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| *Ostroff, Fair and Company>>>Canada Taxes |
Is it true that taxes are much higher in Canada than in the US? |
Whats the percentage difference? there is a national sales tax of 6% which does not apply to food most provinces have a sales tax also, Alberta does not business taxes and personal income taxes vary, personal is: 15.25% on the first $36,378 of taxable income; 22% on the next $36,378 of taxable income; 26% on the next $45,529 of taxable income; and 29% of taxable income over $118,285. Not too bad as you see and the free health care is very nice, no county type taxes but there are property taxes on assessed value Business: The basic rate of Part I tax is 38% of your taxable income, 28% after federal tax abatment. For Canadian-controlled private corporations claiming the small business deduction the net tax rate is 12%. For the other corporations, the net tax rate is 21%. Source(s): Revenue Canada They pay both a national and provincial tax, which are both fairly high. On the bright side, they have free health care and education. Some one has to pay for all that "FREE" health care (something like half of all you make) Fred the dog ~露露枚 Probably, since they have to pay for their "free" healthcare through taxes. Taxes are not as high in Canada as people think. I paid the following: - 20% federal and provincial income tax (about $12K) - we pay 8% provincial sales tax and 6% Goods and Services Tax - I paid $2400 in property taxes |
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