this post was submitted on 17 Jan 2024
30 points (94.1% liked)
Canada
7226 readers
553 users here now
What's going on Canada?
Communities
π Meta
πΊοΈ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
ποΈ Cities / Local Communities
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
π Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- MontrΓ©al Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
π» Universities
π΅ Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
π£οΈ Politics
- Canada Politics
- General:
- By Province:
π Social and Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 4 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Smh how 250k is the cutoff for highest bracket. Add brackets all the way up to 10M / 60% please.
I make less than $16k per year yet am in the same bracket as someone making $55,867 per year ... which seems like some dystopian hellhole I'm never gonna dig myself out of.
Just because you're in the same bracket it doesn't mean you end up paying the same overall percentage at the end of the day.
Like the other comments mentioned, there's a basic personal amount to be deducted from so they don't start taxing you the first dollar you make.
Also in those income levels you get more back in the form of Canada Workers Benefit, a refundable tax credit which alone is probably enough to put your tax balance in the negative. On top of that you get more GST/HST credit, and if you're in BC a $0 deductible with pharmacare.