posted on May, 9 2014 @ 06:49 PM
In Canada we really aren't taxed that highly. Our federal income tax rate is 15% up to $43,500, 22% on the amount between $43,500 and $87,100, 26%
on the amount between $87,100 and $135,000, and 29% on the amount over $135,000. The amount calculated is reduced by various deductions for things
like certain payroll taxes, etc. Provincial income tax is roughly 50% of the federal tax. On income of around $43,000, I payed roughly $6700 in income
There are payroll deductions for the likes of the Canada Pension Plan and Employment Insurance, which are capped to a max amount and will reduce your
income tax owed.
We do pay a 5% federal sales tax on most goods and services and, depending on the province, pay a provincial sales tax of roughly 7% on most goods.
The benefit? The removal of a malignant melanoma cost me nothing for the surgery and a two night hospital stay.
The likes of dental coverage and some medical services are not covered by the provincial health care plans and supplementary insurance is therefore
available. I pay $12/month for dental coverage and $36/month for the likes of prescription meds coverage, prescription glasses coverage, semi-private
room for any hospital stay, etc.
We do pay more for goods thanks in part to our marketplace not being as competitive as the US. For example, a $1500 tv in the US can list for $2100 in