CPC Leadership Predictions

[?Impact]

I used to be paying about 28% of my income in taxes and now I pay over 50%

You are doing a lot worse than the average of the top 1% of Canadian income earners who pay only 33% in federal and provincial/territorial income tax.

[Big Guy]

But some people DO have squalid little minds. That's one of the reasons I entertain myself here by pricking their enormous egos and challenging their beliefs - beliefs they barely understand themselves given their squalid little minds...

Wow!!

[BC_chick]

I used to work for myself but got tired of the uncertain remuneration so went to work for the government. It is true that having to make big payments rather than having taxes deducted from my biweekly cheques is more painful, but then too I used to be paying about 28% of my income in taxes and now I pay over 50%. When you have to start sending off quarterly tax payments (in advance) of $30,000, believe me you start paying attention to how that money is being spent. If it was being spent well I'd complain a lot less.

It can't be 50%. They go up incrementally and max out at ~45% in Ontario (combined provincial/federal), but given that it's only on the income above the threshold, your overall tax rate will be lower than 45%.

If you're paying 50%, you need a better accountant. Especially if you're self-employed and able to write-off much of your business expenses.

But my assessment of whether someone is getting the money they deserve has little to do with how 'hard' they work! The guy who dug the holes for my fenceposts worked hard. The guys building my deck are working hard.

Teachers might or might not work hard. It's not essential given tenure. But they get paid more than their counterparts just about anywhere on earth, yet we don't see better results for our generosity. To the contrary, we see a high illiteracy level and students faring worse and worse in international testing.

Trades are very well compensated. Building a deck takes skill, you should be paying anywhere between $45-55/hour to the guy building it (if you want it up to code) so that's a heck of a lot more than what teachers get paid. Also, that tradesman most likely got paid during his apprenticeship as opposed to the teacher who spent minimum 40-60K and several years of lost revenue to become a teacher.

As for the literacy rates, I'm not familiar with them. I just googled and it doesn't seem we're doing too bad. What are your sources?

[Big Guy]

...

I just googled and it doesn't seem we're doing too bad. What are your sources?

You are obviously one of those "squalid little minds" that Argus has to deal with. If BC_chick actually believes the hooey that millionaire Argus is throwing, then perhaps he is correct.

[BC_chick]

You are obviously one of those "squalid little minds" that Argus has to deal with. If BC_chick actually believes the hooey that millionaire Argus is throwing, then perhaps he is correct.

I'm just being diplomatic. If he's lying, I'd rather make him show it.

[BC_chick]

Argus, btw I'm not a tax-accountant, but how the tax rates work is common knowledge. From CRA, please note the bold emphasis:

• 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.

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

The end result should be a blended rate lower than the max.

Edited June 4, 2016 by BC_chick

[Bryan]

Argus, btw I'm not a tax-accountant, but how the tax rates work is common knowledge. From CRA, please note the bold emphasis:

• 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.

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

The end result should be a blended rate lower than the max.

There are far more levels of tax than that. Most people pay more than 40% of their income to some form of tax or another.

[BC_chick]

That's changing the goal post. Argus said he pays over 50% in income tax.

[BC_chick]

Charles Anthony, allow me...

#StopThreadDrift

Me...

#SorryBoss

[Derek 2.0]

Steven Blaney is now considering a leadership bid.

I could get behind Blaney versus the current named contenders.....had a great deal of respect working with him (along with many others) and his office during the drafting of C-42......but like an O'Toole, I'd consider him almost too nice to be a party leader.

[Argus]

It can't be 50%. They go up incrementally and max out at ~45% in Ontario (combined provincial/federal), but given that it's only on the income above the threshold, your overall tax rate will be lower than 45%.

Did you include the provincial surcharge? It's been raised twice in the last few years.

http://www.theglobeandmail.com/news/politics/liberals-new-high-income-bracket-may-encourage-tax-avoidance-economists-warn/article24263994/

Anyway, you're picking at nits. Especially if you add in fuel surcharges, HST, municipal taxes, etc.

Trades are very well compensated.

Why? Because there's a shortage of them. There's no shortage of teachers. In fact, there's a large surplus.

As for the literacy rates, I'm not familiar with them.

42% of Canadian adults between the ages of 16 and 65 have low literacy skills.

55% of working age adults in Canada are estimated to have less than adequate health literacy skills. Shockingly, 88% of adults over the age of 65 appear to be in this situation

http://www.literacy.ca/literacy/literacy-sub/

[Argus]

You are obviously one of those "squalid little minds" that Argus has to deal with. If BC_chick actually believes the hooey that millionaire Argus is throwing, then perhaps he is correct.

Why are you always desperately seeking my attention? Did no one ever teach you to be silent when adults are talking?

[Argus]

Charles Anthony, allow me...

