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Originally Posted by Janey
i can give you a break down on the margins:
personal income inOntario:
as of 2004
0 - 8,044 exemption no tax (the new budget from yesterday has moved this to 10,000)
up to 35,000 - provincial tax: 22.05%, Federal Tax: 16%
35,000 to 70,000: provincial tax: 31.15%, Federal tax: 22%
70,000 - 113,804: provincial tax: 37.16%, Federal tax: 26%
over 113,804: provincial tax: 40.16%, Federal tax: 29%
so as you can see, they get prgressively more punative on the margins only.
I pay more in taxes than the avg income in Canada. this is an incentive to max outmy RRSPs and put my money into tax shelters for my retirement.
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FTFY
Man, y'all are really getting soaked!!
So, in theory a person making 114,00 per year actually nets 34,770 (roughly)
while another person who earns 94,000 per year nets 34,780. Heck, a person making 69,000 nets 32,085!!
Does anyone else see anything wrong with that?