Jump to content
Stefani Tee
Sign in to follow this  
economy

Canada To Raise Basic Income 0% Tax Threshold

Featured Posts

Economy

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

  • Love 1

Share


Link to post
Share on other sites
Rio
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?

Share


Link to post
Share on other sites
Economy
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

  • YAAAS 1
  • Thanks 1

Share


Link to post
Share on other sites
LittleLocoCoco

So whats the new threshold gonna be? How many moose dollars?

Share


Link to post
Share on other sites
Economy
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% :selena:

 

Share


Link to post
Share on other sites
LittleLocoCoco
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% :selena:

 

Thank you! And thats a big number. Time to move to snow-mexico.

Share


Link to post
Share on other sites
Economy
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 :madge:

Share


Link to post
Share on other sites
derpmonster

I'm surprised! This is coming from a very neoliberal government too. Maybe they're changing a little bit.

Join my FB Gaga sh*tposting group: I'll Never Release LG6 https://www.facebook.com/groups/185450449037808/

Share


Link to post
Share on other sites
LittleLocoCoco
43 minutes ago, Economy said:

The cost of living in the cities here tho :madge:

Hunty... I live in Norway... Cost of living... I know her well.

Share


Link to post
Share on other sites
Economy
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 :air:

 

Canada has the most indebted population in the world along with Switzerland and Australia :giveup:

Share


Link to post
Share on other sites
LittleLocoCoco
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 :air:

 

Canada has the most indebted population in the world along with Switzerland and Australia :giveup:

https://www.numbeo.com/cost-of-living/compare_countries_result.jsp?country1=Canada&country2=Norway

Share


Link to post
Share on other sites
LittleLocoCoco
9 minutes ago, Economy said:

Does this adjust for incomes tho? Canada is not as rich as Norway :selena:

If you look at the bottom the net salary for Norway is 28 % more. 

Share


Link to post
Share on other sites
Economy
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 :madge:

 

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 :deadbanana:... Not our poverty rate tho so I think the housing crisis is largely to blame for that

Share


Link to post
Share on other sites
LittleLocoCoco
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 :madge:

 

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 :deadbanana:... 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. 

  • Like 1

Share


Link to post
Share on other sites

Please sign in to comment

You will be able to leave a comment after signing in



Sign In Now
Sign in to follow this  
×
×
  • Create New...