Economy 52,844 Posted December 9, 2019 Share Posted December 9, 2019 https://www.bnnbloomberg.ca/morneau-moves-to-implement-middle-class-tax-cut-1.1359877 Canada is raising the bottom income bracket threshold which pays 0% income tax by 20% which will not only save a lot of money for low income but middle class as well However the 20% increase will only be fully phased in by 2023 with the goal being for the first tax reduction to start on Jan 1st 2020 Link to post Share on other sites More sharing options...
Rio 5,088 Posted December 9, 2019 Share Posted December 9, 2019 36 minutes ago, Economy said: https://www.bnnbloomberg.ca/morneau-moves-to-implement-middle-class-tax-cut-1.1359877 Canada is raising the bottom income bracket threshold which pays 0% income tax by 20% which will not only save a lot of money for low income but middle class as well However the 20% increase will only be fully phased in by 2023 with the goal being for the first tax reduction to start on Jan 1st 2020 A good thing? Lower income taxes for Canadians? Link to post Share on other sites More sharing options...
Economy 52,844 Posted December 9, 2019 Author Share Posted December 9, 2019 Just now, Rio said: A good thing? Lower income taxes for Canadians? This would lower taxes the most for low income but even the middle class would save some money because the threshold they start paying taxes at would be raised The tax free threshold from my understanding starts to get phased out for very high income earners tho Link to post Share on other sites More sharing options...
RepentingSinner 2,642 Posted December 9, 2019 Share Posted December 9, 2019 So whats the new threshold gonna be? How many moose dollars? Link to post Share on other sites More sharing options...
Economy 52,844 Posted December 10, 2019 Author Share Posted December 10, 2019 1 hour ago, LittleLocoCoco said: So whats the new threshold gonna be? How many moose dollars? The first $12,069 are tax free for 2019... So a 20% increase would add a little over $2,200 of tax free income So that would take it to around $14,300 or so But they didn't specify how much of the increase will be added next year since the plan is to fully phase it in by 2023 Now Canada's income brackets are already adjusted for inflation every year so I assume the 20% is on top of the inflation nominal adjustment... If it's not adjusting for inflation then the true increase by 2023 would be more like 10% Link to post Share on other sites More sharing options...
RepentingSinner 2,642 Posted December 10, 2019 Share Posted December 10, 2019 23 minutes ago, Economy said: The first $12,069 are tax free for 2019... So a 20% increase would add a little over $2,200 of tax free income So that would take it to around $14,300 or so But they didn't specify how much of the increase will be added next year since the plan is to fully phase it in by 2023 Now Canada's income brackets are already adjusted for inflation every year so I assume the 20% is on top of the inflation nominal adjustment... If it's not adjusting for inflation then the true increase by 2023 would be more like 10% Thank you! And thats a big number. Time to move to snow-mexico. Link to post Share on other sites More sharing options...
Economy 52,844 Posted December 10, 2019 Author Share Posted December 10, 2019 3 minutes ago, LittleLocoCoco said: Thank you! And thats a big number. Time to move to snow-mexico. The cost of living in the cities here tho Link to post Share on other sites More sharing options...
derpmonster 22,412 Posted December 10, 2019 Share Posted December 10, 2019 I'm surprised! This is coming from a very neoliberal government too. Maybe they're changing a little bit. Check out iTunes data & graphs at CHARTPOP.live Link to post Share on other sites More sharing options...
RepentingSinner 2,642 Posted December 10, 2019 Share Posted December 10, 2019 43 minutes ago, Economy said: The cost of living in the cities here tho Hunty... I live in Norway... Cost of living... I know her well. Link to post Share on other sites More sharing options...
Economy 52,844 Posted December 10, 2019 Author Share Posted December 10, 2019 1 minute ago, LittleLocoCoco said: Hunty... I live in Norway... Cost of living... I know her well. Do u have a severe housing crisis from one of the highest immigration rates in the world? If your home's average prices have reached 14X average household incomes, then we can talk Canada has the most indebted population in the world along with Switzerland and Australia Link to post Share on other sites More sharing options...
RepentingSinner 2,642 Posted December 10, 2019 Share Posted December 10, 2019 19 minutes ago, Economy said: Do u have a severe housing crisis from one of the highest immigration rates in the world? If your home's average prices have reached 14X average household incomes, then we can talk Canada has the most indebted population in the world along with Switzerland and Australia https://www.numbeo.com/cost-of-living/compare_countries_result.jsp?country1=Canada&country2=Norway Link to post Share on other sites More sharing options...
Economy 52,844 Posted December 10, 2019 Author Share Posted December 10, 2019 2 minutes ago, LittleLocoCoco said: https://www.numbeo.com/cost-of-living/compare_countries_result.jsp?country1=Canada&country2=Norway Does this adjust for incomes tho? Canada is not as rich as Norway Link to post Share on other sites More sharing options...
RepentingSinner 2,642 Posted December 10, 2019 Share Posted December 10, 2019 9 minutes ago, Economy said: Does this adjust for incomes tho? Canada is not as rich as Norway If you look at the bottom the net salary for Norway is 28 % more. Link to post Share on other sites More sharing options...
Economy 52,844 Posted December 10, 2019 Author Share Posted December 10, 2019 8 minutes ago, LittleLocoCoco said: If you look at the bottom the net salary for Norway is 28 % more. I guess the most important statistic there was the purchasing power which is supposed not adjust wages vs cost of living which is a little over 7% lower in Norway... So I guess u really are worse off I would assume the poor may be better off in Norway. Norway is supposed to have generous social programs or so I thought... Canada's social safety nets are rather limited. Our homeless rate is higher than in the US ... Not our poverty rate tho so I think the housing crisis is largely to blame for that Link to post Share on other sites More sharing options...
RepentingSinner 2,642 Posted December 10, 2019 Share Posted December 10, 2019 Just now, Economy said: I guess the most important statistic there was the purchasing power which is supposed not adjust wages vs cost of living which is a little over 7% lower in Norway... So I guess u really are worse off I would assume the poor may be better off in Norway. Norway is supposed to have generous social programs or so I thought... Canada's social safety nets are rather limited. Our homeless rate is higher than in the US ... Not our poverty rate tho so I think the housing crisis is largely to blame for that I'm not gonna pretend it's bad living in norway, and yeah it's better to be poor in Norway than extremely many countries. In a way our "lows" are less low than many countries. But yeah, it can be a struggle especially in the lower brackets, not middle class, but not poor enough to get any aid if you know what i mean. Link to post Share on other sites More sharing options...
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