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Adjusting for the exchange rate and using my own salary as a test, my income tax in Ontario is double that of somebody living in NYC. Also our sales tax is 13%
by DKnoll 9y ago
Adjusting for the exchange rate and using my own salary as a test, my income tax in Ontario is double that of somebody living in NYC.
Also our sales tax is 13% in Ontario versus 8.875% in NYC.
From what I can tell residential property tax rates are pretty similar.
- njarboe 9y agoHow did you calculate the income tax in both places? If I put $100,000 US dollars in this[1] calculator I get an income tax rate of 34% for central park west in NYC (not including the employer side of FICA, which would at another 7.5% for a total of 41%). If I put $126,000 into this[2] calculator, I get an income tax rate of 31% of Ontario. Maybe there are other Canadian income taxes that this calculator does not account for? I'm American and don't know the details. The EI (Employment Insurance) is also taken out in America, but not usually included as an income tax. [1] https://smartasset.com/taxes/new-york-tax-calculator#UYCGKmAi8O https://smartasset.com/taxes/new-york-tax-calculator#UYCGKmA... Total income: $100,000 Federal $17,443 FICA $7,650 State $5,610 Local $3,234 Total Income Taxes $33,937 [2] https://simpletax.ca/calculator https://simpletax.ca/calculator Total income $ 126,000 Federal tax $ 22,752 Provincial tax $ 12,511 CPP/EI premiums $ 3,400 Total tax $ 38,664