4 ms·
Doesn’t Canadian tax system make higher salaries kind of pointless? Same with bonuses
by AzzieElbab 6y ago
Doesn’t Canadian tax system make higher salaries kind of pointless? Same with bonuses
- novok 6y agoTax in BC is about the same as California. And you don't have to pay for people's healthcare, so it might be cheaper from a 'total cost' perspective. Sales tax is a few % points more, property tax is actually less in general for new buyers unless you've owned a place for +15 years in CA. You don't get a mortgage interest tax deduction, but you have an UNLIMITED cap gains exemption on the house you live in that you sell in Canada, while the USA has a limit. The tax system is overall more straightforward and not a pile of fade outs and patches like the US tax system is. Compare Canadian RRSPs & TFSAs to the entire 401k, IRA, Roth IRA, mega backdoor roth 401k, etc mess that they have in the US. There isn't a penalty to withdrawing from your RRSP so there really isn't much of a loan concept for them either. I don't think something like AMT exists in Canada. Cost of goods in Canada are overall more expensive than the USA.
- raverbashing 6y agoDo you think Californians or NYkers pay that much less tax?
- deleted 6y ago[deleted]