phone keyboards are for, ARE ARE ARE. :fuckyea:

[underscore]

You're forgetting provincial/territorial tax rates.

Alberta used to be one of the lowest provincial tax rates. Not anymore... :rukidding:

I didn't forget anything. You completely missed the point of my post, the way your provincial taxes are calculated is the exact same as your federal taxes (just with different numbers) so there was no point explaining it twice.

[MG1]

You really believe that by the time we retire the gov will actually take care of us? With the way how things are now it is highly unlikely. Is just money gov takes that we will never get to see or use.

Yeah, you're right, but it sure as hell worked for me............ so thank you, young lads and laddies for cuntributing.........

On a side note, I retired early so a young person could take my job.

So, I did my part. Hee hee, hue hue, pew pew.