#StopThreadDrift

Me...

#SorryBoss

Aren't high taxes the bane of conservatives, and the central focus of many conservative beliefs?

[BC_chick]

Did you include the provincial surcharge? It's been raised twice in the last few years.

http://www.theglobeandmail.com/news/politics/liberals-new-high-income-bracket-may-encourage-tax-avoidance-economists-warn/article24263994/

Anyway, you're picking at nits. Especially if you add in fuel surcharges, HST, municipal taxes, etc.

Why? Because there's a shortage of them. There's no shortage of teachers. In fact, there's a large surplus.

42% of Canadian adults between the ages of 16 and 65 have low literacy skills.

55% of working age adults in Canada are estimated to have less than adequate health literacy skills. Shockingly, 88% of adults over the age of 65 appear to be in this situation

http://www.literacy.ca/literacy/literacy-sub/

Disproving your claim that you pay OVER 50% income tax is not nitpicking. And yes I did factor in provincial rates in my first response showing a combined rate of near 45% on anything ABOVE 200k.

Given the incremental increase (and self employed write offs) it's going to be much lower.

Lastly, everyone pays sales tax so I'm not sure how that fits into your woe is rich me argument.

As for literacy rates you said we have low literacy compared to our peer nations who pay their teachers less. I have yet to see that source of rankings compared to salary.

I could be wrong but you haven't exactly proved your claim yet so I'm dubious.

Edited June 4, 2016 by BC_chick

[BC_chick]

Aren't high taxes the bane of conservatives, and the central focus of many conservative beliefs?

We'll find out if the posts are still standing tomorrow.

[Big Guy]

Why are you always desperately seeking my attention? Did no one ever teach you to be silent when adults are talking?

Oh sorry - So squalid little minds do not have a right to post in your world Mr. Millionaire?

I was just checking your claims - A teacher is making about $70,000 a year. You make in 2 months, sitting at your keyboard, what a teacher makes in a year.

I am kind of slow so I will break this down step by step for myself:

If in 2 months you make $70,000, that would mean that in 12 months you make (6*70,000) = $420,000 a year.

WOW !!, We must seem like squalid little minds to such a financial genius!!!!

And I notice that you are also an accountant throwing around impressive figures. I am seeking your attention, maybe some of your genius will rub off on me.

Let's see, making half a million a year, an accounting and tax expert, financial investment guru - all while sitting at a keyboard - making all that money in between making those thousands of posts on this board - WOW again!

As to your other stats, I assume that you noticed that some of the stats refer to health. "55% of working age adults in Canada are estimated to have less than adequate health literacy skills." Do you actually understand what that means?

I have a stat for you: The chance of a poster being a liar (or delusional) if what he posts is BS is about 100%.

I really think that with your money, your understanding of finances and complicated fiscal trends, that your should consider running for the leadership of the Conservative Party.

I will even contribute to your campaign - OOPS! - Sorry - I forgot that you don't need any outside financing.

[BC_chick]

"55% of working age adults in Canada are estimated to have less than adequate health literacy skills."

Good catch Big Guy.

[Smallc]

Wow, people on this board just get richer and richer

[Argus]

Disproving your claim that you pay OVER 50% income tax is not nitpicking. And yes I did factor in provincial rates in my first response showing a combined rate of near 45% on anything ABOVE 200k.

So I guess the Globe is wrong?

I paid just over $130k on just over $300k income. That's under 50% but only because I deducted over $20k for RRSPs

Lastly, everyone pays sales tax so I'm not sure how that fits into your woe is rich me argument.

I didn't say anything about 'woe is rich'. I said what is more logical, for someone to bitch about high taxes if he's poor and not paying any, or for someone to bitch about high taxes if he's paying a lot.

As for literacy rates you said we have low literacy compared to our peer nations who pay their teachers less.

No, I didn't. I said we paid our teachers more than other nations and yet our students perform more poorly on tests than students from other countries.

[Argus]

Oh sorry - So squalid little minds do not have a right to post in your world Mr. Millionaire?

I didn't say I was a millionaire. You suggested I become a teacher, and I said I didn't want to take a drastic salary cut.

I was just checking your claims - A teacher is making about $70,000 a year.

Really? On average?

The average pay for a High School Teacher in Toronto, Ontario is C$52,768 per year. Experience has a moderate effect on income for this job.

http://www.payscale.com/research/CA/Job=High_School_Teacher/Salary/004c9fd6/Toronto-ON

I am kind of slow

Clearly.

As to your other stats, I assume that you noticed that some of the stats refer to health.

And some don't. Did you have a point?

I have a stat for you: The chance of a poster being a liar (or delusional) if what he posts is BS is about 100%

Well, since everything you post is BS what does that say about you?

[Charles Anthony]

This thread is locked.

Feel free to try again.