3 ms·
sorry, 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 $22
by Hello71 6y ago
sorry, 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...