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Federal higher income bracket is not 50% but you have to factor the province as well so yeah well above 50% in Quebec for instance.
by yellowait44 7y ago
Federal higher income bracket is not 50% but you have to factor the province as well so yeah well above 50% in Quebec for instance.
- smnrchrds 7y agoI mean, you are technically correct. If you earn more than approximately 800k in Quebec, you would pay about 50% of your income in taxes. But how many people earn remotely that much? Is this really a concern for us mere mortals?
- yellowait44 7y agoAverage tax of 50% is pretty hard to hit you are right but I was more pointing at marginal tax rate which is what most people refer to when they say Canadian income tax are high. Just check the CRA tax brackets and add in the Revenu Quebec tax bracket for instance.
- yellowait44 7y agoFor those who want to verify https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/canadian-income-tax-rates-individuals-current-previous-years.html https://www.canada.ca/en/revenue-agency/services/tax/individ... and add Quebec tax bracket: https://www.revenuquebec.ca/en/citizens/your-situation/new-residents/the-quebec-taxation-system/income-tax-rates/ https://www.revenuquebec.ca/en/citizens/your-situation/new-r...