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| *Ostroff, Fair and Company>>>Canada Taxes |
If I get a raise at work is it possible to loose money (Canada)? |
If I get a raise at work is it possible to loose money (Canada)? Once again, no. Each level of your income is taxed at a different rate. Let's use soem imaginary nubmers: Tax rates of 17%, 23% and 30%. If you were making 10,000 and being taxed at 17% and got a raise to $10,001, putting you into the 23% bracket, only the extra $1 gets taxed at the 23% level. Have you noticed our taxes and who is running the country? Of course you're going to get screwed No Not sure about Canada, but in US it is possible that if you get just enough of a raise to push you into the next tax bracket, which can cost you more than the raise covers. |
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