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Old 05-20-2013, 08:28 PM  
Socks
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Join Date: May 2002
Location: Toronto
Posts: 8,478
HST is 13%.

50% is wrong top tax bracket is about 40%. We have a tiered system so everyone pays 5% from $0-39k, then if you make over that you pay 9% on the money over $39k, etc etc. You guys surely have something similar. This ensures you can't "lose money by making more money" because you moved into a bigger bracket.

Federal

15% on the first $43,561 of taxable income, +
22% on the next $43,562 of taxable income (on the portion of taxable income over $43,561 up to $87,123), +
26% on the next $47,931 of taxable income (on the portion of taxable income over $87,123 up to $135,054), +
29% of taxable income over $135,054.

Ontario

5.05% on the first $39,723 of taxable income, +
9.15% on the next $39,725, +
11.16% on the next $429,552, +
13.16 % on the amount over $509,000 **** New in 2012, see http://www.fin.gov.on.ca/en/media/2012/tax-bk.html

Also note everyone gets their first $9,500 in income tax free, and if you claim a spouse or dependent that can almost double.

The average person in Canada is not paying a ton of income tax. Most people get large returns every year.
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