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The CCB clawback between $31,712 and $68,707 of income is at a higher rate (23% if you have 4+ kids). Above $68,707 the clawback is the 9.5% I quoted.
by cperciva 6y ago
The CCB clawback between $31,712 and $68,707 of income is at a higher rate (23% if you have 4+ kids). Above $68,707 the clawback is the 9.5% I quoted.
- Hello71 6y agosorry, I was on mobile and didn't check closely enough. it's worth noting that the maximum clawback is 100%, so in order to have any benefit to claw back at $220k, you would need to have at least four children under 18 years of age. if we assume that of the BC families receiving at least $1 in CCB, the probabilities of having four or more children and earning over $200k are uncorrelated (I would hazard a guess that the actual correlation is almost certainly negative), then the number of families paying 20.5% provincial income tax and 9.5% clawback is probably around 52. in order to also be paying the 3% pharmacare deductible, you'd also need to be spending at least $7k per year on medical expenses, as well as making less than $316k before taxes. on the whole, I would say that paying that much medical expenses would make someone disinclined to have (more) children. in conclusion, while I was wrong to say that it's impossible to pay all those taxes simultaneously and marginally, it seems highly unlikely and I doubt that anybody in BC actually pays that marginal rate. https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/income-statistics-gst-hst-statistics/canada-child-benefit-statistics/canada-child-benefit-statistics-2017-tax-year.html https://www.canada.ca/en/revenue-agency/programs/about-canad...