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(Toronto Star)   Canada is no longer a haven for tax evasion   ( divider line
    More: Obvious, United States, Finance Minister Jim Flaherty, advanced countries, Canada Revenue Agency, Community Code of Conduct, bank accounts, code of conducts, savings accounts  
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1033 clicks; posted to Business » on 06 Feb 2014 at 7:55 AM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2014-02-06 08:33:05 AM  
2 votes:
I've a number of friends from the states that live up here, pay Canadian taxes and haven't been to the states in years, but because they're American citizens they still have to file with the irs.
It's a big pain in the ass and I can't think of many other countries that  inflict it on folks.
It's like if you're outside of the USA you need to pay a licensing fee to call yourself American..
2014-02-06 03:31:35 PM  
1 vote:

Flab: Flab: Want me to continue?

since it was just cutting&pasting in Excel, I did it for Ontario as well. You'd need to have more than $1.1M in taxable income to have an effective tax rate over 40%.

The only province where you can not go over 40%, is Alberta.

Don't forget GST/HST, fuel taxes, liquor taxes, etc, which are considerably higher in (almost?) all provinces than in (almost?) all states...
2014-02-06 02:48:19 PM  
1 vote:

shortymac: Flab: shortymac: But that's only in 2 provinces, not the whole of Canada.

All provinces have  provincial income tax.  Here are the rate.

But only those 2 can easily bump someone to a 40% tax rate.

I only calculated for the the first two provinces listed in the link above, but:

The effective tax rate for a NFLD and Labrador resident is over 40% above $590,000/yr.
The effective tax rate for a PEI resident is over 40% above $250,000/yr.

Want me to continue?
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